S Chand and Company trades at small premium

Shares of S Chand and Company were trading at Rs 670.15 at 10:29 IST on BSE, a small premium of 0.02% over the initial public offer price of Rs 670 per share.

The stock debuted at Rs 707, a premium of 5.52% to the initial public offer (IPO) price. So far the stock hit a high of Rs 707 and low of Rs 658. On BSE, so far 10.24 lakh shares were traded on the counter.

The IPO closed on 28 April 2017. It was subscribed 59.49 times, with total bids for 45.72 crore shares. The qualified institutional buyers (QIBs) category was subscribed 44.27 times. The non institutional investors category was subscribed 204.65 times. The retail individual investors (RIIs) category was subscribed 6.07 times.

S Chand and Company on 25 April 2017 had 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.

S Chand and Company's IPO consisted 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 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. The proceeds will also be utilized towards 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.

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