The grey market premium (GMP) of Latent View Analytics is trading strong today ahead of the data and analytics consulting firm’s stock market debut on November 23. The stock is likely to be listed with 162% gains to the issue price at Rs 517. The price band of the IPO was Rs 190 to Rs 197 per share. Currently, the GMP for the IPO stands at Rs 320. The IPO was open from November 10 to November 12.
The share sale of Latent View Analytics was subscribed a whopping 326.49 times on the final day of subscription.
The Rs 600 crore-IPO received bids for 5,72,18,82,528 shares against 1,75,25,703 shares on offer, according to NSE data.
The portion for non-institutional investors was subscribed a massive 850.66 times. Qualified Institutional Buyers (QIBs) put in bids for 145.48 times during the IPO. The portion for retail individual investors (RIIs) was subscribed 119.44 times on the final day.
The lot size for Latent View Analytics IPO was 76 shares for which Rs 14,972 would have to be spent.
A retail individual investor could apply for up to 13 lots or 988 shares for which Rs 194,636 would have to be spent.
The IPO aggregating up to Rs 600 crore had a fresh issue of up to Rs 474 crore and an offer for sale of up to Rs 126 crore.
Latent View Analytics raised Rs 267 crore from 34 anchor investors on November 9.
The company finalised allocation of 1,35,53,898 equity shares to anchor investors, at a price of Rs 197 per share, the upper price band of the IPO.
Abu Dhabi Investment Authority, Ashoka India Opportunities Fund, HSBC, Hornbill Orchid India Fund and Wellington India Opportunities Fund invested in the firm through the anchor route.
Aditya Birla Sun Life Trustee, Axis Mutual Fund, ICICI Prudential, Kotak Mutual Fund, Nippon Life, Mirae Asset, SBI Life Insurance, Bajaj Alliance Life Insurance, DSP MF, Franklin, Motilal Oswal MF, UTI MF, and Edelweiss Trusteeship were also among the anchor investors.
The proceeds from the issue will be used for funding inorganic growth initiatives, working capital requirements of the subsidiary Latent View Analytics Corporation, and investment in subsidiaries to augment their capital base for future growth and general corporate purposes.
Axis Capital Limited, ICICI Securities Limited and Haitong Securities India were the lead managers to the IPO.
The company provides services ranging from data and analytics consulting to business analytics and insights, advanced predictive analytics, data engineering, and digital solutions.