Latent View Analytics mobilises Rs 267 cr from anchor investors; IPO fully subscribed

The initial public offering of Latent View Analytics, which raised Rs 267 crore from anchor investors, got subscribed by 1.5 times so far on the first day of the bidding process on Wednesday.

The company’s Rs 600-crore initial public offering (IPO) received bids for 2.62 crore equity shares, against an IPO size of 1.75 crore shares, a subscription of 1.5 times till 10.54 am, data with NSE showed. On Tuesday, the company decided to allocate a total of 13,553,898 equity shares to 34 anchor investors at Rs 197 apiece, amounting to a transaction size of Rs 267 crore.

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Abu Dhabi Investment Authority, Ashoka India Equity Investment Trust Plc, Axis Mutual Fund (MF), ICICI Prudential MF, Aditya Birla Sun Life MF, Edelweiss MF, SBI Life Insurance Company and Bajaj Allianz Life Insurance Company are among the anchor investors, according to a circular uploaded on BSE website late evening on Tuesday.

The IPO comprises fresh issue of equity shares worth Rs 474 crore and an offer-for-sale of equity shares to the tune of Rs 126 crore by a promoter and some existing shareholders. As a part of the offer-for-sale, promoter Adugudi Viswanathan Venkatraman will offload shares worth Rs 60.14 crore, shareholder Ramesh Hariharan will sell Rs 35 crore shares and Gopinath Koteeswaran will offload Rs 23.52 crore shares among others.

At present Venkatraman owns 69.63 per cent stake in the company, Koteeswaran holds 7.74 per cent stake and Hariharan has 9.67 per cent holding in the firm. The issue, with a price band of Rs 190-197 a share, opens for public subscription on November 10, and will conclude on November 12. Proceeds from the fresh issue will be used for funding inorganic growth initiatives, working capital requirements of the subsidiary LatentView Analytics Corporation, and investment in subsidiaries to augment their capital base for future growth and general corporate purposes.

The company said that up to 75 per cent of the issue has been reserved for qualified institutional buyers, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors. The company provides services ranging from data and analytics consulting to business analytics and insights, advanced predictive analytics, data engineering and digital solutions.

It engages and provides services to blue chip companies in technology, BFSI, CPG & retail, industrials and other industries, and have worked with over 30 Fortune 500 companies in the last three fiscals. The company serves clients across countries in the United States, Europe, and Asia through its subsidiaries in the United States, Netherlands, Germany, United Kingdom and Singapore, and its sales offices in San Jose, London and Singapore. Axis Capital, ICICI Securities and Haitong Securities India are the book running lead managers to the issue.