Latent View Analytics IPO Subscribed 10 times On Second Day

New Delhi: Initial Public Offering (IPO) of Latent View Analytics worth Rs 600 crore has successfully managed to gather strong response from Non-institutional and retail investors for its initial stake sale.

The issue which can be subscribed till Friday i.e. November 12 has almost 10 times bids so far on the second day of the IPO.

As per the BSE data, it attracted bids for 17,47,70,892 equity shares or 9.97 times as of 12.15 pm on Day 2. In its initial stake sale, the company offered 1,75,25,693 equity shares.

The portion which is reserved for retail bidders saw 46.85 times while on the other hand, the non-institutional was subscribed 5.64 times subscription.

''Institutional investors' portion too saw 21 percent subscription so far,'' the BSE data added.

Investors will have to invest a minimum of Rs 14,440 in IPO and the price band of the IPO has been fixed at Rs 190-197. Investors can bid for a minimum of one lot where they will get 76 shares in one lot.

The size of the issue has been fixed at Rs 600 crore.

The stock is trading at a premium of Rs 290 in the gray market (GMP). At the upper price band, then the company's stock is trading at Rs 427.

Shares worth Rs 6 crore have in kept in reserve in this IPO for the employees of the company. The company is expected to issue new share worth Rs 474 crore. On the other hand, through Offer For Sale (OFS), the company will issue shares worth Rs 126 crore.

The funds which will come from this IPO will be used to meet the company's working capital requirements of Latent View Analytics Corporation.

Also read:Policy Bazaar Announces IPO Share Allotment, Here's How To Check It

Also watch: