Latent View Analytics files draft papers for Rs 600 crore IPO

Data analytics services provider Latent View Analytics has filed draft papers with the capital markets regulator SEBI for fundraising via an initial public offering (IPO).

The company intends to raise Rs 600 crore through the public issue that comprises a fresh issue of Rs 474 crore, and an offer for sale of Rs 126 crore by promoters and investors. The company has a total of 44 shareholders including two promoters.

As a part of the offer for sale, promoter Adugudi Viswanathan Venkatraman will sell shares worth Rs 60.14 crore, investor Gopinath Koteeswaran will offload Rs 23.52 crore shares, and investor Ramesh Hariharan will sell Rs 35 crore shares, the company said in its DRHP.

Among other selling shareholders, Subramanian Ramachandran will offload Rs 3.868 crore shares, Divya Balakrishnan will sell Rs 1.19 crore shares, Rajkumar Kaliyaperumal will sell Rs 1.148 crore shares, Priya Balakrishnan Rs 0.735 crore shares, and Navin Loganathan will sell Rs 0.394 crore of shares. The offer includes some portion for the company's employees.

The net proceeds from its fresh issue will be utilised 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, along with general corporate purposes.

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Latent View Analytics, is a leading pure-play data analytics services company, that provides services to blue-chip companies in Technology, BFSI, CPG & Retail, Industrials and other industries. It has a presence in the United States, Europe, and Asia. It has worked with over 30 Fortune 500 companies in the last three fiscals including Adobe, Uber Technology and 7-Eleven.

The technology segment contributed 63.25 percent to revenue in the financial year ended March 2021, BFSI 9.59 percent, CPG & Retail 9.62 percent, and Industrials contributed 17.54 percent to revenue.

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Promoters Adugudi Viswanathan Venkatraman and Pramadwathi Jandhyala, who are in control of the day-to-day affairs of the company, own 79.30 percent of the pre-offer stake.

Adugudi Viswanathan Venkatraman is the founder and chairman of the company, and his wife and Pramadwathi Jandhyala is a co-founder and Executive Director of the company.

Among public shareholders, Ramesh Hariharan holds 9.67 percent stake and Gopinath Koteeswaran has a 7.74 percent stake in the company.

Latent View Analytics clocked 25.6 percent year-on-year growth in profit at Rs 91.463 crore for the financial year ended March 2021 and 22.1 percent growth in bottomline at Rs 72.845 crore in FY20 compared to the previous year. Revenue in the same periods declined 1.4 percent to Rs 305.879 crore and grew by 7.8 percent to Rs 310.357 crore respectively.

Axis Capital, ICICI Securities and Haitong Securities India are the book running lead managers to the issue.