Latent View soars 160% in India debut to cross $1 bln valuation (updated)

Latent View Analytics

23/11/2021 04:54

(Adds details on IPO, analysts' comments and background)
    BENGALURU, Nov 23 (Reuters) - Shares of Latent View
Analytics  LATN.NS  opened at a 160% premium to their offer
price on Tuesday, signalling strong investor demand for the
profit-making Indian startup days after digital payments firm
Paytm's  PAYT.NS  listing debacle.
    Latent View, whose initial public offering was
oversubscribed more than 300 times, debuted at 512.20 rupees in
pre-open trade, compared with the offer price of 197 rupees,
giving the data analytics firm a market valuation of 101.32
billion rupees ($1.36 billion).
    "The company's strength is that it operates in a niche
segment but is relevant to businesses across sectors," said
Narendra Solanki, head of equity research (fundamental) at Anand
Rathi Investment Services.
    The startup, whose strong financials and client base
attracted investor interest, was founded in 2006 and provides a
range of services including business analytics and data
engineering services and counts the likes of Adobe  ADBE.O ,
Uber Technologies  UBER.N  and 7-Eleven among its clients. 
    "It is another stellar listing after a disappointment from
Paytm that indicates the market is ready and has an appetite to
reward quality IPOs," said Santosh Meena, head of research at
Swastika Investmart Ltd.
    Paytm's dismal debut last week that saw its shares tumble
more than 27% raised doubts about upcoming IPOs and sparked
concerns about overvaluation in the domestic equity market.  
 urn:newsml:reuters.com:*:nL1N2S906S
       
    ($1 = 74.4700 Indian rupees)

 (Reporting by Soumyajit Saha and Anuron Kumar Mitra in
Bengaluru; Additional reporting by Abhirup Roy in Mumbai;
Editing by Arun Koyyur and Sherry Jacob-Phillips)
 ((Soumyajit.Saha@thomsonreuters.com;))