Latent View Analytics shares witness profit booking, stock slips nearly 8% on first day of trading

After a bumper listing earlier on Tuesday’s session, the newly-listed shares of Latent View Analytics witnessed profit booking as it closed around 8 per cent lower to Rs 488.6 per share as compared to the listing price of Rs 530 per share on the BSE.

The shares made a stellar debut by surging 169 per cent premium from its issue price of Rs 197 per share at the upper end on the BSE. While at the market close on debut it made gains of 148 per cent as against the issue price of the company’s initial public offer.

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Latent View Analytics IPO received an extraordinary response as it become the highest subscribed public offer by around 326.47 times. The three-day offer was launched between 10-12 November.

Against issue size of 1,75,25,703 shares, bids were made for whooping 5,72,14,30,100 shares with the quota set aside for Non-Institutional Investors topped the bid most by 850.66 times.

The investors, who got the allotment, can put a stop loss of Rs 450 and hold the stock with a long-term view, while the new investors should look for a dip to buy the stock," said Parth Nyati Founder at Tradingo said in post listing comment on Tuesday.

Meanwhile, the listing had happened almost exact expectations of Zee Business Managing Editor Anil Singhvi. In his listing preview, the managing editor has said that the shares of analytics services provider expected to be listed around Rs 500 per share against issue price of Rs 197 a share. Even he advised short term Investors to keep stop loss of Rs 450 apiece and keep trailing.

The counter has made a 52-week high of Rs 548.75 per share and 52-week low of Rs 462 per share on the exchanges. On the BSE, the market-cap of the company is at Rs 9665.21 crore on first day. 

(Disclaimer: The views/suggestions/advices expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)