search
×

Veranda Learning Solutions Debuts At 14.6 Per Cent Premium To IPO Price

The Rs 200-crore Veranda IPO was subscribed 3.53 times on the last day of the offer and received bids for over 4.15 crore shares against 1.17 crore shares on offer

Share:

New Delhi: Diversified and integrated learning solutions provider, Veranda Learning Solutions, made a strong debut on bourses on Monday as its stock got listed at a 14.60 per cent premium to the issue price after good subscription to its initial public offering (IPO).

According to news report, on the BSE the stock opened at Rs 157 against issue price of Rs 137, while on the National Stock Exchange, it opened 8.7 per cent down at Rs 125.

The Rs 200-crore Veranda IPO was subscribed 3.53 times on the last day of the offer. It received bids for over 4.15 crore shares against 1.17 crore shares on offer, according to the stock exchanges data.

ALSO READ | Ruchi Soya Is Now Patanjali Foods Limited, Shares Jump Over 6 Per Cent

The category meant for BSE retail individual investors (RIIs) received 10.76 times subscription, while non-institutional investors portion got subscribed 3.87 times and qualified institutional buyers (QIBs) 2.02 times.

All the brokerage houses had an ‘avoid’ rating on the public issue citing the loss-making status, negative operating cash flows, and expensive valuations. The price band for the offer was Rs 130-137 a share.

According to the exchange filing, the company is going to utilise net issue proceeds for repaying debts, payment of acquisition consideration of Edureka, and growth initiatives.

Veranda, which is a comprehensive 360-degree online education platform, provides long- and short-term preparatory courses for aspirants of UPSC exams, State Public Service Commission, Staff Selection Commission, banking, insurance, railways, and chartered accountancy. It also offers diversified and integrated learning solutions in online, offline hybrid and offline blended formats.

The company clocked a loss of Rs 8.3 crore on revenue of Rs 2.54 crore in the financial year ended March 2021, while the loss in six months period ended September 2021, was at Rs 18.3 crore on revenue of Rs 15.46 crore.

Published at : 11 Apr 2022 01:49 PM (IST) Tags: BSE NSE IPO Veranda Learning Solutions Veranda Learning IPO Veranda Learning Solutions IPO debut
Follow News on abp LIVE for more latest stories and trending topics. Watch breaking news and top headlines online on abp News LIVE TV