LatentView Analytics, a global data analytics company, on Wednesday set the price band for its initial public offering (IPO) at ₹190-197 per share. The public issue of LatentView Analytics will open for subscription on November 10 and close on November 12.

The Chennai-based company is looking to raise ₹600 crore via public issue. The IPO comprises a fresh issue of equity shares up to ₹474 crore and an offer for sale (OFS) of ₹126 crore by existing shareholders and promoters.

The company will also set aside ₹6 crore worth of shares for its employees.

The 15-year-old company provides services ranging from data analytics consulting to business analytics and insights, advanced predictive analytics, data engineering and digital solutions to companies in Technology, BFSI, CPG and Retail, Industrials and other industries.

Its serves clients across the US, Europe, and Asia through its subsidiaries in the US, Netherlands, Germany, UK and Singapore.

Promoters Adugudi Viswanathan Venkatraman and Pramadwathi Jandhyala and existing shareholders Ramesh Hariharan, Subramanian Ramachandran, Divya Balakrishnan, Rajkumar Kaliyaperumal, Priya Balakrishnan and Navin Loganathan will sell their shares through OFS.

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Adugudi Viswanathan Venkatraman and Pramadwathi Jandhyala currently hold 69.63 per cent and 9.67 per cent equity stake respectively in the company.

Of the net proceeds from IPO, the company plans to use about ₹148 crore to fund inorganic growth initiatives, ₹130 crore for investment in subsidiaries and the remaining to fund working capital and general corporate purposes.

The company’s consolidated profit for FY21 stood at ₹91.46 crore, up from ₹72.84 crore in FY20 and ₹59.66 crore in FY2019. For the quarter ended June 2021, the company's net profit stood at ₹22.31 crore as against ₹22.80 crore in the year-ago quarter. While revenue from operations increased to ₹87.83 crore from ₹73.03 crore during the same period. The company said it has historically derived more than 90 per cent of revenues from operations from clients located in the US.

Latent View’s IPO in the coming week will coincide with the IPO of digital payments company Paytm which opens on November 8 and Sapphire Foods which will open on November 9. LatentView Analytics will be the first pure play analytics company to be listed in stock exchange.

Axis Capital, ICICI Securities and Haitong Securities are the book running lead managers to the offer.

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