The initial public offering (IPO) led by Chennai-based learning solutions provider, Veranda Learning Solutions has been fully subscribed on the second day of the issue. size of ipo 200 crore with a price band of Rs. 130 to 137 per.
The data given by NSE on Wednesday showed that Veranda IPO Cumulative bids were received for 1,54,39,800 equity shares against the proposed size of 1,17,88,365 equity shares – representing a subscription of 1.31 times.
Retail investors were the major drivers of this IPO as the portion reserved for this category was oversubscribed 7 times, while the portion reserved for non-institutional investors was also fully subscribed 1.06 times. In contrast, the portion earmarked for Qualified Institutional Buyers (QIBs) was subscribed by only 28%.
The IPO, which was launched on March 29, will be available for subscription till tomorrow (March 31).
Under the issue, 75% of the share is reserved for Qualified Institutional Buyers (QIBs), while 15% of the size is earmarked for non-institutional investors (NIIs), and the remaining 10% for retail investors. The bidding lot will be in 100 equity shares and multiples thereof.
Systematics is acting as the Book Running Lead Manager (BLRM) of the Corporate Services issue.
After IPO, Veranda plans to use proceeds 60 crores for repayment or prepayment of certain loans, while approx. 25.12 crore is planned to be used for payment of acquisition consideration of Edureka or repayment of bridge loan taken specifically for this acquisition. income of 50 crore has been earmarked for development initiatives by the company, meanwhile, a portion will also be used for general corporate purposes.
After the public offering, Veranda will be listed on BSE and NSE.
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