S Chand And Company IPO subscribed 1.85 times on day 2

Receives bids for 1.42 crore shares

The initial public offer (IPO) of S Chand And Company received bids for 1.42 crore shares on the second day of bidding, as per the data showed on NSE as at 16:30 IST. The IPO was subscribed 1.85 times. The issue opened for bidding yesterday, 26 April 2017 and closes tomorrow, 28 April 2017.

S Chand and Company on 25 April 2017 has raised Rs 219 crore from 15 anchor investors by selling 32.62 lakh shares. The shares were allotted to the anchor investors at Rs 670 per share, the top end of the Rs 660 to Rs 670 per share price band for the IPO.

Anchor investors included Eastspring Investments India Consumer Equity Open, Nomura Singapore, Indus India Fund (Mauritius), Volrado Venture Partners Fund-II, HSBC Global Investment Fund, HDFC Company Trustee, Axis Mutual Fund, Sundaram Mutual Fund and Birla Sun Life Asset Management.

S Chand and Company's IPO consists of a fresh issue aggregating up to Rs 325 crore and an offer for sale of up to 60.23 lakh equity shares by the selling shareholders. The price band of the issue is set at Rs 660 to Rs 670 per equity share of face value of Rs 5 each.

The offer for sale of issue of up to 60.23 lakh equity shares is comprised of promoter selling shareholders, the other selling shareholders and the investor selling shareholders collectively termed as selling shareholders. Investor shareholder, Everstone Capital Partners II LLC offers to sell upto 48.14 lakh shares.

The net proceeds from the fresh issue will be utilized towards the repayment of loans availed by the company and one of its subsidiaries, EPHL, which were utilized towards funding the acquisition of Chhaya. Repayment/prepayment, in full or in part, of certain loans availed of by the company and certain of Its subsidiaries, VPHPL and NSHPL; and general corporate purposes.

The company reported consolidated net loss of Rs 88.48 crore on total revenue of Rs 150.80 crore in the nine months ended 31 December 2016.

S Chand and Company is a leading Indian education content company. The company delivers content, solutions and services across the education lifecycle through its K-12, higher education and early learning segments.

Powered by Capital Market - Live News