Everonn Systems India debuts on bourses
| The issue which opened for subscription on July 5, 2007 and closed on July 11, 2007 was subscribed by over 131 times. The qualified institutional buyers' portion was oversubscribed by 92.95 times, the Non-Institutional portion was subscribed by 277.81 times and the retail portion by 123.80 times. |
| Everonn Systems had entered the capital market with an initial public offer of 35,71,430 equity shares amounting to Rs. 50 crores. The offer constituted 25.79% of the post issue paid up capital of the company. |
| Everonn Systems, offers a range of services which includes creating educational and training content, designing and executing learning initiatives and setting up the required infrastructure for learning and training. Everonn Systems' business model is driven by two strategic business units, namely the Institutional Education Infrastructure Services and Virtual and Technology Enabled Learning Solutions. |
| Everonn Systems has embarked on expansion project to be funded by IPO proceeds and internal accruals. Everonn Systems has budgeted an outlay of Rs. 3000 Lakhs for IT Infrastructure Services. The company plans to expand their operations close to 1000 schools every year. The company will allocate Rs. 1725 Lakhs from their IPO proceeds towards capital expenditure for Virtual and Tech Enabled Learning Solutions. Company would also utilize the funds raised from the IPO towards brand building; funding for proposed Mergers & Acquisitions and to invest in the proposed subsidiary. |
| About Everonn Systems India Limited: |
| Everonn Systems India Limited is a fully integrated Knowledge Management, Education and Learning Solution Company, offering a wide range of services that include creating educational and learning content, designing and executing learning initiatives and setting up infrastructure required for implementing the training programs. |
| Everonn Systems' business model is driven by two strategic business units, namely the Institutional Education Infrastructure Services and Virtual and Technology Enabled Learning Solutions. |
| Institutional Education and Infrastructure Services: |
| Everonn is a major Education Service Provider for several state governments in India for their Computer Education, Computer Literacy, Computer Aided Learning and Teachers Training projects. Everonn Systems is currently present in 8 States which covers over 1900 institutions and have trained over a million students. Everonn has built up strong brand equity and enjoys a leadership position with key policy makers for Computer Education in Schools. |
| Virtual and Technology Enabled Learning Solutions In January 2004, Everonn identified the need to reach out to the geographically dispersed students. For this the company started providing education and training solutions through satellite based 'Very Small Aperture Terminal (VSAT)' technology. This "Technology Enabled Virtual Classrooms" (ViTELS) focuses on developing technical and managerial competence among the pupils through development of specialized knowledge and skills from the best in the field. Company is also developing and integrating content for Indian and global audience in schools, colleges, corporates and retail space and is currently available at over 83 schools, 101 colleges and 13 retail centres. |