The Rs 600 crore initial public offering (IPO) of Latent View Analytics Ltd received record bids worth Rs 113,000 crore, the best ever in the history of the Indian primary market.
The issue, which was priced in the range of Rs 190-197 per share, was oversubscribed 338 times when the offer closed on Friday. The IPO received bids worth Rs 1.13 lakh crore, signalling investors’ interest in offerings that have the potential to offer good returns after listing on the stock exchanges.
The IPO received bids for a staggering 572 crore shares against the issue size of 1.75 crore shares, exchange data showed. The institutional investor category received bids for 136 crore shares, and the book was subscribed 151 times. The non-institutional category comprising high net worth individuals was subscribed 882 times. Demand from retail investors stood at 124 times.
“Investors expect the company to get listed at a good premium to the IPO prices next week. It’s quoting around Rs 300 in the unofficial grey market. The recent bumper listing of Nykaa shows the investor frenzy in IPOs, which can offer good money to investors on listing,” said veteran stock dealer Pawan Dharnidharka.
Investors showed less enthusiasm for India’s largest IPO One 97 Communications — which oversubscribed 1.89 times last week — when compared to the IPOs of some other tech firms and unicorns.
What’s its business?
Latent View Analytics is among the leading pure-play data analytics services companies in India, based on their expertise of the entire value chain of data analytics, from data and analytics consulting to business
analytics and insights, advanced predictive analytics, data engineering and digital solutions.
Across industries, data and analytics are being leveraged by enterprises to guide business strategy and optimise spending decisions amid growing financial uncertainties. The company serves clients across countries in the US, Europe, and Asia through their subsidiaries in various countries.
The Chennai-based company made a revenue of Rs 305.88 crore and a profit of Rs 91.46 crore for fiscal 2021.
Venkatraman Viswanathan, Chairperson, and Pramad Jandhyala, Executive Director, are the founders of the company, which was set up in 2006.
Viswanathan, an alumnus of IIM Kolkata, has several years of experience across IT services, credit analysis and business consulting.
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