Data Patterns
Mainboard₹588 Cr issue
+47.69%
Listing gain over issue price
Issue size
₹588 Cr
1 lot at cut-off
₹14,625
Lot size
25shares
Open
14 Dec 2021
Close
16 Dec 2021
Allotment
21 Dec 2021
Listing
24 Dec 2021
Listing performance
Issue price
₹585
Listed at
₹864
Listing-day close
₹755
Latest price
₹3,792.20
Close on 23 Oct 2026
Listing gain
+47.69%
Return since issue
+548.24%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 14 Dec 2021 – 16 Dec 2021
- Listing date
- 24 Dec 2021
- Face value
- ₹2 per share
- Issue price
- ₹585 per share
- Lot size
- 25 shares
- Total issue size
- ₹588 Cr
- Market cap at offer price
- ₹3,035 Cr
- Promoter holding
- 58.63% → 42.41% pre-issue → post-issue
- ISIN
- INE0IX101010
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- IIFL Capital Services Ltd.
- Registered office
- Plot H9, Fourth Main Road, SIPCOT IT Park, Siruseri, Tamil Nadu
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 30,16,533 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 25 shares per lot, in multiples, at ₹585
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 25 | ₹14,625 |
| Retail (max) | 13 | 325 | ₹1,90,125 |
| S-HNI (min) | 14 | 350 | ₹2,04,750 |
| S-HNI (max) | 68 | 1,700 | ₹9,94,500 |
| B-HNI (min) | 69 | 1,725 | ₹10,09,125 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
30,16,533
Anchor portion
₹176 Cr
at ₹585 per share
Valuation and performance
Valuation at offer price
₹585 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Market cap | — | ₹3,035 Cr |
About Data Patterns
Data Patterns (India) Limited was incorporated on November 11, 1998, as Indus Teqsite Private Limited in Bangalore, and was converted to a public limited company in September 2021. Following the merger of its wholly-owned subsidiary Data Patterns (India) Private Limited with the parent company, the organisation operates as a vertically integrated defence and aerospace electronics solutions provider. The company has over three decades of experience (including through its erstwhile subsidiary) in the defence and aerospace electronics space. It demonstrated net profitability growth of approximately 164% between Fiscal 2020 and Fiscal 2021 and is one of the fastest growing companies in the Defence and Aerospace Electronics sector in India. The company derives significant revenue from contracts with Government of India entities, defence public sector undertakings, and space research organisations. The company's business is characterised by long product development periods, significant working capital requirements, and reliance on fixed-price contracts.
Company Analysis
from RHPData Patterns (India) Limited is a vertically integrated defence and aerospace electronics solutions provider offering products across space, air, land and sea platforms.
Data Patterns (India) Limited was incorporated on November 11, 1998, as Indus Teqsite Private Limited in Bangalore, and was converted to a public limited company in September 2021. Following the merger of its wholly-owned subsidiary Data Patterns (India) Private Limited with the parent company, the organisation operates as a vertically integrated defence and aerospace electronics solutions provider. The company has over three decades of experience (including through its erstwhile subsidiary) in the defence and aerospace electronics space. It demonstrated net profitability growth of approximately 164% between Fiscal 2020 and Fiscal 2021 and is one of the fastest growing companies in the Defence and Aerospace Electronics sector in India. The company derives significant revenue from contracts with Government of India entities, defence public sector undertakings, and space research organisations. The company's business is characterised by long product development periods, significant working capital requirements, and reliance on fixed-price contracts.
Defence ElectronicsAerospace ElectronicsSpace Electronics
Objects of the Issue
- Prepayment or repayment of all or a portion of certain outstanding borrowings availed by our Company 608.03 million p.32
- Funding working capital requirements of our Company 951.91 million p.32
- Upgrading and expanding our existing facilities at Chennai 598.39 million p.32
- General corporate purposes 652.93 million p.32
- Prepayment or repayment of all, or a portion, of certain outstanding borrowings availed by our Company ₹608.03 million p.118
- Funding working capital requirements of our Company ₹951.91 million p.120
- Upgrading and expanding our existing facilities at Chennai ₹598.39 million p.123
- General corporate purposes ₹652.93 million p.129
- Upgrading and expanding existing facilities at Chennai ₹ 598.39 million p.193
Issue Structure
- Total Issue
- ₹ 5,882.24 million
- Fresh Issue
- ₹ 2,400.00 million (4,102,564 equity shares)
- Offer for Sale
- ₹ 3,482.24 million (5,952,550 equity shares)
- Price Band
- ₹ 555 - ₹ 585 per equity share
- Lot Size
- 25 Equity Shares and in multiples of 25 Equity Shares thereafter
- Face Value
- ₹ 2 per equity share
Business Model
Data Patterns generates revenue through design, development and manufacturing of defence and aerospace electronics solutions for government entities, defence public sector undertakings, and space research organisations. Revenue is derived from fixed-price contracts for complex and specialised products including processors, power systems, radio frequencies and microwave equipment, embedded software and firmware, and mechanical engineering solutions. The company derives a significant portion of its revenue from contracts with Government of India entities (11.18% to 52.68% across different periods), and also generates revenue from private sector defence contractors and exports. The company operates on a project-basis business model where purchase orders and contracts govern the volume and terms of sales.
Business Segments
Design, development and manufacturing of defence and aerospace electronics solutions including processors, power, radio frequencies and microwave, embedded software and firmware and mechanical engineering across space, air, land and sea platforms
Design and manufacturing of high-reliability electronic systems including radars, electronic warfare systems, avionics, and communication systems for the Indian defence services
Design and development of components and systems for satellite and space applications including testing equipment and integration capabilities
The company develops surveillance radars, weather radars, and tracking radars. Surveillance radars include the Low Level Transportable Radar and Ashwini radar developed with electronic components for phased array antenna. Weather radars include X-Band Doppler Weather Radar and C-Band Doppler Weather Radar. Tracking radars are used by the Indian space agency to monitor flight trajectory of PSLV and GSLV launch vehicles.
The company develops EW systems divided into SIGINT (signals intelligence) including COMINT and ELINT for passive surveillance, and Electronic Counter Measure for jamming. Specialised products include Search Receiver, Monitoring Receiver, Direction Finder, Radar Warning Receiver, all developed in-house.
The company develops avionics displays for airborne platforms. Products include Glass Cockpit displays for Light Utility Helicopter, fixed wing cockpit displays, and Next Generation Software Defined Radio for fighter aircraft. The company has delivered displays for the Tejas Light Combat Aircraft and Intermediate Jet Trainers.
The company develops automated test equipment for aerospace and defence applications. The Indian space agency requires various types of ATE for development of test benches for PSLV and GSLV. All electronic systems on PSLV and GSLV as well as some satellite sub-systems are tested using such ATE. The company also supplies test equipment for defence platforms including Mission Computers, Displays, Launchers, Missiles, and airborne electronic systems.
The company develops fire control systems and other electronic systems for the BrahMos missile programme. Land-based fire control systems were indigenously developed and deployed across India. The company also developed flight qualified airborne launchers for Sukhoi 30 aircraft, missile checkout systems for validating missile health in storage, and O/I level testers for the BrahMos air version launcher.
Manufacture and sale of defence electronics products and systems, including sale of services
Manufacturing and delivery of defence and aerospace electronics products through production contracts
Design and development of new defence and aerospace electronics solutions through development contracts
Annual maintenance contracts and support services for defence and aerospace electronics systems
SWOT Analysis
Strengths
- • Vertically integrated defence and aerospace electronics provider with 30+ years of experience(p.32)
- • Rapid profitability growth of ~164% between Fiscal 2020 and Fiscal 2021(p.32)
- • Proven in-house design and development capabilities across full spectrum of defence platforms(p.32)
- • Strong order book of ₹5,812.98 million as at September 30, 2021(p.44)
- • Extensive technical knowledge and process know-how accumulated over years(p.52)
- • Documented internal processes maintained by senior management ensuring confidentiality(p.52)
- • Integrated aerospace and defence electronics provider well-positioned for Make in India(p.132)
- • Sound order book across product categories with marquee customers(p.132)
- • Modern certified manufacturing facility meeting international standards(p.132)
- • Consistent profitable growth with scalable business model(p.132)
- • Innovation-focused business model(p.132)
- • Experienced management team and skilled workforce(p.132)
- • Only Indian company with developed complex ATE modules for space systems(p.176)
- • Proven supplier to ISRO with 20+ years of experience; competitive edge in new space industry(p.177)
- • End-to-end satellite manufacturing capability from sub-systems to complete satellites(p.177)
- • Experience in building sub-systems and components at lower cost for global market(p.179)
- • Uniquely positioned for global and domestic satellite solutions due to ISRO experience and quick manufacturing scalability(p.179)
- • Strong ground station product portfolio and experience in tracking radars and radar upgrades(p.179)
- • 100% in-house design, development and manufacturing capabilities across defense and aerospace segments(p.182)
- • Strong profitability and return metrics compared to peer defense companies(p.184)
- • Experienced and stable management with founders retaining control(p.246)
- • No attrition among key managerial personnel indicating organizational stability(p.245)
- • All key managerial personnel are permanent employees with long tenures(p.243)
- • Strong revenue growth trajectory with FY2021 revenue at Rs 2,239.50 million versus Rs 1,310.63 million in FY2019(p.256)
- • Significant profit improvement: FY2021 profit before tax of Rs 745.34 million versus Rs 103.59 million in FY2019(p.256)
- • Consolidated equity base with other equity growing from Rs 1,311.93 million (FY2019) to Rs 2,060.70 million (FY2021)(p.269)
- • Vertically integrated defence and aerospace electronics provider with 30+ years of experience(p.296)
- • Strong revenue growth and highest growth among peers in defence sector(p.296)
- • Substantial order book with significant CAGR growth(p.298)
- • End-to-end in-house design and manufacturing capabilities reducing development time and cost(p.296)
- • Diversified customer base with concentration in government sector(p.300)
- • Reusable building block model and pre-approved products for multiple platforms(p.297)
- • Strong profitability with high EBITDA and PAT margins(p.299)
Weaknesses
- • Heavy dependence on limited number of customers—top 5 customers represent 88.79% of revenue in H1 FY2022(p.38)
- • Significant dependence on GoI and related entities (48.10% of revenue in Fiscal 2019)(p.37)
- • Single manufacturing facility location concentrated in Chennai(p.41)
- • History of liquidated damages payments, including ₹66.19 million in Fiscal 2019(p.40)
- • Promoter shareholding pledged as collateral—12,521,025 shares (26.20%) pledged to SBI(p.48)
- • Significant working capital requirements and reliance on customer payment timelines(p.44)
- • Dependence on sub-contractor performance without direct control(p.51)
- • Vulnerability of IT infrastructure to disruption and data loss(p.51)
- • Technical knowledge not protected by intellectual property rights(p.52)
- • Risk of confidential information leakage through employees(p.52)
- • No registered trademarks for trade name or corporate logo(p.55)
- • Dependence on leasehold premises with renewal uncertainty(p.56)
- • Unable to trace some historical corporate records(p.59)
- • Significant portion of promoter shares pledged to State Bank of India(p.116)
- • Dependence on limited customer base in defense and space sectors(p.211)
- • Concentration of orders from ISRO and DRDO agencies(p.187)
- • Small order book relative to revenue size with production contract completion risk(p.189)
- • Promoter guarantees to banks totaling over ₹2,288 million expose company to liquidity risk(p.224)
- • No registered trademarks, limiting brand protection and IP portfolio(p.212)
- • High dependence on small customer base: top 3 customers represent 49% of FY2021 revenue(p.285)
- • Significant working capital borrowings indicating tight liquidity management(p.270)
- • Founder shares pledged with bank reducing ownership security: 12,521,025 equity shares (26.20% of capital) pledged with SBI(p.247)
- • High finance costs relative to operations: FY2021 finance costs of Rs 145.02 million on revenue of Rs 2,239.50 million(p.273)
- • Significant contingent liabilities including disputed tax demands of Rs 30.71 million(p.281)
- • Dependence on limited number of major customers (DRDO, Defence PSUs, MoD, ISRO)(p.289)
- • High finance costs relative to revenue(p.315)
- • Significant receivables outstanding with extended collection period(p.324)
- • High employee benefit expenses as percentage of revenue(p.315)
- • Substantial contingent liabilities including bank guarantees(p.328)
Opportunities
- • Global defence expenditure expected to grow to $2,031 billion by 2025(p.32)
- • Indian defence and space budget allocated ₹339 billion from FY2022-FY2031(p.32)
- • Structural shift in defence budget with increased modernisation and non-lapsable funds(p.32)
- • Expansion of manufacturing infrastructure and Design and Engineering capabilities planned(p.45)
- • Leveraging core competencies to grow services business(p.45)
- • Expansion into new product segments and geographies(p.59)
- • Expansion of facility to double floor area and manufacturing capacity(p.123)
- • Large and growing order book indicating strong future demand(p.123)
- • Well-positioned for Indian defence modernisation programmes with complex technology-based products(p.123)
- • Opportunity in Indian defence electronics market growing at high CAGR(p.159)
- • Rising defence exports opportunity for niche defence products(p.157)
- • Strategic positioning in multiple high-value defence programmes(p.165)
- • Aatmanirbhar Bharat initiative prioritizing domestic players for defense procurement(p.176)
- • Expansion of private space industry creating new customer base and demand growth(p.176)
- • NSIL and In-SPACe opening multiple opportunities for private space participants(p.176)
- • Testing equipment market growing due to satellite serial production end-of-line testing requirements(p.176)
- • Defense forces' demand for ATE and testing equipment for various platforms beyond space(p.176)
- • Global satellite components market growing at high CAGR with demand expanding across multiple segments(p.177)
- • Indian satellite components market showing steady growth trajectory from 2021-2030(p.179)
- • Opportunities in high-value defense tenders aligned with Make-in-India and 50% indigenous content requirements(p.192)
- • Expansion of defence electronics manufacturing capability with capital work in progress of Rs 20.01 million(p.265)
- • Growing international market presence with outside India revenue at Rs 423.84 million in FY2021 versus Rs 120.04 million in FY2019(p.285)
- • Service business development: service revenue grew from Rs 162.15 million (FY2019) to Rs 277.91 million (FY2021)(p.272)
- • Significant government/PSU customer base reducing credit risk(p.285)
- • Government's 'Make in India' and Aatmanirbhar Bharat initiatives boosting indigenous defence manufacturing(p.300)
- • Growing Indian defence budget with high capital allocation growth(p.300)
- • Large cumulative defence budget allocation through FY2031 creating significant market opportunity(p.300)
- • Expansion of manufacturing capacity and capabilities enabling growth(p.298)
- • Opportunity to expand into civilian applications leveraging defence-grade reliability(p.298)
- • Penetration of new international markets and customer bases(p.300)
Threats
- • Decline or reprioritisation of Indian defence or space budget could materially impact revenue(p.37)
- • COVID-19 pandemic has caused temporary business disruptions and uncertain future impact(p.41)
- • Price volatility and supply disruptions in raw materials due to global factors(p.51)
- • Competitive pressure in bidding process, especially from foreign competitors(p.42)
- • Foreign exchange volatility affecting fixed-price contracts and import costs(p.47)
- • Regulatory changes and licensing/approval requirements could delay operations(p.43)
- • Dependence on electricity supply from Tamil Nadu State Electricity Board(p.51)
- • Risk of accidents at customer units due to product defects(p.51)
- • Intense price competition in defence and space manufacturing(p.53)
- • Competition from larger diversified competitors with greater resources(p.53)
- • Risk of cyber-attacks targeting defence and space sector operations(p.54)
- • Labour law changes and compliance requirements affecting flexibility(p.55)
- • Risk of labour unrest and wage cost increases(p.55)
- • Foreign exchange risks from export and procurement operations(p.57)
- • Slowdown in Indian economic growth affecting business(p.61)
- • Natural disasters and pandemics disrupting operations(p.62)
- • Impact of changes in Indian tax laws and regulations(p.63)
- • Dependency on Indian government defence procurement spending(p.147)
- • Geopolitical tensions and security uncertainties affecting defence spending priorities(p.141)
- • Delays in defence modernisation programmes impacting market opportunity realization(p.148)
- • Competition from established global defence electronics manufacturers(p.171)
- • Economic impact of COVID-19 on defence spending(p.140)
- • Reliance on government procurement processes and tender mechanisms subject to policy changes(p.212)
- • COVID-19 pandemic impact on ISRO budget cuts and satellite launch programs(p.176)
- • Dependence on continuity of ISRO and DRDO funding and order placement(p.212)
- • Competition from large Indian defense primes and foreign OEMs in system integration(p.210)
- • Import restrictions and technology transfer requirements in defense sector reducing flexibility(p.212)
- • Risk of component obsolescence and supply chain disruptions in imported electronics(p.212)
- • Regulatory changes and field evaluation trial requirements delaying order placement(p.212)
- • Dependence on government and defence sector customers with potential policy changes or budget constraints(p.263)
- • Trade receivables aging with significant amounts outstanding beyond 1 year: Rs 279.18 million (20.76% of trade receivables as at 30 Sept 2021)(p.267)
- • Foreign exchange exposure with unhedged receivables in USD and GBP and payables in USD and EUR(p.285)
- • High inventory levels at Rs 868.18 million as at 30 September 2021 creating working capital pressure(p.267)
- • Pending tax litigation with uncertain outcomes: Income Tax disputed demand of Rs 13.81 million under appeal(p.281)
- • COVID-19 pandemic causing business disruption and uncertainty(p.299)
- • Component obsolescence risk requiring additional unrecoverable costs during warranty periods(p.301)
- • Limited ability to pass on increased raw material costs due to fixed-price contracts(p.301)
- • Foreign exchange exposure on unhedged exports and import payments(p.328)
- • Changes in government defence spending priorities and policy shifts(p.300)
- • High competition from domestic and international players offering complete systems(p.329)
- • Outstanding tax litigation creating financial and operational uncertainty(p.338)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Srinivasagopalan Rangarajan | Promoter | 30.83% | — |
| Rekha Murthy Rangarajan | Promoter | 26.25% | — |
| Srinivasagopalan Rangarajan | Promoter | 30.83% | 24.60% |
| Rekha Murthy Rangarajan | Promoter | 26.25% | 20.39% |
| G.K. Vasundhara | Promoter Group | 1.55% | — |
| Srinivasagopalan Rangarajan | Promoter | — | — |
| Sudhir Nathan | Other Selling Shareholder | — | — |
| Srinivasagopalan Rangarajan | Promoter | — | — |
| Rekha Murthy Rangarajan | Promoter | — | — |
| Srinivasagopalan Rangarajan | Promoter | 31.52% | — |
| Rekha Murthy Rangarajan | Promoter | 26.84% | — |
| Srinivasagopalan Rangarajan | Promoter / Chairman and Managing Director | — | — |
| Rekha Murthy Rangarajan | Promoter / Director | — | — |
| Srinivasagopalan Rangarajan | Promoter Selling Shareholder | — | — |
| Rekha Murthy Rangarajan | Promoter Selling Shareholder | — | — |
Leadership
Srinivasagopalan Rangarajan · Managing Director
Venkata Subramanian Venkatachalam · CFO
Manvi Bhasin · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Data Patterns IPO FAQs
What is the lot size of Data Patterns IPO?
The minimum lot size of Data Patterns IPO is 25 shares. One lot costs ₹14,625 at the cut-off price.
When does Data Patterns IPO open and close?
Data Patterns IPO opened for subscription on 14 Dec 2021 and closed on 16 Dec 2021.
What is the listing date of Data Patterns IPO?
Data Patterns IPO listed on 24 Dec 2021.