New Delhi: In a year of record initial public offerings, the bumper IPO of data analytics company Latent View Analytics Ltd has made its promoter Adugudi Viswanathan Venkatraman a billionaire. Venkatraman, who is the chairperson and executive director of Latent View Analytics Ltd, holds 69.62 per cent stake in the firm, according a Mint report.
The company's shares closed at Rs 702.35 on the BSE on Thursday, making Venkatraman's stake worth Rs 8275.88 crore, as per the report. Venkatraman sold around three million shares in the offer for sale and the company went on to raise Rs 600 crore in the IPO.
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Earlier this month, the data analytics company set a new subscription record at 338 times, with bids generating Rs 1.13 trillion — nearly six times more than what India's largest IPO, that of Paytm, received.
After its listing on November 23, it jumped nearly 148 per cent, and has the upper circuit of 20 per cent for two straight sessions. The share price has gone up over 256.34 per cent from its issue price of Rs 197 per share. The listing price was much higher than the IPOs of companies like Nykaa, Paytm and PolicyBazaar.
The development came days after Paytm, which came out with India's largest initial public offer, received a relatively lukewarm response from investors, manging to to draw bids just 1.89 times the shares on offer. It raised Rs 18,300 crore on its IPO debut.
Adugudi Viswanathan Venkatraman holds a post-graduate diploma in management from IIM-Calcutta and a Bachelor of Technology in Civil Engineering degree from IIT Madras. Venkatraman has several years of experience in the IT sector, credit analysis and business consulting. He has been the director of Latent View Analytics since January 3, 2007. He was appointed as chairman and executive director on August 5, 2021.