Following the successful listing of Medplus Health Services, investors are now looking forward to the debut of Data Patterns (India) - which is scheduled to list on leading stock exchanges BSE and NSE on Friday, December 24, 2021.
Analysts are bullish on the service provider to the defence sector and hence a few hours ahead of listing, Data Patterns commanded a grey market premium of Rs 260, according to IPO watch.
However, Data Patterns shares premium, which slipped in the past few days, was around Rs 600 at its peak.
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“Data Patterns should have an impressive listing as the company enjoys the highest EBITDA and ROE margins compared to its peers. As the market is regaining momentum after the recent lows, good traction is seen over the primary market pack. Recently listed defence sector companies like MTAR Technologies and Paras Defense too rewarded investors. Data Patterns may list at around Rs 900, a listing gain of more than 50 percent," said Abhay Doshi, Co-Founder of Unlisted Arena, a portal that tracks grey markets and deals in unlisted securities.
The three-day initial public offering (IPO) of Data Patterns (India) Limited - a Chennai-based electronic solutions supplier for the defence and aerospace sectors - received a robust response from investors.
The issue was subscribed 119 times on the last day of bidding. The offer has received bids for 85 crore equity shares against the IPO size of 71 lakh equity shares.
The portion reserved for retail investors was subscribed over 24 times, while that for non-institutional investors (NIIs) 40 times, as per the subscription data available on the exchanges. Qualified institutional buyers (QIBs) subscribed to the issue some 190 times.
Data Patterns, which grew its net profit by 164 percent between FY20 and FY21, is one of India's fastest-growing firms in the defence and aerospace electronics sector, with exceptional margins and return ratios.
Thanks to a robust order book that expanded at a 40 percent CAGR between FY18 and the first half of FY22, the company saw revenue growth at a CAGR of 31 percent, profit growth at a CAGR of 169 percent, and operating profit growth at a CAGR of 90 percen between FY19 and FY21.
First Published: Dec 24, 2021 8:55 AM IST
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