Veranda Learning Shares End 20% Higher On Debut

Shares of Veranda Learning Solutions Ltd. surged on debut after its initial public offering was subscribed 3.53 times.

The stock of the offline hybrid edtech company based out of Tamil Nadu and Karnataka listed at Rs 157 apiece on the BSE, a premium of 14.6% to its IPO price of Rs 137. It then rose to Rs 164.85, closing as much as 20.3% higher.

Retail investors had bid the most for Veranda's shares in the IPO, followed by non-institutional investors.

The three-day IPO comprised a fresh issue of Rs 200 crore, according to its red herring prospectus. It sold shares at Rs 130-137 apiece, seeking a market value of Rs 764.1 crore at the upper end of the price band. Promoters will hold 65.9% post-issue.

The company in the prospectus said the IPO proceeds will be used to repay or prepay certain borrowings and to fund growth initiatives, among others.