Veranda Learning Solutions IPO gets 74 per cent subscription on day one, retail investors campaign

The sum of the issue size of the company: 200 crores. it has a price band 130 to 137 per.

On the first day, NSE data showed that IPO Cumulative bids were received for 87,53,400 equity shares against the proposed size of 1,17,88,365 equity shares – thereby subscribed 74 per cent of the total issue.

Of the total bids received today, the portion reserved for retail individual investors was oversubscribed by 4.15 times, while the portion held for non-institutional investors was oversubscribed by 85%. However, demand from qualified institutional buyers declined as the portion reserved for this category subscribed to only 5%.

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.

From the total IPO size, Veranda plans to use the 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 IPO, Veranda will be listed on BSE and NSE.

Veranda is engaged in the business of providing diverse and integrated learning solutions to students, candidates and graduates (collectively the “Students”), professionals and corporate employees (“Learners”) in online, offline hybrid and offline mixed formats. A multitude of career-defining competitive exams, vocational courses, exam-oriented courses, short-term upskilling and reskilling courses.