Chennai-Based Defence Electronics Co. Data Patterns files for IPO

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Data Patterns is backed by former Blackstone head Matthew Cyriac via Florintree Capital Partners LLP which holds 12.8 per cent in the company

Chennai-based supplier of electronic systems to defence and aerospace sector, Data Patterns (India) Ltd. has filed its draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India to raise finance through an initial public offering (IPO). As per market sources, the company is expecting to raise Rs 600-700 crore.

The public issue comprises a fresh issue of Rs 300 crore and an offer for sale of 60,70,675 equity shares by promoter and individual selling shareholders. The OFS includes sale of up to 1.97 million shares each by Srinivasagopalan Rangarajan and Rekha Murthy Rangarajan, up to 75000 by Sudhir Nathan, up to 414775 equity shares by G.K. Vasundhara and upto 1.65 million by other existing shareholders.

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For FY21, the company’s revenue from operations was at Rs 226.55 crore against Rs 160.19 crore a year ago. Net profit for the period stood at Rs 55.57 crore versus Rs 21.05 crore last year.

The company intends to utilise net proceeds from the fresh issue for repayment of debt, funding its working capital and upgradation and expansion of its existing facilities besides general corporate purposes. The defence electronics company may consider a pre-IPO placement aggregating for up to Rs 60 crore. If such placement is undertaken, the amount raised will be reduced from the fresh issue, according to DRHP.

Data patterns was founded by Srinivasagopalan Rangarajan and Rekha Murthy Rangarajan around three decades ago. Its core competencies include design and development across electronic hardware, software, firmware, mechanical, product prototype besides its testing, validation and verification.

Data Patterns product portfolio ranges from building blocks to end systems. Its involvement has been found across Radars, Underwater Electronics, Communication and Other Systems, Electronic Warfare Suites, Avionics, Small Satellites, Automated Test Equipment, COTS and programmes catering to Tejas Light Combat Aircraft, Light Utility Helicopter, BrahMos and other Communication and Electronic Intelligence Systems.

It had developed the first nano satellite “NiUSAT” which thereafter deployed in 2017. Two more satellites are in progress. Data Patterns is backed by former Blackstone head Matthew Cyriac via Florintree Capital Partners LLP which holds 12.8 per cent in the company.

IIFL Securities Limited and JM Financial Limited are the book running lead managers to the issue

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