Veranda Learning IPO: Veranda Learning Solutions has set a price band for its initial public offering at Rs 130-137 a share. The firm earlier announced that its IPO will open on March 29. The IPO by the learning solutions company will close on March 31, the basis of allotment will be finalised on April 5, refunds and credit of shares to demat account will be initiated on April 6 while the IPO listing is likely by April 7.
Veranda Learning IPO: Price Band
The company has fixed a price band at Rs 130-137 per share. Before filing the red herring prospectus, Veranda Learning raised Rs 40 crore by issuing 30.8 lakh equity through a private placement to the public category.
Veranda Learning IPO: Reserved Portions
As per the red herring prospectus, up to 75 per cent of the total offer is reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional bidders (NIIs), and the remaining 10 per cent for retail investors. The BRLM has not been associated with any offer in the past three years. The price/earnings ratio based on diluted EPS for Fiscal 2021 for Veranda Learning Solutions is negative. Investors can make bids for a minimum of 100 equity shares and in multiples of 100 shares thereafter. The promoters of the company are Kalpathi S. Aghoram, Kalpathi S. Ganesh, and Kalpathi S. Suresh.
Veranda Learning IPO: Rationale
Through this funding, the company intends to repay or pre-pay, in part or full of all or certain borrowings up to Rs 60 crore. It will use Rs 25.19 crore towards payment of acquisition of Edureka and about Rs 50 crore towards growth initiatives. There are no listed companies in India that engage in a business similar to that of Veranda Learning Solutions.
Veranda Learning IPO: Lot Size
The Veranda Learning IPO market lot size is 100 shares. A retail-individual investor can apply for up to 14 lots (1400 shares or Rs 191,800).
Veranda Learning IPO: Financials
For the six-month period ended September 2021, Veranda recorded a loss of Rs 18.27 crore on revenue of Rs 15.46 crore and in the year FY21, the loss was at Rs 8.28 crore on revenue of Rs 2.54 crore.
Veranda Learning IPO: About the Company
Veranda offers diversified and integrated learning solutions in online, offline hybrid, and offline blended formats to students, professionals, and corporate employees, through four subsidiaries Veranda Race Learning Solutions, Veranda XL Learning Solutions, Veranda IAS Learning Solutions, and Brain4ce Education Solutions (Edureka). During the nine-month period ending December 31, 2021, a total of 42,667 Students and professionals have enrolled across all courses, out of which 16,793 enrolled for the offline model and 25,874 enrolled for the online model. Systematix Corporate Services is the book running lead manager to the issue.
The company provides long and short-term preparatory courses for students preparing for UPSC exams, state public service commission, staff selection commission, banking, insurance, railways, and chartered accountancy. Veranda Learning also provides customized short-term skilling courses, long-term courses, and other corporate courses through its B2B offerings.
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