Veranda Learning Solutions has set a price band for its initial public offering at Rs 130-137 a share. The firm earlier announced that its IPO will open on March 29 and close on March 31.
The basis of the IPO allotment will be on April 5 and allotment and refunds will be on April 6. The firm plans to list on exchanges on April 7.
The learning solutions provider is planning to raise Rs 200 crore through public issue.
The net proceeds of the offer will be utilised by the company for repaying of debts (Rs 60 crore), payment of acquisition consideration of Edureka or repayment of a bridge loan availed specifically for the purpose of discharge of such acquisition consideration of Edureka (Rs 25.2 crore), and growth initiatives (Rs 50 crore).
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Up to 75 percent of the total offer is reserved for qualified institutional buyers, 15 percent for non-institutional bidders, and the remaining 10 percent for retail investors.
Before filing the red herring prospectus, the company has raised Rs 40 crore by issuing 30.76 lakh equity through a private placement to the public category, but the size of the offer has not been reduced pursuant to the private placement.
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Veranda offers diversified and integrated learning solutions in online, offline hybrid and offline blended formats to students, professionals and corporate employees, through four subsidiaries Veranda Race Learning Solutions, Veranda XL Learning Solutions, Veranda IAS Learning Solutions, and Brain4ce Education Solutions (Edureka).
Systematix Corporate Services is the book running lead manager to the issue.
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