The initial public offering (IPO) of Veranda Learning Solutions had been subscribed 1.31 times, garnering bids for 1.54 crore equity shares against an offer size of 1.17 crore equity shares, by the morning of March 30, the second day of bidding.
Retail investors who bid 7 times their allotted quota continued to show interest in the public issue. The portion set aside for non-institutional investors has been subscribed 106 percent and that of qualified institutional buyers 28 percent.
The IPO will fetch the company Rs 200 crore, which will be utilised for repaying of debts, payment of acquisition cost of Edureka, and growth initiatives.
The price band for the offer, which closes on March 31, is Rs 130-137 a share.