The Rs 200 crore IPO of Veranda Learning Solutions is scheduled to open for subscription on March 29 and close on March 31, 2022.
The Rs 200 crore IPO of Veranda Learning Solutions is scheduled to open for subscription on March 29 and close on March 31, 2022. The company has set a price range of Rs 130-137 per share. Prior to the filing of the Red Herring prospectus, Veranda Learning raised Rs 40 crore by issuing 30.8 lakh equity through a private placement to the public category. Systematix Corporate Services is the lead booker for the offering and KFin Technologies is the registrar of the offering.
There are no publicly traded companies operating a similar business as Veranda Learning Solutions in India. The company has proposed using the net proceeds to fund the repayment or prepayment of all or part of its loans (Rs 60 crore); Payment of Edureka’s consideration or repayment of a bridging loan drawn down specifically for the purpose of paying Edureka for such consideration (Rs 25.2 crore); Growth initiatives (Rs 50 crore) and for general corporate purposes.
Up to 75 percent of the total supply is reserved for qualified institutional buyers (QIBs), 15 percent for non-institutional bidders (NIIs) and the remaining 10 percent for retail investors. The BRLM has not been associated with any offer in the past three years. Diluted EPS forward for fiscal 2021 is negative for Veranda Learning Solutions. Investors can bid for a minimum of 100 shares and thereafter in multiples of 100 shares. The Company’s promoters are Kalpathi S. Aghoram, Kalpathi S. Ganesh and Kalpathi S. Suresh.
Veranda Learning provides students, aspirants and graduates, professionals and corporate employees with integrated learning solutions in online, offline-hybrid and offline-mixed formats through competitive exams, professional courses, exam-oriented courses, short-term professional development and retraining courses. According to 2011 census data, India had the highest student enrollment in the world at over 315 million, with only three countries having a population higher than India’s student population. In order to promote education, GoI launched the Samagra Shiksha Abhiyan (National Educational Mission) in 2018, which brought together four programs viz. Saakshar Bharat, Sarva Shiksha Abhiyan, Rashtriya Madhyamik Shiksha Abhiyan and the Centrally Funded Teacher Education Program (CSSTE).
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