Today is the last day for public subscription of ₹200-crore Veranda Learning Solutions public issue. The IPO was subscribed 1.31 times till the end of second day of issue opening. Retail investors portion conitnue to bet on the company by subscribing seven times. The digital learning platform has fixed the price band at ₹130-137 per share.
While non-institutional portion received bids for 1.06 times, the quota set aside for QIBs got 0.28 times.
3 anchor investors
The Chennai-based education solution company on Monday raised ₹46.75 crore from three anchor investors — AG Dynamic Funds picked ₹25 crore worth of equity shares; Resonanace Opportunities Fund bought ₹10 crore; and Next Orbit Ventures took ₹11.74 crore.
The company on Monday informed exchanges that it has finalised allocation of 34,12,500 equity shares to anchor investors, at an upper price band of ₹137 a share.
The company will use upto ₹60 crore for debt repayment, ₹25 crore for the settlement of the acquisition cost of Edureka or repay the bridge loan taken for it, ₹50 crore towards growth initiatives and ₹65 crore for general corporate purpose. The company will invest in increasing the number of vernacular languages for IAS test preparation, and to take the software training vertical (Edureka) to more geographies.
Hari Om Pipe Industries
The ₹130.05-crore IPO of iron and steel products manufacturer, Hariom Pipe Industries-led was subscribed 67 per cent on the first day of issue opening it self. Hari Om Pipe launched its IPO on Wednesday at a price band of ₹144 to ₹153 apiece with a market lot of 98 shares.
The IPO will close on April 5 for public subscription.
While the portion reserved for retail individual investors was oversubscribed 1.88 times, the quota reserved for non-institutional investors subscribed by merely 3 per cent . There was no bidding from the qualified institutional buyers (QIB) on Day 1.
The company has reserved 30 per cent of the offer for qualified institutional buyers and 35 per cent each for retail and non-institutional investors.
The net proceeds from the issue will be used for capital expenditure ( ₹50.05 crore), and working capital requirements ( ₹40 crore), besides general corporate purposes.
Hariom Pipe Industries is a premium manufacturer of iron and steel products. The company has gone from strength to strength, evolving into an integrated steel manufacturer with a stronghold in the South Indian market and a diverse product portfolio consisting of mild steel (MS) billets, pipes and tubes, hot rolled (HR) coils, and scaffolding systems.