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Defence tech firm Data Patterns files for IPO

Mint  

Chennai-based Data Patterns (India) Ltd, a defence and aerospace electronics maker backed by Florintree Capital, has filed its draft papers to raise around INR 600-700 crore through an IPO. The IPO comprises a fresh fundraising of INR 300 crore, which will be used towards the repayment of debt, funding working capital requirements of the company, upgrading and expansion of its Chennai facility, and other purposes. Apart from the fresh capital raise, the IPO also consists of a secondary offer of shares by the promoters and employees of the company. Employees hold around 20% shares of the company. Former Blackstone India private equity co-head Mathew Cyriac promoted Florintree Capital Partners LLP, which holds a 12.83% stake in the company, will not be selling any shares in the IPO.

From the Venture Intelligence PE-VC Deal Database: Investors in Data Patterns include SICOM VC, SIDBI VC and Florintree.