India's newest billionaire is a IIT Madras graduate1 min read . Updated: 26 Nov 2021, 09:10 AM IST
- Venkatraman sold around three million shares in the offer for sale. Latent View raised Rs600 crore in IPO.
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The blockbuster initial public offering (IPO) of data analytics company Latent View Analytics Ltd has made its promoter Adugudi Viswanathan Venkatraman a billionaire.
Venkatraman, chairperson and executive director of the company, holds 117.91 crore shares, accounting for 69.62% stake in the firm. As per Thursday’s closing price of Rs702.35 on the BSE, his stake is worth ₹8275.88 crore, or $1.11 billion.
Venkatraman sold around three million shares in the offer for sale. The company raised Rs600 crore in IPO.
Last month, the IPO set a new subscription record at 338 times, with bids generating worth Rs1.13 trillion. The stock got a bumper listing, surging over 148% from its issue price of Rs197 a share.
Upon listing on 23 November, it surged nearly 148%, and has touched the upper circuit of 20% for two straight sessions. So far, from the issue price, it is up over 256.34%.
Venkatraman holds a postgraduate diploma in management from IIM Calcutta, and a Bachelor of Technology in Civil Engineering from IIT Madras. He has several years of experience across IT services, credit analysis and business consulting. He has been director of the firm since 3 January 2007. He was appointed as chairman and executive director with effect from 5 August 2021.
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