initial public offering or Incognito View Analytics IPO Ltd. had a bumper hit on Dalal Street when it was listed earlier this week. Latent View shares made a strong listing on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), trading at a premium of 169 per cent to the final issue price of Rs 197 per share. Although this was a good news for all those lucky investors who got shares during this period. Secret View IPO Share allocation, it made a person a billionaire. Adugudi Viswanathan Venkataraman, promoter of digital solutions firm Latent View Analytics Ltd., is now worth over a billion dollars.
Venkataraman, who is the Chairman and Executive Director of Latent View Analytics Limited, holds 117.91 crore shares in the company. This means that he holds 69.62 per cent stake in the firm. If the closing price of Thursday, November 25 is considered, Venkataraman’s stake in LatentView stands at Rs 8,275 crore, which equates to about $1.11 billion. The stock closed at Rs 702.35 in the day’s trading on BSE.
Adugudi Viswanathan Venkataraman has a wide portfolio in the business sector. A graduate of IIT-Madras, the techie then did his post graduation from IIM Calcutta – both of which are two of the best education centers in the country. Thereafter, he joined IT MNC Cognizant. He has many years of experience in IT Services, Credit Analysis and Business Consulting. Venkataraman was the director of Latent View Analytics since January 3, 2007 and was promoted to the position of chairman and executive director of the company with effect from August 2021.
The Chennai-based firm made headlines earlier this month when it set a new record of being subscribed 338 times its issue size during its maiden public offering. This was much higher than the IPOs listed with it, which included high profile companies such as Nykaa, Paytm and Policybazaar. The bidding process generated a business of around Rs 1.13 lakh crore amid strong investor demand.
The company’s stock also made a bumper debut in the market on November 23, listing at the upper end of the price band at over 48 per cent from its issue price of Rs 197 per share. The stock also touched the upper circuit of 20 per cent for two consecutive sessions. As of now, the stock is trading at over 256 per cent of its issue price. At 10 am on November 23, the share price stood at Rs 527, which was 166 per cent higher than the issue price.
Latent View Analytics Limited (LVAL) is one of India’s leading pure-play data analytics services companies India Based on our 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. The company serves customers in the United States, Europe and countries in Asia through its subsidiaries in the United States, the Netherlands, Germany, the United Kingdom and Singapore, and its sales offices in San Jose, London and Singapore.
Qualified institutional buyers can buy up to 75 percent of the shares, while non-institutional investors can bid for 15 percent of the shares. The remaining 10 per cent was reserved for retail investors. The company plans to use the proceeds from the new issue in funding the inorganic growth initiative (Rs 147.9 crore), working capital requirements of Latent View Analytics Corporation, its materials subsidiary (Rs 82.4 crore). The proceeds will also be used to invest in subsidiaries to increase its capital base for future growth and general corporate purposes.