CHENNAI: Data patterns made a strong start in stock exchanges on Friday as shares of the Chennai-based defense and aerospace electronics maker opened at a 48% premium to Rs 864 on the BSE.
The opening price on the National Stock Exchange was Rs 856 against the issue price of Rs 585. The stock closed at around Rs 754.85 on the BSE on the trading day. Earlier this week, Data Pattern’s IPO was subscribed nearly 120 times due to rising order book of Rs 580 crore, healthy financials and Make in India opportunity, which attracted investor sentiment.
The demand from non-institutional investors was highest as they bought shares at 254 times their reserves. The share of eligible institutional investors was subscribed 191 times and retail investors 23.14 times. Founded by Srinivasagopalan Rangarajan and Rekha Murthy RangarajanMeets the end-to-end needs of the defense and aerospace sectors, manufacturing products such as data pattern processors, microwaves, embedded software, radar, electronic warfare systems, avionics and other electronic components.
The company is backed by former Blackstone chief Matthew Syriac Through Florintry Capital Partners LLP, which has a 12.8% stake in the company pre-offer. The issue was appreciated by most of the brokerage firms who gave it a subscribe rating.
“Higher margins than compensate for longer working capital cycles resulting in satisfactory cash flow based” ROCE, We recommend investors to subscribe to this issue for listing benefits as well as long term perspective Nirmal Bang Securities said.
The opening price on the National Stock Exchange was Rs 856 against the issue price of Rs 585. The stock closed at around Rs 754.85 on the BSE on the trading day. Earlier this week, Data Pattern’s IPO was subscribed nearly 120 times due to rising order book of Rs 580 crore, healthy financials and Make in India opportunity, which attracted investor sentiment.
The demand from non-institutional investors was highest as they bought shares at 254 times their reserves. The share of eligible institutional investors was subscribed 191 times and retail investors 23.14 times. Founded by Srinivasagopalan Rangarajan and Rekha Murthy RangarajanMeets the end-to-end needs of the defense and aerospace sectors, manufacturing products such as data pattern processors, microwaves, embedded software, radar, electronic warfare systems, avionics and other electronic components.
The company is backed by former Blackstone chief Matthew Syriac Through Florintry Capital Partners LLP, which has a 12.8% stake in the company pre-offer. The issue was appreciated by most of the brokerage firms who gave it a subscribe rating.
“Higher margins than compensate for longer working capital cycles resulting in satisfactory cash flow based” ROCE, We recommend investors to subscribe to this issue for listing benefits as well as long term perspective Nirmal Bang Securities said.
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