The blockbuster debut of LatentView Analytics and its continuous rally in the stock markets since listing has added a new member to India’s billionaire list - the company’s promoter Adugudi Viswanathan Venkatraman
According to latest shareholding data, Venkatraman, who is the chairperson and the executive director of Latent View Analytics, holds 11.79 crore shares accounting for 59.60 per cent stake in the company. As of Friday’s closing price of ₹695.95 on the BSE, his stake is worth over ₹. 8,200 crore, or $1.10 billion, which puts him in the elite club.
Shareholding
Prior to the initial public offering (IPO), Venkatraman held 12.10 crore equity shares representing 69.63 per cent stake in the company while the other promoter Pramadwathi Jandhyala held 1.68 crore equity shares accounting for 9.67 per cent stake. Together, the pre-listing promoter holding stood at 13.78 equity shares representing 79.30 per cent stake in the company.
The ₹600 crore IPO of LatentView consisted of a fresh issue of equity shares worth ₹ 474 crore and an Offer for Sale (OFS) of ₹ 126 crore. Venkatraman sold over three million shares in the OFS valued at ₹60.14 crore.
Post-listing, the promoters together hold 13.47 crore equity shares representing 68.09 per cent stake in the company.
Market debut
The Chennai-based data and analytics made a spectacular market debut last week by listing at ₹530 apiece on BSE, a premium of 169 per cent over the IPO price of Rs. 197 per share. The stock has witnessed a massive rally ever since its debut on the back of its strong management, attractive issue price, strong fundamentals and broad visibility of the business.
Despite the overall market rout on Friday due to concerns over a new strain of coronavirus, LatentView shares dropped only 0.91 per cent to close at ₹695.95 on the BSE. The scrip touched a fresh high of ₹755 on intraday, an increase of 283 per cent from the issue price.