Veranda Learning Solutions IPO covered 12% on first day
Veranda Learning Solutions IPO. The offer size has been decreased from 1.45 to 1.17 crore shares after the company mopped up ₹ 46.75 crore from three anchor investors on March 28.
The IPO of Veranda Learning Solutions has been subscribed 12% so far on March 29, the first day of bidding, as investors bid for 14.30 shares oppose the offer size of 1.17 crore shares.
The offer size has been decreased from 1.45 to 1.17 crore shares after the company mopped up ₹ 46.75 crore from three anchor investors on March 28.
The firm is planning to raise ₹ 200 crore through its public issue.
The issue proceeds are going to be used for repaying debts, payment of acquisition cost related to Edureka, and growth initiatives.
Veranda learning solutions provides coaching services for Railways Recruitment Board exams, Banking, and Insurance exams, State Public Service Commission, Staff Selection Commission exams, CA Foundation, CA Intermediate, and CA Final exams, Union Public Service Commission-prelims, and main exam, and personality tests, and State Public Service Commission Group-I exams, Short term skilling courses, Long term courses (university partnership courses) and Corporate learning courses (B2B). All the services are provided through its wholly-owned subsidiaries namely Veranda Race Learning Solutions Private Limited (Veranda Race), Veranda Learning Solutions Private Limited (Veranda CA), Veranda IAS Learning Solutions Private Limited (Veranda IAS), and Brain4ce Education Solutions Private Limited (Edureka).
Source: money control
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