The initial public offer (IPO) of Latent View Analytics was subscribed 6.39 times on the first day of issue, as it received bids for 11,19,06,580 shares as against 1,75,25,703 shares on offer, according to stock exchange data.
The issue will close on November 12, 2021. It’s price band is fixed at Rs 190-197. An investor can bid for a minimum of 76 equity shares and in multiples thereof.
Ahead of the IPO, Latent View Analytics had on Tuesday, finalised allocation of 1,35,53,898 equity shares to anchor investors at Rs 197 per share, aggregating Rs 267.01 crore.
The IPO consists of a fresh issue worth upto Rs 474 crore by the company and an offer for sale worth upto Rs 126 crore by selling shareholders.
The company plans to use the proceeds from the IPO for funding inorganic growth worth Rs 147.90 crore. It also aims to fund working capital requirements of its material arm, Latent View Analytics Corp amounting to Rs 82.40 crore and has also laid out plans to augment its capital base for future growth amounting to Rs 130 crore.