Veranda Learning Solutions IPO subscribed 3.53 times on the last day

The Rs 200-crore initial public issue (IPO) of Veranda Learning Solutions saw a good response from the investors as the issue closed with 3.53 times subscription on Thursday, March 31, 2022. The share sale attracted bids for 4,15,55,000 equity shares as against 1,17,88,365 equity shares offered in the issue.

Retail Individual Investors (RIIs) bid the most for the shares of Veranda Learning Solutions Ltd. The portion reserved for Retail Individual Investors (RIIs) was subscribed 10.76 times. Retail investors placed bids for 1,65,60,300 equity shares against 15,38,461 equity shares in the offer.

The Qualified Institutional Buyers (QIBs) portion was subscribed only 2.02 times and the Non-Institutional Investors (NIIs) portion was subscribed 3.87 times.

The hybrid educational technology firm had fixed the price band at Rs 130-137 per share.

Veranda plans to utilise proceeds from the IPO for repayment or pre-payment of certain borrowing and payment of acquisition consideration of Edureka or repayment of a bridge loan availed specifically for this acquisition. Proceeds of Rs 50 crore are aimed for growth initiatives by the company, meanwhile, a portion will be used for general corporate purposes as well.

Systematix Corporate Services is the lead manager of the issue, whereas KFin Technologies is the registrar of the issue. The company is likely to get listed on BSE and NSE on April 7, 2022.