Veranda Learning Solutions IPO subscribed 74% on day 1

29 Mar 2022 , 05:32 PM

Veranda Learning Solutions’ initial public offering (IPO) opened today and the issue was subscribed 74 per cent on the first day.

The educational technology firm initial share sale will conclude on March 29.

The share sale attracted bids for 87.53 lakh equity shares against the issue size of 1.17 crore shares today.

Retail individual investors’ portion — 15 per cent of the total issue — was subscribed 85 per cent; and non-institutional investors’ category — 10 per cent — was booked 4.15 times.

The ed-tech firm has a fixed price band at Rs130-137 per equity share for a face value of Rs10 each. Bids can be made for a minimum of 100 equity shares and in multiples of 100 equity shares thereafter, Veranda Learning said.

Systematix Corporate Services Ltd is the book-running manager, while KFin Technologies Private Ltd (formerly Karvy Fintech Private Ltd) is the registrar of the offer.

The company informed exchanges that they have finalised allocation of 34,12,500 equity shares to anchor investors, at an upper price band of Rs137 per equity share.

AG Dynamic Funds acquired Rs25 crore worth of equity shares, Resonanace Opportunities Fund bought Rs10 crore worth of shares, and Next Orbit Ventures have been allocated shares worth Rs11.74 crore by the company, through anchor book.