Bumper IPO makes this IIT-M alumnus India’s newest billionaire

New Delhi: Latent View Analytics Ltd’s initial public offering, or IPO, was a huge hit on Dalal Street when it went public earlier this week. Shares of Latent View traded at a premium of 169 per cent on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) at the final offer price of Rs 197 per share. While the news was great for all the lucky investors who got shares during the LatentView IPO share allotment, one person turned out to be a billionaire. Adugudi Viswanathan Venkataraman, an entrepreneur at digital solutions firm Latent View Analytics Ltd., is now worth over a billion dollars.

The Chairman and Executive Director of Latent View Analytics Ltd., Venkataraman holds 117.91 crore shares in the firm. This means that he owns 69.62 percent of the company. In the latent view, Venkataraman’s stock is worth Rs 8,275 crore, which is approximately $1.11 billion based on Thursday’s November 25 closing price. On BSE, the shares ended the day at Rs 702.35.

Adugudi Viswanathan Venkataraman is a businessman with a diversified portfolio. The techie earned his bachelor’s degree from IIT-Madras and his master’s degree from IIM Calcutta, two of the best educational institutes in the country. After that, he worked for the IT giant Cognizant. He has worked in IT Services, Credit Research and Business Consulting for many years. Since January 3, 2007, Venkataraman has served as the director of LatentView Analytics, and in August 2021, he was appointed as the chairman and executive director of the firm.

Earlier this month, the Chennai-based startup made headlines when it set a new record by subscribing 338 times its issue size during its initial public offering. This was more than the IPOs that followed, which featured high-profile startups like Nykaa, Paytm and Policybazaar. About Rs 1.13 trillion was generated from the bidding process due to high investor demand.

On 23 November, the company’s stock made a strong debut in the market, debuting at the upper end of the price band at a premium of over 48% to its issue price of Rs 197 per share. For two consecutive sessions, the stock broke above the 20% resistance level. The stock is currently selling at a premium of over 256 per cent over its issue price. The shares were priced at Rs 527 on November 23 at 10 am, which was 166% higher than the issue price.

Based on its expertise across 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, Latent View Analytics Limited (LVAL) is one of India’s leading pure-play is one. Data Analytics Services Companies. Through its subsidiaries in the United States, the Netherlands, Germany, the United Kingdom and Singapore, as well as sales offices in San Jose, London and Singapore, the company serves customers in the United States, Europe and Asia.

Non-institutional investors can bid for 15% of the shares, while qualified institutional buyers can buy up to 75% of the shares. The last ten per cent was set aside for common investors. The proceeds from the new issue will be used for inorganic growth plans (Rs 147.9 crore) and working capital requirements of Latent View Analytics Corporation, a key subsidiary of the company (Rs 82.4 crore). The funds will also be used to boost the company’s capital base and invest in subsidiaries for general business purposes.

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