Veranda Learning Solutions’ Rs 200-crore IPO is scheduled to open for subscription on 29 March and close on 31 March 2022.
Veranda Learning Solutions’ Rs 200-crore IPO is scheduled to open for subscription on 29 March and close on 31 March 2022. The company has fixed a price band at Rs 130-137 per share. Before filing the red herring prospectus, Veranda Learning raised Rs 40 crore by issuing 30.8 lakh equity through a private placement to the public category. The book running lead manager to the offer is Systematix Corporate Services, and the registrar to the issue is KFin Technologies.
Read More: RBI allows SBI Group entities to raise ICICI Bank stake to 9.99%
There are no listed companies in India that engage in a business similar to that of Veranda Learning Solutions. The company has proposed to utilise the net proceeds towards funding the repayment or pre-payment, in part or full of all or certain of its borrowings (Rs 60 crore); payment of acquisition consideration of Edureka or repayment of a bridge loan availed specifically for the purpose of discharge of such acquisition consideration of Edureka (Rs 25.2 crore); growth initiatives (Rs 50 crore), and for general corporate purpose.
Up to 75 per cent of the total offer is reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional bidders (NIIs), and the remaining 10 per cent for retail investors. The BRLM has not been associated with any offer in the past three years. The price/earnings ratio based on diluted EPS for Fiscal 2021 for Veranda Learning Solutions is negative. Investors can make bids for a minimum of 100 equity shares and in multiples of 100 shares thereafter. The promoters of the company are Kalpathi S. Aghoram, Kalpathi S. Ganesh, and Kalpathi S. Suresh.
Read More: Indian Railways to launch ‘Rail Green Points’ to freight customers
Veranda Learning offers integrated learning solutions in online, offline hybrid and offline blended formats to students, aspirants, and graduates, professionals and corporate employees through competitive exams, professional courses, exam-oriented courses, short term upskilling and reskilling courses. As per Census 2011 data, India had the highest number of students in the world at over 315 million, with only three countries having a population higher than India’s student population. To boost education, GoI launched the Samagra Shiksha Abhiyan (National Education Mission) in 2018 amalgamating four schemes viz. Saakshar Bharat, Sarva Shiksha Abhiyan, Rashtriya Madhyamik Shiksha Abhiyan and Centrally Sponsored Scheme on Teacher Education (CSSTE).
