New Delhi: Following the strong listing of Medplus Health Services, investors are now awaiting the debut of Data Patterns (India), scheduled to get listed on the bourses on Friday.
The company has lost some ground in the grey market as its premium has taken a hit. However, despite the retracement, it is signalling a strong listing pop.
A few hours ahead of listing, Data Patterns was commanding a premium of Rs 320-325 or 55 per cent in the unofficial market, over its issue price of Rs 585. However, the premium was around Rs 600 at its peak.
Analysts said that the company is a reasonable proxy play of ‘Make in India’ and defence space. Also, the conservative valuations and improved sentiments in the market make it an attractive buy.
Aayush Agrawal, Senior Analyst, Swastika Investmart, said that positive sentiments accompanied by the attraction of the sector increase the euphoria for the company.
“One can expect a strong listing pop,” he added. “Investors who got allotments should hold the stock while new investors can look for buying opportunities at any correction.”
The initial public offering of Data Patterns was open for subscription between December 14-16 as the company raised Rs 588.22 crore by selling shares in the range of Rs 555-585 apiece.
The issue received a superb response from the investors. It was subscribed 120 times. The quota for institutional bidders was subscribed 191 times, whereas the HNI portion fetched 254 times bids. The retail portion was subscribed 23 times.
Incorporated in 1985, Data Patterns is a defence and aerospace electronics solution provider and enjoys a strong competitive edge in the market. The company has a strong order book from prestigious clients and a solid pipeline of projects to support earnings.
Ankur Saraswat, Research Analyst, Trustline Securities, said that innovation-focused business model and very diversified high-end technological advanced products portfolio.
“Reasonable valuations with a robust track record of profitable growth, well-positioned to benefit from the ‘Make in India; opportunity,” he added. “Investors can expect a decent listing pop.”
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
