Porch Learning IPO: Veranda Learning Solutions has set a price band for its initial public offering at Rs 130-137 per share. The company previously announced that its IPO will open on March 29. The IPO by the learning solutions company will close on March 31, the basis of allotment will be completed on April 5, redemptions and credits of shares to the demat account will start on April 6, while the IPO is likely to be on April 7.
Veranda Learning IPO: price band
The company has set a price range at Rs 130-137 per share. Before submitting the prospectus of the red herring, Veranda Learning has raised Rs 40 crore by issuing 30.8 lakh shares through a private placement in the public category.
Veranda Learning IPO: reserved portions
According to the red herring prospectus, up to 75 percent of the total supply is reserved for qualified institutional buyers (QIBs), 15 percent for non-institutional bidders (NIIs) and the remaining 10 percent for retail investors. The BRLM has not been linked to any bid in the past three years. The Diluted EPS for Fiscal 2021 for Veranda Learning Solutions is negative. Investors can bid on a minimum of 100 shares and then in multiples of 100 shares. The promoters of the company are Kalpathi S. Aghoram, Kalpathi S. Ganesh and Kalpathi S. Suresh.
Veranda Learning IPO: rationale
With this financing, the company plans to repay or prepay all or some of the loans up to Rs 60 crore in whole or in part. It will use Rs 25.19 crore to pay for the acquisition of Edureka and about Rs 50 crore for growth initiatives. There are no publicly traded companies in India engaged in a business comparable to that of Veranda Learning Solutions.
Veranda Learning IPO: lot size
The lot size of the Veranda Learning IPO market is 100 shares. A private individual investor can apply for up to 14 lots (1400 shares or Rs 191,800).
Veranda Learning IPO: Financials
For the six-month period ended September 2021, Veranda recorded a loss of Rs 18.27 crore on a turnover of Rs 15.46 crore and in the year FY21, the loss was Rs 8.28 crore on a turnover of Rs 2, 54 crores.
Veranda Learning IPO: about the company
Veranda provides diversified and integrated learning solutions in online, offline hybrid and offline blended formats to students, professionals and corporate employees, through four subsidiaries Veranda Race Learning Solutions, Veranda XL Learning Solutions, Veranda IAS Learning Solutions and Brain4ce Education Solutions (Edureka). During the nine-month period ending December 31, 2021, a total of 42,667 students and professionals enrolled in all courses, including 16,793 for the offline model and 25,874 for the online model. Systematix Corporate Services is the lead manager of the problem.
The company offers long-term and short-term preparatory courses for students preparing for UPSC exams, public service commission, personnel selection commission, banking, insurance, railway, and chartered accounting. Veranda Learning also offers tailor-made short term skills courses, long term courses and other corporate courses through its B2B offerings.
Read all the latest news, breaking news and the war between Ukraine and Russia here.
