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Avoid to Veranda Learning Solutions: Hem Securities

Hem Securities 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 29, 2022.

March 29, 2022 / 10:28 AM IST
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Hem Securities IPO report on Veranda Learning Solutions

Veranda Learning Solutions Ltd (VLSL) is engaged in the business of offering diversified and integrated learning solutions in online, offline hybrid and offline blended formats to students, aspirants, and graduates (collectively "Students") professionals and corporate employees ("Learners") enrolled with courses through multitude of career-defining competitive exams, professional courses, exam-oriented courses, short term upskilling and reskilling courses.

Valuation and Outlook

Company is bringing the issue at price band of Rs 130-137 per share at p/b multiple of 8.15x on pre issue book value basis. Although Company’s business model is Technology driven, Asset Light & Scalable with proven track record of promoters along with result oriented method of teaching with 360 degree approach & diversified course offerings and delivery channels but looking after financials of company & valuations, we recommend “Avoid” on issue.