CL Educate sees weak debut

CL Educate was trading at Rs 417.90 at 10:40 IST on BSE, a discount of 16.75% compared with the initial public offer price of Rs 502.

Meanwhile, the S&P BSE Sensex was down 47.72 points or 0.16% at 29,599.70.

The stock debuted at Rs 398, a discount of 20.71% to the initial public offer (IPO) price. The stock hit a high of Rs 417.90 and a low of Rs 398 so far during the day. On BSE, 31,000 shares were traded on the counter so far.

The issue price was fixed at Rs 502 per share, the top end of the price band of Rs 500-502 per share. The IPO of CL Educate received bids for 63.34 lakh shares compared to 33.32 lakh shares on offer. It was subscribed 1.9 times.

CL Educate focuses on diverse segments of education, and across learners of multiple age-groups. The company operates across a broad spectrum of segments in the education industry, including test preparation, K-12 education and vocational training.

CL Educate reported consolidated net profit of Rs 12.92 crore on net sales of Rs 153.16 crore in the six months ended 30 September 2016.

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