Defence and aerospace electronics solutions provider Data Patterns launched a Qualified Institutional Placement (QIP) on March 9, looking to raise Rs 450 crore.

CNBC-TV18 reported that QIP could expand up to Rs 500 crore. The base price of Rs 1,284.53 per share was 1.5% lower than the closing price on March 8.

The company also informed in the BSE filing that a funding committee meeting is scheduled for March 13. The meeting will consider and approve the issue price for the equity interests issued under the QIP, including any discounts.

The stock was quoted at Rs 1,316.95 per share on the NSE at 9:45 am, up 1.79%.

In Q3, the company reported a 271% rise in profit to Rs 33.32 crore, compared to Rs 8.96 crore in the same period of the previous fiscal. Sales rose 155% YoY to Rs 111.81 crore.

The stock has risen more than 70% since its December 2021 listing. Shares gained 15% in 2023, hitting a 52-week high of Rs 1,540 on February 7 after the release of Q3 results.