CL Educate IPO oversubscribed 1.90 times last day

IPO

CL Educate's initial public offering sailed through on the last day of the offer today and was oversubscribed 1.90 times.

The IPO received bids for 63,26,176 shares against the total issue size of 33,32,000, as per NSE data till 1900 hours.

The qualified institutional buyer (QIB) portion was oversubscribed 3.65 times, non-institutional investors 21 percent and retail investors 1.60 times, sources said.

CL Educate, which operates across segments in the education industry, including test preparation and vocational training, raised nearly Rs 72 crore from anchor investors last week.

It has fixed a price band of Rs 500-502 for the IPO, which opened on Monday.

At the upper end, the offer can fetch up to Rs 239 crore.

The IPO comprises a fresh issue of 21.80 lakh shares and offer for sale of up to 25.79 lakh shares.

Proceeds of the issue will be used for acquisitions and other strategic initiatives, repayment of loans, meeting working capital requirements and other general corporate purposes, as per the draft papers.

Kotak Mahindra Capital Company is the book running lead manager for the offer.