Veranda Learning Solutions IPO subscribed 1.31 times on the first day
The Rs 200-crore initial public issue (IPO) of Veranda Learning Solutions was subscribed 1.31 times on Wednesday
The Rs 200-crore initial public issue (IPO) of Veranda Learning Solutions was subscribed 1.31 times on Wednesday, the second day for the subscription of the public issue. The share sale attracted bids for 1,54,39,800 equity shares as against the 1,17,88,365 equity shares offered in the issue.
The hybrid educational technology firm has fixed the price band at Rs 130-137 per share. The IPO of Veranda Learning Solutions will remain open till March 31, 2022.
The portion reserved for Retail Individual Investors (RIIs) was subscribed 7 times as it saw bids for 1,07,64,900 equity shares against 15,38,461 equity shares placed on offer. The Qualified Institutional Buyers (QIBs) portion was subscribed only 0.28 times and the Non-Institutional Investors (NIIs) portion was subscribed 1.06 times.
The retail investors can bid for a lot of 100 equity shares and in multiples of 100 shares thereof. Thus, the retail investors can make a minimum application for shares worth Rs 13,700 and their maximum application cost would be Rs 1,91,800 (for 14 lots). The issue will remain open for bidding till March 31, 2022.
From the total IPO size, Veranda plans to utilise proceeds of Rs 60 crore for repayment or pre-payment of certain borrowings. Nearly Rs 25.12 crore is planned to be utilised for payment of acquisition consideration of Edureka or repayment of a bridge loan availed specifically for this acquisition. Proceeds of Rs 50 crore are aimed for growth initiatives by the company, meanwhile, a portion will be used for general corporate purposes as well.
Systematix Corporate Services is the lead manager of the issue, whereas KFin Technologies is the registrar of the issue. The company is likely to get listed on BSE and NSE on April 7, 2022.
Veranda Learning Solutions is engaged in the business of offering diversified and integrated learning solutions in online, offline hybrid and offline blended formats to students, aspirants, graduates, professionals and corporate employees enrolled with their courses through a multitude of career-defining competitive exams, professional courses, exam-oriented courses, short term upskilling and reskilling courses.