Coaching services provider MT Educare's initial public offer (IPO) was subscribed 1.25 times on the second day of the issue today.
The IPO attracted bids for over 13 million shares, as against over 10 million shares on offer, creating demand worth over Rs 110 crore, by 1700 hrs today.
The offer to raise up to Rs 99 crore will close tomorrow. Shares have been offered in the price band of Rs 74-80 per equity share.
MT Educare has allotted 1.738 million shares worth Rs 12.86 crore to two anchor investors -- Nomura Trust and Birla Sun Life.
The company is engaged in providing coaching services to students in the secondary, higher secondary and graduation levels in commerce faculty.
Funds raised through this IPO will be used for partially financing the cost of construction of a pre-university college campus at Mangalore in Karnataka and establishing new coaching centres at 20 locations.
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