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Latent View files draft papers with SEBI to raise Rs 600 cr via IPO

Data analytics services provider has filed preliminary papers with capital markets regulator.

Topics
Data analytics | IPO activity

Press Trust of India  |  New Delhi 



ipo

services provider Latent View Analytics has filed preliminary papers with capital markets regulator Sebi to raise Rs 600 crore through an initial public offering (IPO).

The initial share-sale comprises fresh issue of equity shares worth Rs 474 crore, and an offer-for-sale of equity shares to the tune of Rs 126 crore by a promoter and existing shareholders, according to the draft red herring prospectus (DRHP).

As a part of the offer-for-sale, promoter Adugudi Viswanathan Venkatraman will offload shares worth Rs 60.14 crore, shareholder Ramesh Hariharan will sell Rs 35 crore shares and Gopinath Koteeswaran will offload Rs 23.52 crore shares among others.

At present Venkatraman owns 69.63 per cent stake in the company, Koteeswaran holds 7.74 per cent stake and Hariharan has 9.67 per cent holding in the firm.

Proceeds from the fresh issue will be used for funding inorganic growth initiatives, working capital requirements of the subsidiary LatentView Analytics Corporation, and investment in subsidiaries to augment their capital base for future growth and general corporate purposes.

The company provides services ranging from data and analytics consulting to business analytics and insights, advanced predictive analytics, data engineering and digital solutions.

It provides services to blue chip in technology, BFSI, CPG & retail, industrials and other industries, and has worked with over 30 Fortune 500 in the last three fiscals.

The company serves clients in the United States, Europe, and Asia through its subsidiaries in the United States, the Netherlands, Germany, the United Kingdom and Singapore, and its sales offices are in San Jose, London and Singapore.

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

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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First Published: Mon, August 16 2021. 09:48 IST

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