The IPO of Veranda Learning Solutions was subscribed 0.74 times on the first day itself, as retail investors portion saw heavy subscription of 4.15 times. The digital learning platform has fixed the price band at ₹130-137 per share for its ₹200 crore public offer. The public issue will close for subscription on Thursday (March 31).
The offer consists of a fresh issue of ₹200 crore and the lot size is 100 shares.
While non-institutional portion received bids for 0.85 times, the quota set aside for QIBs got 0.05 times.
While 10 per cent of the net offer in Veranda Learning Solutions’ IPO will be available for retail investors, 75 per cent on a proportionate basis has been set aside to qualified institutional buyers and up to 15 per cent to non-institutional bidders.
3 anchor investors
The Chennai-based education solution company on Monday raised ₹46.75 crore from three anchor investors — AG Dynamic Funds picked ₹25 crore worth of equity shares; Resonanace Opportunities Fund bought ₹10 crore; and Next Orbit Ventures took ₹11.74 crore.
The company on Monday informed exchanges that it has finalised allocation of 34,12,500 equity shares to anchor investors, at an upper price band of ₹137 a share.
Veranda Learning Solutions shares are proposed to be listed on both BSE and NSE.
Veranda Learning Solutions had acquired Chennai-based Race Academy in November 2020 and Bengaluru-based upskilling platform Edureka in September 2021 to expand its product portfolio. Through four subsidiaries, Veranda Learning offers diversified and integrated learning solutions in online, hybrid and offline blended formats to students, graduates, professionals and corporate employees.
Utility of funds
The company will use upto ₹60 crore for debt repayment, ₹25 crore for the settlement of the acquisition cost of Edureka or repay the bridge loan taken for it, ₹50 crore towards growth initiatives and ₹65 crore for general corporate purpose. The company will invest in increasing the number of vernacular languages for IAS test preparation, and to take the software training vertical (Edureka) to more geographies.
Uma Exports IPO
The ₹60-crore initial public offering of Uma Exports closes for subscription today and the issue saw a robust response from retail investors. The issue has been subscribed by 4.17 times so far, as retail portion received bids for 5.62 times.
The price band has been fixed at ₹65-68 and the market lot is 200 shares.
While non-institutional portion got 0.94 times, QIB’s window received exactly 100 per cent.
Product range
The company, one of the distinguished suppliers and exporters of a wide range of agricultural produce and commodities, plans to utilise ₹50 crore out of this fund for its working capital requirements.
Uma Exports is engaged in trading and marketing of agricultural produce and commodities such as sugar, spices like dry red chillies, turmeric, coriander, cumin seeds, food grains like rice, wheat, corn, sorghum and tea, pulses and agricultural feed like soyabean meal and rice bran de-oiled cake.