Chennai-based LatentView Analytics on Friday created a history by becoming the highest subscribed IPO in terms of number of times, surpassing Paras Defence and Space Technologies’ IPO, which was subscribed 304 times. Latent View Analytics IPO was subscribed 326.49 times on Friday, the last day for subscription.

Demand across categories

The ₹600-crore initial public offering of LatentView opened for subscription on November 10. The big data and analytics company had set a price band of ₹192–197 a share.

Against the 93.68 lakh shares on offer, the qualified institutional buyer (QIB) category received bids for 136.28 crore shares (145.5 times); the non-institutional category received bids for 398.47 crore shares (850.66 times) against 46.84 lakh shares on offer.

The retail category saw bids for 37.30 crore shares against 31.23 lakh shares on offer (119.44 times). Even the employees portion saw a robust response as the quota was subscribed 3.87 times.

The public issue consisted of a fresh issue of equity shares up to ₹474 crore and an OFS of ₹126 crore by existing shareholders and promoters. The company also set aside ₹6 crore worth of shares for its employees.

Anchor investors

Latent View Analytics on Tuesday raised ₹267.01 crore from 34 anchor investors including Aditya Birla Sun Life Trustee, Axis MF, ICICI Prudential, Kotak MF, Nippon Life, Mirae Asset and SBI Life Insurance.

LatentView Analytics is a 15-year-old company that provides services ranging from data and analytics consulting to business analytics and insights, advanced predictive analytics, data engineering and digital solutions companies.

The company is promoted by Adugudi Viswanathan Venkatraman and Pramadwathi Jandhyala, who held 69.63 per cent and 9.67 per cent stake respectively prior to the public issue.

Utility of funds

The company said it will use about ₹148 crore to fund inorganic growth initiatives, ₹130 crore for investment in subsidiaries and the remaining for working capital and general corporate purposes.