Veranda Learning Solutions got over 3.5x subscription on the last day of its Initial Public Offering with huge demand from retail and non-institutional investors.
On Thursday, NSE data showed that IPO Received consolidated bids of 4,15,55,000 equity shares against the proposed size of 1,17,88,365 equity shares – 3.53 times subscription.
The share of Retail Individual Investors (RIIs) was oversubscribed 10.76 times with bids of 1,65,60,300 equity shares as against 15,38,461 equity shares reserved. Meanwhile, the share of non-institutional investors (NIIs) was subscribed 3.87 times with a bid of 89,31,000 equity shares as against 23,07,692 equity shares reserved. For Qualified Institutional Buyers (QIBs), this category share was subscribed 2.02 times with bids of 1,60,63,700 equity shares against 79,42,212 equity shares reserved.
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.
The IPO was launched on the price band between March 29 and March 31 130 to 137 per.
problem size aggregated to 200 crores. 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.
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