Veranda Learning Solutions IPO subscribed more than 3.5 times on Day 3

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Veranda Learning Solutions subscribed by more than 3.5 times on the final day of its initial public offering with massive demand witnessed from retail and non-institutional investors.

On Thursday, NSE data showed that the IPO received consolidated bids of 4,15,55,000 equity shares against the offered size of 1,17,88,365 equity shares – subscribing by 3.53 times.

The portion for retail individual investors (RII) got oversubscribed by 10.76 times with bids of 1,65,60,300 equity shares against reserved 15,38,461 equity shares. Meanwhile, the portion of non-institutional investors (NII) got subscribed by 3.87 times with bid of 89,31,000 equity shares bid against the reserved 23,07,692 equity shares. As for qualified institutional buyers (QIB), the portion for this category got subscribed by 2.02 times with bids of 1,60,63,700 equity shares against reserved 79,42,212 equity shares.

Under the issue, 75% of the portion is reserved for qualified institutional buyers (QIB), while 15% of the size is kept for non-institutional investors (NII), and the remaining 10% for retail investors. The bidding lot will be 100 equity shares and in multiples thereof.

The IPO was launched from March 29 to March 31 at a price band of 130 to 137 apiece.

The issue size aggregated to 200 crore. Post IPO, Veranda plans to utilise proceeds of 60 crore for repayment or pre-payment of certain borrowings, while nearly 25.12 crore is planned to be utilised for payment of acquisition consideration of Edureka or repayment of a bridge loan availed specifically for this acquisition. Proceeds of 50 crore are aimed for growth initiatives by the company, meanwhile, a portion will be used for general corporate purposes as well.

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