Data Patterns shares surge on QIP launch. Date, floor price, key details here

Shares of Data Patterns India Ltd surged nearly 2% to ₹1,320 apiece on the BSE in Thursday's early deals after the company informed that it has launched Qualified institutional placement (QIP) of equity shares of face value ₹2 each - with the floor price of ₹1,284.53 apiece.

“We further wish to inform you that the ‘Relevant Date’ for the purpose of the Issue is March 8, 2023 and accordingly the floor price in respect of the aforesaid Issue, based on the pricing formula is ₹1,284.53 per Equity Share. Pursuant to Regulation 176(1) of the SEBI ICDR Regulations, the Company may offer a discount of not more than 5% on the floor price so calculated for the Issue,” said Data Patterns in an exchange filing on Wednesday.

The company further informed that a meeting of the Fund Raising Commitee is scheduled to be held on March 13, 2023 to inter alia, consider and approve the issue price of Equity Shares to be issued pursuant to the QIP, including any discount, if any thereto as calculated and permitted in accordance with the SEBI ICDR Regulations.

Founded by Srinivasagopalan Rangarajan and Rekha Murthy Rangarajan, Data Patterns is a vertically integrated defence and aerospace electronics solutions provider. Its core competencies include design and development across electronic hardware, software, firmware, mechanical, product prototype besides its testing, validation, and verification.

Data Patterns works closely with the defence PSUs such as Hindustan Aeronautics Ltd (HAL) and Bharat Electronics Ltd (BEL) as well as government organisations involved in defence and space research like DRDO.

Data Patterns shares made their market debut on December 2021 and the stock has gained more than 74% since its listing. It has surged over 17% in 2023 so far (YTD).