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Data Patterns IPO Details

IPO Open Dec 14, 2021
IPO Close Dec 16, 2021
IPO Price ₹585
Face Value ₹2
IPO Size ₹588.22 Cr
Listing At BSE, NSE
Lot Size 25
Open an Instant Account with Zerodha
DATA PATTERNS (INDIA) LIMITED

Our Company was incorporated as Indus Teqsite Private Limited on November 11, 1998, at Bangalore, Karnataka as a private limited company under the Companies Act, 1956, pursuant to a certificate of incorporation issued by the Registrar of Companies, Karnataka at Bangalore. Subsequent to the merger of our wholly-owned subsidiary, Data Patterns (India) Private Limited, with and into our Company, in terms of the Scheme of Amalgamation the name of our Company was changed to "Data Patterns (India) Private Limited" and a fresh certificate of incorporation dated August 4, 2021 was issued by the Registrar of Companies, Tamil Nadu. Our Company was converted into a public limited company pursuant to a special resolution passed by our Shareholders at the extraordinary general meeting held on August 12, 2021 and the name of our Company was changed to Data Patterns (India) Limited. A fresh certificate of incorporation consequent upon conversion to a public limited company was issued by the Registrar of Companies on September 13, 2021. For details of change in name and Registered and Corporate Office of our Company, see "History and Certain Corporate Matters" on page 219 of the Prospectus dated December 17, 2021 ('Prospectus').

Registered and Corporate Office: Plot H9, Fourth Main Road, SIPCOT IT Park, Siru&eri, Chennai 603103. Tamil Nadu, India;
Tel: +9144 4741 4000:
Website: www.datapatternsindia.com Contact Person: Manvi Bhasin, Company Secretary and Compliance Officer E-mail: manvibhasin@datapatterns.co.in
Corporate Identity Number: U72200TN1998PLC061236
OUR PROMOTERS: SRINIVASAGOPALAN RANGARAJAN AND REKHA MURTHY RANGARAJAN

Our Company has filed the Prospectus with the RoC, and the Equity Shares are proposed to be listed on the National Stock Exchange of India Limited ('NSE') and BSE Limited ("BSE") and trading is expected to commence on or about December 24, 2021.

BASIS OF ALLOTMENT

INITIAL PUBLIC OFFER OF 10,055,114 EQUITY SHARES OF FACE VALUE OF RS. 2 EACH ("EQUITY SHARES") OF DATA PATTERNS (INDIA) LIMITED (THE "COMPANY" OR THE "ISSUER") FOR CASH AT A PRICE OF RS. 585 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF RS. 583 PER EQUITY SHARE) ("OFFER PRICE") AGGREGATING TO 15,882.24 MILLION (THE "OFFER") COMPRISING A FRESH ISSUE OF 4,102,584 EQUITY SHARES AGGREGATING TO RS. 2,400.00* MILLION BY OUR COMPANY (THE "FRESH ISSUE") AND AN OFFER FOR SALE OF 5,952,550 EQUITY SHARES AGGREGATING TO RS. 3,482.24 MILLION, COMPRISING 1,967,013 EQUITY SHARES AGGREGATING TO 71,150.70 MILLION BY SRINIVASAGOPALAN RANGARAJAN, 1,967,012 EQUITY SHARES AGGREGATING TO RS. 1,150.70 MILLION BY REKH A MU RTHY RANGARAJAN (THE "PROMOTER SELLING SHAREHOLDERS"), 75.000 EQUITY SHARES AGGREGATING TO 7 43.88 MILLION BY SUDHIR NATHAN AND 414,775 EQUITY SHARES AGGREGATING TO RS. 242.64 MILLION BY G.K VASUNDHARA ("THE OTHER SELLING SHAREHOLDERS") AND 1,528,750 EQUITY SHARES AGGREGATING TO RS. 894.32 MILLION BY THE PERSONS LISTED IN THE PROSPECTUS (THE "INDIVIDUAL SELLING SHAREHOLDERS") (THE PROMOTER SELLING SHAREHOLDERS, THE OTHER SELLING SHAREHOLDERS AND THE INDIVIDUAL SELLING SHAREHOLDERS COLLECTIVELY, THE "SELLING SHAREHOLDERS", AND SUCH EQUITY SHARES OFFERED BY THE SELLING SHAREHOLDERS. THE "OFFERED SHARES") (SUCH OFFER FOR SALE BY THE SELLING SHAREHOLDERS, THE "OFFER FOR SALE" AND TOGETHER WITH THE FRESH ISSUE, "THE OFFER"),

*OUR COMPANY, IN CONSULTATION WITH THE BRLMS, HAS UNDERTAKEN A PRE-IPO PLACEMENT OF 1,039,861 EQUITY SHARES AGGREGATING TO RS. 600 MILLION ("PRE-IPO PLACEMENT"). THE SIZE OF THE FRESH ISSUE AS DISCLOSED IN THE DRAFT RED HERRING PROSPECTUS, AGGREGATING UP TO RS. 3,000 MILLION, HAS BEEN REDUCED BY RS. 600 MILLION PURSUANT TO THE PRE-IPO PLACEMENT, AND ACCORDINGLY, THE FRESH ISSU E IS OF RS. 2,400 MILLION.

THE FACE VALUE OF EQUITY SHARES IS RS. 2 EACH. THE OFFER PRICE IS 292.50 TIMES THE FACE VALUE OF THE EQUITY SHARES.

OFFER PRICE: RS. 585 PER EQUITY SHARE OF FACE VALUE OF RS. 2 EACH
THE ANCHOR INVESTOR OFFER PRICE IS RS. 585 PER EQUITY SHARE
THE OFFER PRICE IS 292.50 TIMES OF THE FACE VALUE

Risks to Investors:

• Average cost of acquisition of Equity Shares for the Selling Shareholders ranges between Rs. 0.36 to Rs. 63.65 and offer price is Rs. 585.

• Details of Acquisition of all Equity Shares transacted in last three years and one year:

Period Weighted Average Cost of Acquisition (in Rs.)* Offer Price of 7 585 is 'X' times the Weighted Average Cost of Acquisition Range of acquisition price: Lowest Price-Highest Price (in Rs.)
Last 1 year 109.71 5.33 0.00 - 577.00
Last 3 years 109.71 5.33 0.00 -577.00

*Price has been calculated by adjusting for split and bonus of equity shares Weighted Average Return on Net Worth for Fiscals 2021, 2020 and 2019 is 18.04%.

The two BRLMs associated with the Offer have handled 44 public issues in the past three years, out of which 14 issues closed below the issue price on listing date.

BID/OFFER SCHEDULE
BID/ OFFER OPENED ON TUESDAY, DECEMBER 14,2021(1)
BID/ OFFER CLOSED ON THURSDAY, DECEMBER 16, 2021

(1) The Anchor investor Bid/Offer Period was one Working Day prior to the Bid/Offer Opening Date i.e. Monday, December 13, 2021.

The Offer has been made, In terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended ('SCRR') read with Regulation 31 of the SEBIICDR Regulations. The Offer has been made through the Book Building Process in terms of Regulation 6(1) of the SEBIICDR Regulations wherein not more than 50% of the Offer was available for allocation on a proportionate basis to Qualified Institutional Buyers ('QIBs') (the "QIB Portion") provided that our Company, in consultation with the BRLMs, allocated 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations ("Anchor Investor Portion"), of which one-third was reserved for domestic Mutual Funds only subject to valid Bids having been received from domestic Mutual Funds at or above the Anchor Investor Allocation Price. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares would haw been added to the Net QIB Portion. Further 5% of the Net QIB Portion was available for allocation on a proportionate basis to Mutual Funds only and the remainder of the Net QIB Portion was available for allocation on a proportionate basis to all QIB Bidders (other than Anchor investors) including Mutual Funds, subject to valid Bids having been received at or above the Offer Price. However, if the aggregate demand from Mutual Funds was less than 5% of the QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion were added to the remaining Net QIB Portion for proportionate allocation to QIBs. Further, not less than 15% of the Offer was available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% of the Offer was available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids having been received from them at or above the Offer Price. All potential Bidders (except Anchor Investors) were required to mandatorily utilise the Application Supported by Blocked Amount ("ASBA") process providing details of their respective ASBA accounts and UPI ID (In case of RIBs), if applicable, in which the corresponding Bid Amounts were blocked by the Serf Certified Syndicate Banks ('SCSBs') or by the Sponsor Bank under the UPI Mechanism, as applicable. Anchor Investors were not permitted to participate in the Offer through the ASBA process. For details, see 'Offer Procedure' on page 360 of the Prospectus.

The bidding for Anchor Investor opened and closed on December 13, 2021. The Company received 23 applications from 15 anchor investors for 3,184,750 equity shares. The Anchor investor price was finalized at Rs. 585 per Equity Share. A total of 3,016,533 Equity Shares were allocated under the Anchor Investor portion aggregating to Rs. 1,764,671,805.00.

The Offer received 2,476,559 applications for 835,359,500 Equity Shares resulting in 83.0781 times subscription (before technical rejections). The details of the applications received in the Offer from Retail Individual Bidders, Non-Institutional Bidders, QIBs and Anchor Investor are as under (before technical rejections):

SI.No Category No. of Applications Applied No. of Equity Shares Applied Shares Reserved as per Prospectus No. of times Subscribed Amount (subscription received in the Offer) (Rs.)
A Retail Individual Bidders 2,468,630 73,921,125 3,519,290 21.0046 43,246,054,060,00
B Non-Institutional Bidders 7,772 384,438,050 1 508,258 254.8871 224 895,414,600,00
C Qualified Institutional Bidders (excluding Anchor Investors) 134 373,815,575 2,011,023 185.8833 218,682,111,375,00
D Anchor Investors 23 3,184,750 3,016,533 1.0558 1,563,078,750,00
Total 2,476,559 835,359,500 10,055,114 83.0781 488,686,658,785,00

Final Demand

A summary of the final demand as per BSE and NSE as on the Bid/Offer Closing Date at different Bid prices are as under

SI. No Bid Price No. of Equity Shares % to Total Cumulative Total Cumulative % of Total
1 555 465,800 0.05 465,800 0.05
2 556 16,800 0.00 482,600 0.06
3 557 6,525 0.00 489,125 0.06
4 558 4,650 0.00 493,775 0.06
5 559 2,900 0.00 496,675 0.06
6 560 80,200 0.01 576,875 0.07
7 561 3,200 0.00 580,075 0.07
8 562 1,575 0.00 581,650 0.07
9 563 1,550 0.00 583,200 0.07
10 564 1,575 0.00 584,775 0.07
11 565 82,775 0.01 667,550 0.08
12 566 1,750 0.00 669,300 0.08
13 567 4,875 0.00 674,175 0.08
14 568 3,175 0.00 677,350 0.08
15 569 1,575 0.00 678,925 0.08
16 570 121,975 0.01 800,900 0.09
17 571 3,875 0.00 804,775 0.09
18 572 3,000 0.00 807,775 0.10
19 573 2,050 0.00 809,825 0.10
20 574 1,525 0.00 811,350 0.10
21 575 147,875 0.02 959,225 0.11
22 576 4,300 0.00 963,525 0.11
23 577 3,600 0.00 967,125 0.11
24 578 4,750 0.00 971,875 0.11
25 579 4,700 0.00 976,575 0.12
26 580 133,025 0.00 1,109,600 0.13
27 581 9,175 0.00 1,118,775 0.13
28 582 15,425 0.00 1,134,200 0.13
29 583 163,150 0.02 1,297,350 0.15
30 584 231,275 0.03 1,528,625 0.18
31 585 781,928,800 92.29 783,457,425 92.47
32 Cut-Off 63,800,025 7.53 847,257,450 100.00
TOTAL 847,257,450 100.00

The Basis of Allotment was finalized In consultation with the Designated Stock Exchange, being NSE on December 21, 2021

A. Allotment to Retail Individual Bidders (After Technical Rejections) (including ASBA Applications)

The Basis of Allotment to the Retail Individual investors, who have bid at cut-off or at the Offer Price of Rs. 585 per Equity, was finalized in consultation with NSE. This category has been subscribed to the extent of 20.21 times. The total number of Equity Shares Allotted in Retail Individual Bidders category is 3,519,290 Equity Shares to 140,771 successful applicants. The category-wise details of the Basis of Allotment are as under:

Category No. of Applications Received % of Total Total No. of Equity Shares Applied % to Total No. of Equity Shares Allotted per Bidder Ratio Total No. of Equity Shares Allotted
25 2,220,263 93.44 55,507,075 78 05 25 25:422 3,268,250
50 63,662 3.52 4,183,100 5.88 25 25:422 123,900
75 22,227 0.94 1,667,025 2.34 25 25:422 32,925
100 14,646 0.62 1,464,600 2 06 25 25:422 21,700
125 6,719 0.28 839,875 1.18 25 25:422 9,950
150 4,197 0.18 629,550 0.89 25 25:422 6,225
175 3,317 0.14 580,475 0.82 25 25:422 4,900
200 2,581 0.11 516,200 0.73 25 25:422 3,825
225 826 0.03 185,850 0.26 25 25:422 1,225
250 2,438 0.10 609,500 0.86 25 25:422 3,600
275 644 0.03 177,100 0.25 25 25422 950
300 1,253 0.05 375,900 0.53 25 25.422 1,850
325 13,493 0.57 4,385,225 6.17 25 25:422 19,975
9241 Allottees from Serial no 2 to 13 Additional 1(one) share 15:9241 15
TOTAL 2,376,286 100.00 71,121,475 100.00 3,519,290

B. Allotment to Non Institutional Bidders (After Technical Rejections) (including ASBA Applications):

The Basis of Allotment to the Non-Institutional Bidders, who have bid at the Offer Price of Rs. 585 per Equity Share or above, was finalized in consultation with NSE. This category has been subscribed to the extent of 252.57 times. The total number of Equity Shares allotted in this category is 1,508,266 Equity Shares to 2,726 successful applicants. The category-wise details of the Basis of Allotment are as under (Sample)

Category No. of Applications Received % of Total Total No. of Equity Shares Applied % to Total No. of Equity Shares Allotted per Bidder Ratio Total No. of Equity Shares Allotted
350 1821 24.25 637,350 0.17 25 101:1821 2,525
375 345 4.59 129,375 0.03 25 20:345 500
400 250 3.33 100,000 0.03 25 16:250 400
775 20 0.27 15,500 0.00 25 2:20 50
800 39 0.52 31,200 0.01 25 5:39 125
825 16 0.21 13,200 0.00 25 2:16 50
850 131 1.74 111,350 0.03 25 18:131 450
875 78 1.04 68,250 0.02 25 11:78 275
900 36 0.48 32,400 0.01 25 5:36 125
925 9 0.12 8,325 0.00 25 1:9 25
950 19 0.25 18,050 0.00 25 3:19 75
975 18 0.24 17,550 0.00 25 3:18 75
1,725 53 0.71 91,425 0.02 25 14:53 350
1,750 53 0.71 92,750 0.02 25 15:53 375
1,775 8 0.11 14,200 0.00 25 2:8 50
1,800 27 0.36 48,000 0.01 25 8:27 200
1,825 6 0.08 10,950 0.00 25 2:6 50
2,100 10 0.13 21,000 0.01 25 3:10 75
2,125 6 0.08 12,750 0.00 25 2:6 50
2,150 3 0.04 6,450 0.00 25 1:3 25
2,175 2 0.03 4,350 0.00 25 1:2 25
2,200 13 0.17 28,600 0.01 25 5:13 125
2,225 5 0.07 11,125 0.00 25 2:5 50
2,250 6 0.08 13,500 0.00 25 2:6 50
2,275 2 0.03 4,550 0.00 25 1:2 25
2,300 6 0.08 13,800 0.00 25 2:6 50
2,375 9 0.12 21,375 0.01 25 3:9 75
2,400 13 0.17 31,200 0.01 25 5:13 125
5,975 11 0.15 65,725 0.02 25 10:11 250
6,000 13 0.17 78,000 0.02 25 12:13 300
6,025 2 0.03 12,050 0.00 25 2:2 50
6,075 2 0.03 12,150 0.00 25 2:2 50
6,125 2 0.03 12,250 0.00 25 2:2 50
6,175 3 0.04 18,525 0.00 25 3:3 75
6,250 8 0.11 50,000 0.01 25 8:8 200
6,300 2 0.03 12,600 0.00 25 1:1 50
6,400 3 0.04 19,200 0.01 25 1:1 75
6,475 2 0.03 12,950 0.00 26 1:1 52
6,500 5 0.07 32,500 0.01 26 1:1 130
6,600 2 0.03 13,200 0.00 26 1:1 52
25,625 15 0.20 384,375 0.10 101 1:1 1,515
25,650 8 0.11 205,200 0.05 102 1:1 816
26,000 3 0.04 78,000 0.02 103 1:1 309
27,000 4 0.05 108,000 0.03 107 1:1 428
27,350 2 0.03 54,700 0.01 109 1:1 218
27,500 2 0.03 55,000 0.01 109 1:1 218
29,050 2 0.03 58,100 0.02 ,15 1:1 230
29,900 6 0.08 179,400 0.05 118 1:1 708
29,925 2 0.03 59,850 0.02 119 1:1 238
30,000 3 0.04 90,000 0.02 119 1:1 357
30,750 3 0.04 92,250 0.02 122 1:1 366
32,125 3 0.04 96,375 0.03 127 1:1 381
32,500 2 0.03 65,000 0.02 129 1:1 258
33,325 2 0.03 66,650 0.02 132 1:1 264
34,000 3 0.04 102,000 0.03 135 1:1 405
34,175 40 0.53 1,367,000 0.36 135 1:1 5,400
34,200 5 0.07 171,000 0.04 135 1:1 675
34,250 2 0.03 68,500 0.02 136 1:1 272
35,000 4 0.05 140,000 0.04 139 1:1 556
37,425 2 0.03 74,850 0.02 148 1:1 296
85,450 28 0.37 2,392,600 0.63 338 1:1 9,464
85,500 3 0.04 256,500 0.07 339 1:1 1,017
1,709,400 25 0.33 42,735,000 11.22 6.766 1:1 169,150
1,880,325 5 0.07 9,401,625 2.47 7.443 1:1 37,215
2,136,750 3 0.04 6410,250 1.68 8.458 1:1 25,374
2,393,150 7 0.09 16,752,050 4.40 9.472 1:1 66,304
2,564,100 4 0.05 10,256,400 2.69 10,149 1:1 40,596
3,418,800 5 0.07 17,094,000 4.49 13,532 1:1 67,660
4,273,500 6 0.08 25,641,000 6.73 16,915 1:1 101,490

C. Allotment to QIBs (After Technical Rejections): (Excluding Anchor Investors)

Allotment to QIBs, who have bid at the Offer Price of Rs. 585 per Equity Share or above, has been done on a proportionate basis in consultation with NSE. This category has been subscribed to the extent of 185.88 times of QIB portion. As per the SEBI Regulations, Mutual Funds were allotted 5% of the Equity Shares of QIB portion available i.e. 100,552 Equity Shares and other QIBs and unsatisfied demand of Mutual Funds were allotted the remaining available Equity Shares i.e. 1,910,471 Equity Shares on a proportionate basis. The total number of Equity Shares allotted in the QIB category is 20,11,023 Equity Shares, which were allotted to 134 successful Applicants

CATEGORY FIS./BANKS MF'S IC'S NBFC'S AIF FPC OTHERS TOTAL
ALLOTMENT 795,827 223,315 63,267 86,414 78,692 443,004 318,504 2,011,023

D. Allotment to Anchor Investors

The Company in consolation with the BRLMs, have allocated 3,016,533 Equity Shares to 23 Anchor Investors (through 15 Applications) at the Anchor Investor Offer Price of Rs. 585 per Equity Share in accordance with the SEBI Regulations. This represents 60% of the QIB Portion

CATEGORY FIS./BANKS MF'S IC'S NBFC'S AIF FPC OTHERS TOTAL
ALLOTMENT - 2,056,565 274,612 137,306 548,050 3,016,533

The IPO Committee of our Company at its meeting held on December 21, 2021 has taken on record the basis of allotment of Equity Shares approved by the Designated Stock Exchange, befog NSE and has allotted the Equity Shares to various successful applicants. The Allotment Advice Cum Refund Intimation has been emailed or dispatched to the email ids or addresses of the investors as registered with the depositories. Further, instructions to the SCSBs have been issued for unblocking of funds and transfer to the Public Offer Account on December 22, 2021 and the payments to non-syndcate brokers have been issued on December 22, 2021 In case the same is not received within ten days, investors may contact the Registrar to the Offer at the address given below. The Equity Shares allotted to the successful allottees have been uploaded on December 22, 2021 for credit into the respective beneficiary accounts subject to validation of the account details with the depositories concerned. The trading of equity shares is expected to commence on or about December 24, 2021.

Note All capitalised terms used and not defined herein shall have the respective meanings assigned to them in the Prospectus. Percentage figures have been rounded off to two decimal places.

INVESTORS PLEASE NOTE

These details of the Allotment made shall be hosted on the website of Registrar to the Offer, Link Intime India Private Limited at www.linkintime.co.in .

All future correspondence in this regard may kindly be addressed to the Registrar to the Offer quoting full name of the first/sole Bidder, Bid cum Application Form number, Bidder DP ID, Client ID, PAN, date of submission of Bid cum Application Form, address of the Bidder, number of Equity Shares applied for, the name and address of the Designated Intermediary where the Bid cum Application Form was submitted by the Bidder and a copy of the Acknowledgement Slip received from the Designated Intermediary at the address given below:

wpeEC.jpg (2007 bytes)
Link Intime India Private Limited
C-101, V Floor, 247 Park, Lal Bahadur Shastri Marg, Vikhroli (West), Mumbai 400 083 Maharashtra, India
Tel: +91 22 4918 6200; E-mail: datapattern.ipo@linkintime.com, Investor Grievance E-mail: datapatterns.ipo@linkinlime.co.in
Website: www.linkintime.co.in; Contact Person: Shanti Gopalkrishnan; SEBI Registration No.: INR000G04058
For DATA PATTERNS (INDIA) LIMITED
On behalf of the Board of Directors
Sd /-
Place : Chennai Manvi Bhasin
Date : December 23, 2021 Company Secretary & Compliance Officer

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARES ON LISTING OR THE BUSINESS PROSPECTS OF DATA PATTERNS (INDIA) LIMITED.

DATA PATTERNS (INDIA) LIMITED has filed the Prospectus on December 18, 2021 with the RoC and thereafter with SEBI and the Stock Exchanges. The Prospectus is available on the website of the SEBI at www.sebi.gov.in as well as on the websites of the book running lead managers, JM Financial Limited and IIFL Securities Limited at www.jmfl.com and www.iiflcap.com, respectively, the website of the National Stock Exchange of India Limited at www.nseindia.com and the website of the BSE Limited at www.bseindia.com, respectively. Investors should note that investment in equity shares involves a high degree of risk and for details relating to such risks, see "Risk Factors" on page 34 of the Prospectus. Potential investors should not rely on the DRHP filed with SEBI for any investment decision.

The Equity Shares have not been and will not be registered under the U. S. Securities Act of 1933 (the U. S. Securities Act) or any state securities laws m the United States, and unless so registered, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to. the registration requirements of the U. S. Securities Act and applicable U S. state securities laws. Accordingly, the Equity Shares are being offered and sold outside the United States in offshore transactions in reliance on Regulation S and the applies be laws of each jurisdictions where such offers and sates are made. There will be no public offering of the Equity Shares in the United States.



Data Patterns IPO Basis of Allotment FAQs

Check the basis of allotment document above to know about how the shares are allocated in Data Patterns IPO. Note that there is a separate rule for allotment in each investor category (i.e. Retail, Non-Institutional, Institutional, Employee).

The Data Patterns IPO basis of allotment (published above) tells you how shares are allocated to you in Data Patterns IPO and category wise demand of IPO share.

Visit the Data Patterns IPO allotment status page to check the number of shares allocated to your application.

Check the basis of allotment document above to know about how the shares are allocated in Data Patterns IPO. Note that there is a separate rule for allotment in each investor category (i.e. Retail, Non-Institutional, Institutional, Employee).