The Rs 200 crore IPO of the education services player was subscribed 3.53 times, thanks to interest from retail bidders. The issue was open for subscription between March 29-31 in the price range of Rs 130-137 per share.
The quota reserved for retail bidders was subscribed 10.76 times, whereas HNI quote fetched 3.87 times bids. The quota for institutional bidders was subscribed a little more than two times.
The Chennai-based Veranda Learning was incorporated in 2018 but kicked off its operation from December 2020 through its four wholly-owned subsidiaries with no comparable companies in India that engage in a similar business.
The company offers online and offline coaching services for career-defining courses such as UPSC, CA, banking, and government exams to students, graduates, professionals, and corporate employees.
The IPO was not tracked by many brokerages, thanks to its small size. However, those tracking the issue mostly had an ‘avoid’ rating. Analysts were skeptical over the issue following the company’s muted financials, a negative bottom line, pricey valuations, tepid growth and high competition in the education sector.
