S Chand IPO oversubscribed 1.96 times on Day 2

The initial public offering of textbook publisher S Chand and Company was oversubscribed 1.96 times on the second day of the offer today.
The IPO received bids for 1,50,41,466 shares against the total issue size of 76,85,284 shares, data available with the NSE showed.
The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 2.68 times, while that for non- institutional investors was subscribed 32 per cent.
Retail investors portion was also oversubscribed 2.24 times.
S Chand had raised nearly Rs 219 crore from anchor investors on Tuesday.
The price band for the offer is Rs 660-670 a share.

The IPO comprises fresh issue of equity shares up to Rs 325 crore. Besides, existing shareholders of the company, including Everstone Capital, would collectively sell 6,023,236 shares worth Rs 403.5 crore, taking the total IPO size to Rs 728.5 crore.

The initial share sale would close tomorrow.
Proceeds from the issue would be utilised for repayment and prepayment of loans as well as for general corporate purposes. The loan amount includes those taken by its subsidiary for funding the acquisition of Chhaya Prakashani.
JM Financial Institutional Securities, Axis Capital and Credit Suisse Securities (India) Pvt Ltd are the merchant bankers to the offer.

Last year, the company had acquired 74 per cent of the outstanding share capital of Chhaya Prakashani Pvt Ltd.
The company offers 53 consumer brands across knowledge products and services, including S Chand, Vikas, Madhubun, Saraswati, Destination Success and Ignitor.