The Rs 99-crore IPO of MT Educare, an education support and coaching services provider is opened for subscription today. The issue, which will close on March 29, consists of fresh issue of Rs 35 crore and an offer for sale of up to 80 lakh equity shares by Helix Investments Company.
The price band of the issue is fixed at Rs 74-80 a share.
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.
Helix Investments invested around Rs 40 crore in the company in 2007, which will partly exit through the IPO by reducing stake 5.5% from 28%. Mahesh Shetty, a promoter of the company will hold a 43% stake post issue.
Equity shares offered by the company are proposed to be listed on the BSE and the NSE.
Enam Securities Private Limited is the book running lead manager to the issue and Link Intime India Private Limited is the registrar.
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