Veranda Learning gallops on listing

Shares of Veranda Learning Solutions were currently trading at Rs 160.50 on the BSE, at a premium of 17.15% compared with the issue price of Rs 137.

The scrip was listed at Rs 157, representing a premium of 14.60% to the initial public offer (IPO) price.

So far, the scrip has hit a high of Rs 163 and a low of Rs 149.15. Over 7.35 lakh shares of the company have changed hands in the counter till now.

The IPO of Veranda Learning Solutions was subscribed 3.53 times. The issue opened for bidding on 29 March 2022 and it closed on 31 March 2022. The price band of the IPO was fixed at Rs 130-137 per share.

The offer comprised a fresh issue of equity shares aggregating upto Rs 200 crore by the company. The company proposes to utilize the net proceeds of the fresh issue towards repayment of its borrowings amounting to Rs 60 crore, payment of acquisition consideration of Edureka or repayment of a bridge loan availed specifically for the purpose of discharge of such acquisition consideration of Edureka amounting to Rs 25.19 crore, towards growth initiatives amounting to Rs 50 crore and the balance for general corporate purposes.

Veranda Learning Solutions is engaged in the business of offering diversified and integrated learning solutions in online, offline hybrid and offline blended formats to students, aspirants, and graduates, professionals and corporate employees enrolled with its courses through multitude of career-defining competitive exams, professional courses, exam-oriented courses, short term upskilling and reskilling courses.

The company provides comprehensive long-term and short-term preparatory courses in a simple and lucid manner for students preparing for UPSC exams, State Public Service Commission, Staff Selection Commission, Banking, Insurance, Railways and Chartered Accountancy. The company also provides customised short term skilling courses, long term courses and other corporate courses to its Learners. The company also delivers these courses to employees of corporates through its B2B offerings.

On a consolidated basis, the company reported a net loss of Rs 18.27 crore on sales of Rs 15.46 crore in the six months ended 30 September 2021.

Powered by Capital Market - Live News