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.
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