Bloomberg - Data Patterns India Pvt, which supplies electronic systems to the defense and aerospace sector, is preparing its draft prospectus for an initial public offering that could raise at least $100 million, according to people familiar with the matter.
The Chennai-based company, backed by former Blackstone Inc. senior fund manager Mathew Cyriac, plans to file the listing documents with the Indian securities regulator as soon as next week, people said. The firm intends to list in Mumbai this year, said one of the people who asked not to be identified as the information is private.
Data Patterns sought a valuation of around 25 billion rupees $340 million in the IPO, and is looking to sell an equal number of primary and secondary shares, people said.
The deliberate discussions are ongoing and the details of the offering could change, the people said. A representative for Data Patterns declined to comment.
The company is working with JM Financial Ltd. and IIFL Securities Ltd. to arrange a potential listing, Bloomberg News has reported.
Tech companies are prominent among those set to increase the sum raised through IPOs in India this year, which has surpassed the total for the last three years altogether. The pipeline for the rest of 2021 includes payment service provider Paytm, online insurance platform Policy Bazaar and e-commerce beauty startup Nykaa.
Data Patterns has more than 35 years of experience in the design and development of defense and aerospace electronics, according to its website.