MUMBAI : Data Patterns (India) Ltd, a defense electronics and aerospace manufacturer backed by former Blackstone India co-private equity director Mathew Cyriac, filed his draft documents to raise about ??600 crore ??700 crore via an IPO.
mint first reported in July that the company had started work on its proposed IPO.
Data Patterns was founded by Srinivasagopalan Rangarajan and Rekha Murthy Rangarajan, who have been associated with the defense electronics and aerospace industry for over three decades.
The IPO includes a new fundraising of ??300 crore, which will be used for debt repayment, financing the company’s working capital needs, modernization and expansion of its Chennai facility, and other purposes.
In addition to the new capital increase, the IPO also consists of a secondary offering of shares by the promoters and employees of the company. Employees own around 20% of the company’s shares. Mathew Cyriac’s Florintree Capital Partners LLP, who owns a 12.83% stake in the company, is not selling any shares in the IPO. Cyriac had acquired the stake earlier in June.
Data Patterns is one of the few providers of vertically integrated defense and aerospace electronics solutions for the locally developed defense products industry. Its offers cover the entire spectrum of defense and aerospace platforms: space, air, land and sea. The company has design capabilities spanning the full spectrum of strategic electronics solutions for defense and aerospace, including processors, power, radio frequency (RF) and microwaves, software and embedded firmware and mechanical engineering.
Its products have found applications on various platforms and programs such as the Tejas light fighter aircraft, the light utility helicopter, the BrahMos missile program, precision approach radars and various communications intelligence systems. (COMINT) and electronic intelligence.
As of July 31, the company had 760 employees with more than 450 engineers, including 383 members in the design and engineering department.
Its order book stood at ??582.29 crore as of July 31. Order book increased by ??178.69 crore as of April 1, 2018 to ??497.98 crore as of March 31, 2021 at a CAGR of 40.72%. The CAGR is the compound annual growth rate.
For fiscal year 21, the company reported income from operations of ??223.95 crore, compared to a turnover of ??156 crore in the previous fiscal year. The profit for financial year 21 amounts to ??54.6 crore, more than double the previous tax profit of ??21 crores.
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