The initial public offering of Veranda Learning Solutions has subscribed 74 percent on March 29, the first day of bidding, as investors bid for 87.53 lakh shares against the offer size of 1.17 crore shares.
The offer size has been reduced from 1.45 to 1.17 crore shares after the company mopped up Rs 46.75 crore from three anchor investors on March 28.
The firm is planning to raise Rs 200 crore through its public issue.
Retail investors have bid for 4.15 times of their quota, while non-institutional investors have bid for 85 percent shares of their reserved portion. The portion set aside for qualified institutional buyers was subscribed 5 percent.
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The Chennai-based learning solutions provider has fixed the price band at Rs 130-137 per share. The offer will close on March 31.
Also read - Veranda Learning Solutions IPO opens | 10 key things to know before subscribing to the offer
The issue proceeds are going to be used for repaying debts, payment of acquisition cost related to Edureka, and growth initiatives.
Veranda provides learning solutions for competitive exams, professional courses, exam-oriented courses, and short-term upskilling and reskilling courses.