Latent View Analytics Limited’s initial public offering, or initial public offering, was a hit on Dalal Street when it was listed earlier this week. Latent View shares traded strongly on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) and traded at a premium of 169 percent over the final issue price of Rs 197 per share. While it was good news for all of the lucky investors who got the shares during the Latent View IPO stock award, it made one person a billionaire. Adugudi Viswanathan Venkatraman, the promoter of digital solutions company Latent View Analytics Limited, is now worth more than a billion dollars.
Venkataraman, the chairman and executive director of Latent View Analytics Limited, owns 117.91 crore shares in the company. He thus holds 69.62 percent of the shares in the company. Looking at the closing price on Thursday, November 25th, Venkataraman’s stake in Latent View is Rs 8,275 core, which equates to approximately $ 1.11 billion. The shares closed at Rs 702.35 on the day on BSE.
Adugudi Viswanathan Venkatraman has a broad portfolio in the corporate sector. As a graduate of the IIT-Madras, the technician then graduated from the IIM Calcutta – both of which are two of the best educational centers in the country. He then moved to IT MNC Cognizant. He has several years of experience in the fields of IT services, credit analysis and management consulting. Venkataraman has been a director of Latent View Analytics since January 3, 2007 and has been promoted to chairman and executive director of the company effective August 2021.
The Chennai-based company stole the limelight earlier this month when it broke a new record during its first public offering when it had drawn 338 times its issuing volume. This was much higher than the IPOs it listed, including high profile companies like Nykaa, Paytm, and PolicyBazaar. The bidding generated around Rs 1.13 trillion amid strong investor demand.
The company’s stock also made a record debut on Nov. 23, trading at over 48 percent of its issue price of Rs 197 per share, near the high end of the price range. The stock also hit the top circle of 20 percent for two consecutive sessions. The share is currently trading at over 256 percent of its issue price. On November 23 at 10 a.m., the stock was quoted at Rs 527, 166 percent higher than the issue price.
Latent View Analytics Ltd (LVAL) is one of the leading pure data analytics service companies in India based on its expertise across the data analytics value chain from data and analytics consulting to business analytics and insights, advanced predictive analytics, data engineering and digital solutions. The company serves customers in the USA, Europe and Asia through its subsidiaries in the USA, the Netherlands, Germany, Great Britain and Singapore as well as through its sales offices in San Jose, London and Singapore.
Qualified institutional buyers could buy up to 75 percent of the shares, while non-institutional investors could bid 15 percent of the shares. The remaining 10 percent were reserved for private investors. The company planned to use the proceeds of the new issue to fund inorganic growth initiatives (Rs.147.9 billion) and the working capital needs of LatentView Analytics Corporation, its primary subsidiary (Rs.82.4 billion). The proceeds would also be used to invest in subsidiaries to increase the capital base for future growth and general corporate purposes.
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