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Veranda Learning Solutions IPO Subscribed 3.53 Times on Day 3

01 March 20236 mins read by Angel One
Veranda Learning Solutions IPO Subscribed 3.53 Times on Day 3
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Investors subscribed to Veranda Learning Solutions Ltd. IPO 3.53 times as of the closing day, 31 March 2022. The online learning platform offered a public issue of 1,17,88,365 shares on which investors bid for 4,15,55,000 shares as per information available on the official website of the National Stock Exchange (NSE).

Veranda Learning Solutions Ltd., incorporated in 2018, offers both online and offline education assistance to its customers. In addition, it provides coaching for professional courses like state public service commission, banking and insurance exam, CA, staff service commission exam, railway recruitment exam, and others. It even has different branches for specific assistance like Veranda CA, Veranda Race, Edureka, and Veranda IAS.

According to the details mentioned in the company’s draft red herring prospectus, Veranda learning Solutions Ltd. offered a fresh issue of Rs. 200 crores equity shares via this IPO. Moreover, the company plans to raise a market value of Rs 764.1 crores at the upper end with this issue. At the same time, their price band ranges from Rs. 130 to Rs. 137 per share.

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Let’s look into the performance of Veranda Learning Solutions Ltd. in detail below!

Closing Day Performance Status of Veranda Learning Solutions Ltd. IPO

The following points contain a brief category wise follow-up of the number of shares investors have bid for as recorded on the closing day:

  • Qualified Institutional Buyers (QIB) investor category recorded a bid of 1,60,63,700 shares while the company offered 79,42,212 shares in the initial public offering.
  • Under Non-Institutional Investors (NII), the company received a total bid of 89,31,000 shares against an offering of 23,07,692 shares.
  • The company received a bid of 1,65,60,300 shares under Retail Individual Investors (RII). However, they were allotted 15,38,461 shares in this offering.

Find the individual investor wise breakup of the number of times shares were subscribed during Veranda Learning Solutions Ltd. IPO:

Investor Category QIB NII RII Total
Subscription Status 2.02 times 3.87 times 10.76 times 3.53 times

The percentage of reservations allotted to Qualified Institutional Buyers (QIB), Non-Institutional Investors (NII) and Retail Individual Investors (RII) includes 75%, 15%, and 10%, respectively.

Short Summary of Veranda Learning Solutions Ltd. Anchor Allotment

Veranda Learning Solutions Ltd. completed its anchor allotment on 28 March 2022 and received a strong response against it. The allotment was made to three investors by this company, which resulted in a total allocation of Rs. 46.75 crores. However, the company allotted them 34,12,500 shares with a fixed price band of Rs. 137 per share.

Find details of the anchor allotment below:

Anchor Investor No. of Shares Allocated Total Value of Allocation
Resonance Opportunities Fund 7,30,000 shares Rs. 10 crores
AG Dynamic Funds 18,24,900 shares Rs. 25 crores
Next Ventures Orbit Fund 8,57,600 shares Rs. 11.75 crores
Total Allocation 34,12,500 shares Rs. 46.75 crores

Some key objectives that Veranda Learning Solutions Ltd. planned to fulfil through this initial public offering include:

  • Funding growth initiatives
  • Providing finance for the retirement of acquisition consideration of Edureka
  • Advance payment or repayment of company borrowings in part or in full

Day 1 and Day 2 Performance Status of Veranda Learning Solutions Ltd. IPO

To know about the performance status of Veranda Learning Solutions Ltd. IPO for the first two days, read the following table:

Investor Category QIB NII RII Total
Day 1 0.05 times 0.85 times 4.15 times 0.74 times
Day 2 0.28 times 1.06 times 7 times 1.31 times

Final Thoughts

As per the experts, Veranda Learning Solutions Ltd. is a considerable investment option. Even though it holds a short financial history, its track record is impressive. Moreover, since it offers diversity in services, it has a chance of growth. Not only this, but the company has also shown expansion and successful acquisitions in the market.

So, if an individual chooses to invest in this company, he or she can open a Demat account through the Angel One platform. However, one must do it only after making the required comparison and research. Using the platform makes the opening process effortless, and even if the person is new to investing will find no difficulty in signing up.

Frequently Asked Questions

  1. Where will the listing of the shares of Veranda Learning Solutions Ltd. take place?

The listing of the shares of Veranda Learning Solutions Ltd. will take place at the BSE and the NSE.

  1. What issue size did Veranda Learning Solutions Ltd. set for its IPO?

Veranda Learning Solutions Ltd. has set an issue size of Rs. 200 crores for its IPO.

  1. What is Veranda Learning Solutions Ltd. IPO’s maximum and minimum investment lot?

The maximum and minimum lot that investors can subscribe for include 1 and 14, comprising of 100 and 1400 shares, respectively.

  1. What is the percentage of the pre and post issue shareholding for promoters?

The pre-issue shareholding for promoters was 89.22%, whereas the post-issue promoter shareholding is 65.87%.

  1. Who are the company promoters issuing Veranda Learning Solutions Ltd. IPO?

Mr Kalpathi S. Ganesh, Mr Kalpathi S. Aghoram, and Mr Kalpathi S. Suresh are the company promoters issuing this IPO.

Disclaimer: This blog is exclusively for educational purposes and does not provide any advice/tips on investment or recommend buying and selling any stock.

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