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Tree House Education IPO subscribed 1.85 times
Educational services provider Tree House Education and Accessories has received mild response to its initial public offering. The issue, which closed today, has seen bids for more than 1.32 crore equity shares as against issue size of 71.67 lakh shares (excluding anchor investors' portion).
Educational services provider Tree House Education and Accessories has received mild response to its initial public offering. The issue, which closed today, has seen bids for more than 1.32 crore equity shares as against issue size of 71.67 lakh shares (excluding anchor investors' portion).
IPO has subscribed 1.85 times, with receiving major bids at lower end of price band of Rs 135-153 a share, as per data available on National Stock Exchange.
Maximum bids at Rs 135 a share was on expected lines and it seemed that the company may fix the issue price at same level. Even anchor investors' portion had subscribed at the same price; they had bids for more than Rs 17 crore worth of shares.
Participation has seen from all investors namely qualified institutional buyers, non-institutional investors and retail investors. Their reserved portion was subscribed 1.02 times, 1.68 times and 2.76 times, respectively.
Tree House has 223 pre-schools under its brand name "Tree House" across 33 cities in India. The company aims to raise more than Rs 110 crore through the issue.
It intends to utilise the proceeds for expansion of pre-school business; acquisition of office space; procurement of exclusivity rights to provide educational services; construction of infrastructure for educational complexes in Rajasthan and Gujarat; and repayment of loan.
