Veranda Learning Solutions IPO Opens Today: Everything You Need To Know
Chennai-based learning platform Veranda Learning Solutions is opening its IPO for subscription on Tuesday, March 29. Interested Investors will be able to invest in this IPO till March 31. The company has issued a price band of ₹130-137 per share for its IPO.
Notably, this is the last initial public offering (IPO) of the financial year 2021-22 and involves fresh shares worth Rs 200 crore. The doubtful date for the allotment of Veranda Learning shares is April 5, 2022, while the refund of the refund and credit of shares in the Demat account will start on April 6.
This year, a total of 52 companies have raised ₹1.11 lakh crore via IPOs.
The shares of Veranda Learning Solutions will be listed on both BSE and NSE on April 7.
The company informed the exchanges that it has allotted 34,12,500 equity shares to anchor investors at an upper price band of ₹137 per equity share.
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While Veranda Learning Solutions has already raised ₹46.75 crores from anchor investors before the IPO. AG Dynamic Funds has acquired equity shares worth ₹25 crores, Resonance Opportunities Fund bought shares worth ₹10 crore and Next Orbit Ventures has been allotted shares worth ₹11.74 crore.
Investors can bid for a minimum of 100 equity shares and thereafter in multiples of 100 shares. Investors will have to invest at least Rs 13,700. A retail investor can apply for up to 14 lots (1,400 shares or Rs 191,800).
According to Red Herring Prospectus, 75% of the IPO is reserved for QIBs. While 15 percent is reserved for non-institutional investors and 10 percent for retail investors.
What does the company do?
The Chennai-based company was formed in December 2022. Veranda Learning Solutions provides coaching facilities for government jobs including UPSC, Banking, Railways.
The company helps students prepare for various exams through 4 wholly-owned subsidiaries: Veranda Race Learning Solutions, Veranda XL Learning Solutions, Veranda IAS Learning Solutions, and Ben4C Education Solutions.
Veranda Learning Solutions provides its services via online-offline blended learning models. A total of 42,667 students and professionals enrolled in the courses offered by the company during the nine-month period ending December 31, 2021. Of these, 16,793 were in the offline model and 25,874 were in the online model.
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