CL Educate IPO subscribed 37% on Day 1

IPO

The initial public offering of CL Educate was subscribed 37 percent on the first day of the offer today.

The IPO received bids for 12,18,348 shares against the total issue size of 33,32,000 shares, data available with the NSE till 1700 hours showed.

The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 1.04 times, while that of retail investors category 14 percent.

CL Educate, which operates across segments in the education industry including test preparation and vocational training, last week raised nearly Rs 72 crore from anchor investors. It has fixed a price band of Rs 500-502 for the IPO.

At the upper end of the price band, the offer can fetch up to Rs 239 crore. The offer will close on March 22.

The IPO comprises fresh issue of 21.80 lakh shares an offer for sale of up to 25.79 lakh shares.

Proceeds of the issue will be used for acquisitions and other strategic initiatives, repayment of loans, fund working capital requirements and other general corporate purposes, as per the draft papers.

Kotak Mahindra Capital Company is the book running lead manager for the offer.