Data Patterns (India) Ltd, a supplier of electronic systems to defence and aerospace sectors and based in Chennai, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India to raise about ₹700 crore through an initial public offering (IPO).
The public issue comprises a fresh issue of ₹300 crore and an offer for sale of 60,70,675 equity shares by the promoter and individual selling shareholders.
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.
It may consider a pre-IPO placement aggregating for up to ₹60 crore. If such placement is undertaken, the amount raised will be reduced from the fresh issue, according to DRHP.
