The public issue of Latent View Analytics has seen overwhelming response from investors as it received bids for 572.18 crore equity shares against IPO size of 1.75 crore equity shares, resulting into a 326.49 times subscription on November 12, the final day of bidding.
Retail investors showed strong interest in the offer as retail investors bought shares 119.44 times their reserved portion and employees put in bids 3.87 times the portion set aside for them.
The part reserved for qualified institutional buyers was subscribed 145.48 times, and that of non-institutional investors saw 850.66 times subscription.
The analytics services provider aims to mop up Rs 600 crore through its public issue that was subscribed 23.22 times on the second day of bidding. The offer composed of a fresh issue of Rs 474 crore and an offer for sale of Rs 126 crore by selling shareholders.
The company mobilised Rs 267.01 crore from anchor investors on November 9, at upper end of price band of Rs 190-197 per share. The funds from fresh issue will be utilised for inorganic growth initiatives, working capital requirements of material subsidiary, and investment in the subsidiaries to augment their capital base for future growth.
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The global data & analytics market is expected to grow at a CAGR of 18 percent from $174 billion in FY20 to $332.6 billion by FY24. "Across industries, data and analytics are being leveraged by enterprises to guide business strategy and optimize spending decisions. Latent View is among the leading pure-play data analytics services companies in India," says Asit C Mehta.
At the upper price band of Rs 197, the stock trades at 43.68x its FY22E EPS of Rs 4.51/-(based on annualize latest earning and fully diluted equity post issue), says the brokerage, which recommended to subscribe the issue from a long-term prospective.
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