Education company Veranda Learning Solutions Ltd has set the price band for its initial public offering (IPO) at Rs 130 to Rs 137 per equity share of face value of Rs 10 each.
The issue will open on March 29 and close on March 31. Investors can submit bids for a minimum of 100 shares and in multiples of 100 thereafter. Almost 75% of the issue is reserved for qualified institutional buyers (QIB), 10% for retail buyers, and 15% for the non-institutional category.
“Going forward, we expect be able to invest significantly in advertising and marketing. This has been a year of investment and the next year significantly based on the foundation that is already in the balance sheet as we have a lot of goodwill predominantly that came from acquisition,” said Kalpathi S. Suresh, Executive Director cum Chairman, Veranda Learning Solutions Limited.
“The current IPO funds that we are raising will ensure that the company is net cash positive. For the liabilities that are coming in the future, we expect to be generating significant cash flows that will create the ability for the company to take care of them. And the funds that we have raised is sufficient for the growth plans that we have set out for the company. We don't need to raise more monies to be able to complete the growth of the existing verticals that we already have, he added.
Started in 2018, the Chennai-based company offers diversified and integrated learning solutions such as preparation for career-defining competitive exams, professional courses, exam-oriented courses, short-term up-skilling, and re-skilling courses to students, professionals, and corporate employees.
The courses include preparation for Union Public Service Commission exams, state public service commission, staff selection commission, banking, insurance, railways, and chartered accountancy exams.
Veranda provides services through online, offline hybrid, and offline blended learning models.
