The IPO of MT Educare, an education support and coaching services provider, has been subscribed 0.65 times so far on Day 1, as per exchange data. The issue has received maximum bids at lower end of price band of Rs 74-80, which was expected as anchor book was subscribed at the same price.
It has received bids for 71.39 lakh equity shares as against issue size of 1.099 crore shares (excluding anchor book), supported majorly by non-institutional investors with 3.6 times subscription.
The issue will close for subscription on March 29, which consists of fresh issue of Rs 35 crore and an offer for sale of up to 80 lakh equity shares by Helix Investments Company.
MT Educare, popularly known as Mahesh Tutorials provides coaching services to students in the secondary, higher secondary school and pursuing graduation degree in commerce, preparing for various competitive examinations and undertaking chartered accountancy examinations.
Funds raised via fresh issue by the company will be used for partially financing the cost of construction of a PUC campus in Karnataka (including cost of acquisition of land) and establishing new coaching centres at 20 locations.
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