Veranda Learning Solutions IPO Subscribed 3.53 Times On Day 3
Get the latest subscription updates from day 3 of the Veranda Learning Solutions IPO here.
Retail investors bid the most for the shares of Veranda Learning Solutions Ltd., an offline hybrid edutech company based out of Tamil Nadu and Karnataka, on the final day of its initial public offering.
The offer was subscribed 74% on day one and fully subscribed on the second day.
The three-day IPO comprised of 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. Promoters will hold 65.9% post issue.
Proceeds from the IPO will be used to repay or prep certain borrowings and to fund growth initiatives, among other purposes.
This is the first IPO to be launched after a global equity selloff that led to value erosion of new-age companies such as Paytm (One97 Communications Ltd.) and Zomato Ltd. after listing.
Subscription Details: Day 3
The IPO subscribed 3.53 times as of 5 p.m. on March 31.
Institutional investors: 2.02 times.
Non-institutional investors: 3.87 times.
Retail investors: 10.76 times.
