Latent View Analytics continued to see buying interest from investors for the second consecutive session on November 24 as the stock rallied as much as 19 percent to hit a record Rs 581.65 on the BSE.
Shares of the global data and analytics company have almost tripled in two straight sessions after gaining 148 percent on their debut on November 23. It was the third-biggest gainer on debut among IPOs that have listed so far.
Trading volumes were strong. More than 1 million shares changed hands on the BSE and over 20 million shares were traded on the National Stock Exchange.
Healthy financials, growth potential in analytics, and a strong client base could be attracting more buying interest in the stock.
Latent View works on business analytics, advanced predictive analytics, data engineering, and digital solutions. It worked with 30 Fortune 500 companies in the past three financial years.
“Much like the much sought-after e-commerce and fintech plays, data analytics and predictive analytics is the most sought-after sector among innovators in the next decade, and Latent View has exposure to global clients,” said Sonam Srivastava, founder of Wright Research.
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She said much like Happiest Minds Technologies, Latent View has enormous potential with its strong existing client and revenue base and presence in the global analytics and predictions industry.
“I would recommend investors hold this for the long term if they get allotment on listing day,” she had said.
Happiest Minds Technologies shares delivered stellar returns to investors since its listing, rising 676 percent to Rs 1,288 over 14 months from its issue price of Rs 166. The stock rallied 124 percent on its debut on September 17, 2020.
Latent View Analytics offered shares at Rs 197 each during its Rs 600 crore public issue.
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The US accounted for 92.88 percent of the company’s revenue and 1.85 percent came from the UK in FY21.
The company reported a 25 percent growth in consolidated profit to Rs 91.46 crore in the year ended March 2021 from Rs 72.84 crore in the previous year. Revenue declined to Rs 305.88 crore from Rs 310.35 crore.
Consolidated profit declined to Rs 22.31 crore for the quarter ended June 2021 from Rs 22.8 crore a year earlier, while revenue grew 20.3 percent to Rs 87.83 crore.
The stock gained 16.8 percent to Rs 570.90 on the BSE at 12:53 hours IST.
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