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Avoid to Veranda Learning Solutions: Choice Equity Broking

Choice Equity Broking has come out with its report on Veranda Learning Solutions. The research firm has recommended to ''Avoid'' the ipo in its research report as on March 28, 2022.

March 29, 2022 / 02:07 PM IST
IPO (Representative image)

IPO (Representative image)

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Choice Equity Broking IPO report on Veranda Learning Solutions

South India based off-line hybrid edu-tech company Veranda Learning Solutions Ltd. (VLS), is coming up with an IPO to raise Rs. 200cr, which opens on 29th Mar. and closes on 31st Mar. 2022. The price band is Rs. 130 - 137 per share. The IPO only comprises of fresh issue of shares. From the net proceeds, Rs. 60cr will be utilized for the repayment/pre-payment of borrowings; Rs. 50cr will be used for future growth initiatives and around Rs. 25cr will be used for the payment/funding the acquisition of Edureka - a software education company.

Valuation and Outlook

VLS has presence in test preparation market and intends to have services for the K-12 segment in future. Having commenced its operations in Dec. 2020, the company is in growth phase. Currently the company is loss making and is forecasted to remain loss making in the medium term. Thus we are assigning an “AVOID” rating for the issue.

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