Singapore sovereign wealth fund GIC has picked up over 6% stake in the company worth Rs 650 crore. Mirae Mutual fund has invested a sum of Rs 200 crore while other major buyers are HDFC Mutual Fund and Kotak Mahindra Mutual Fund, said people aware of the development.
Florintree’s founder Mathew Cyriac has re-invested an amount of Rs 125 crore in his personal capacity
as one of the buyers in the block deals, added sources.
On Friday, shares of Data Patterns surged over 9 percent after the block deals and being traded at Rs2023 on BSE.
Florintree, which invested Rs 50 crore in Data Patterns, made a return of 21x in less than three years, making it one of the strongest exit by a private equity investor in the Indian markets. As per the DRHP, Florintree had acquired stake at a cost of Rs 88 per share (adjusting for split and bonuses) and the selling price in the block deal is at Rs 1,837.
Chennai-based Data Patterns is a vertically integrated defence and aerospace electronics solutions
provider catering to the defence products industry. The company’s core competencies include design and development across electronic hardware, software, firmware, mechanical, product prototype besides its testing, validation and verification. The company works closely with the defence PSUs such as Hindustan Aeronautics Ltd and Bharat Electronics Ltd as well as government organisations involved in defence and space research like DRDO.
Data Patterns had also concluded a Qualified Institutional Placement (QIP) raising about Rs 500 crore from a clutch of institutional investors.
The issue price for the IPO was at Rs 585 per share and the stock listed at a significantly higher price of Rs 850 per share. The QIP was concluded at a price of Rs 1,220 per share, which is more than 2x the IPO price.
Over a period of time, the company has seen its institutional ownership rise to 15% and counts
marquee investors such as Abu Dhabi Investment Authority (ADIA), Axis MF, White Oak Capital etc as
some of its large shareholders.
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