Data Patterns IPO - Subscription Day 3

5paisa Research Team 5paisa Research Team 13th December 2022 - 01:01 pm

The Rs.588.22 crore IPO of Data Patterns (India), consisting of a fresh issue of Rs.240 crore and an offer for sale (OFS) of Rs.348.22 crore, saw strong response on Day-1 and Day-2 of the IPO. As per the combined bid details put out by the BSE at the close of Day-3, Data Patterns (India) IPO was subscribed 119.62 times overall, with demand coming mainly from the HNI segment followed by the QIB segment. The issue has closed for subscription on Thursday, 16th December.

As of close of 16th December, out of the 70.97 lakh shares on offer in the IPO, Data Patterns (India) saw bids for 8,489.86 lakh shares. This implies an overall subscription of 119.62 times. The granular break-up of subscriptions was dominated by the HNIs followed by the QIB response on the last day of the IPO.

Normally, it is only on the last day of bidding, the NII bids and the QIB bids build up substantial momentum and that is what was visible in the case of Data Patterns too.

Data Patterns (India) IPO Subscription Day 3

Category	Subscription Status
Qualified Institutional Buyers (QIB)	190.86 Times
Non Institutional Investors (NII)	254.22 Times
Retail Individuals	23.14 Times
Employees	N.A.
Overall	119.62 times

QIB Portion

Let us first talk about the pre-IPO anchor placement. On 13th December, Data Patterns (India) did an anchor placement of 30,16,533 shares at the upper end of the price band of Rs.585 to 23 anchor investors raising Rs.176.47 crore, representing 30% of the overall issue size.

The list of QIB anchors included a number of marquee domestic investor names like Axis Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Aditya Birla Sun Life Mutual Fund, Nippon India MF, Kotak Mutual Fund, IIFL Fund and Tata Mutual Fund.

The QIB portion (net of anchor allocation as explained above) has a quota of 19.59 lakh shares of which it has got bids for 3,738.56 lakh shares at the close of Day-3, implying 190.86 times for QIBs at the close of Day-3. QIB bids typically got bunched on the last day but the strong institutional response in the anchor placement from domestic funds was indicative of the institutional appetite for the IPO.

HNI / NII Portion

The HNI portion got subscribed 254.22 times (getting applications for 3,918.90 lakh shares against the quota of 15.42 lakh shares). This is solid progress for Day-3 because this segment normally sees the maximum response bunched on the last day of the issue. Bulk of the funded applications and corporate applications, came in on the last day of the IPO only.

Retail Individuals

The retail portion was subscribed a relatively robust 23.14 times at the close of Day-3, showing strong retail appetite; as has been the general trend with smaller sized IPOs. It must be noted that retail allocation is 35% in this IPO.

For retail investors; out of the 35.97 lakh shares on offer, valid bids were received for 832.40 lakh shares, which included bids for 634.37 lakh shares at the cut-off price. The IPO is priced in the band of (Rs.555-Rs.585) and has closed for subscription on 16th December 2021.

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Data Patterns IPO - Subscription Day 2