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Veranda Learning Solutions Limited plans to raise ₹200 crore by going public. The company’s initial public offering (IPO) will open on March 29 and end on March 31. The price band has been fixed at ₹130-137 apiece. The face value of each equity share is ₹10.
The issue comprises of only fresh issue of shares worth ₹200 crore. According to the red herring prospectus filed by the company, 75% of the issue is reserved for Qualified Institutional Buyers, 15% for High Networth Individuals and 10% for retail participants.
Company Summary
Veranda Learning Solutions Limited is engaged in the business of offering diversified and integrated learning solutions through online, offline hybrid and offline blended formats to students, aspirants, and graduates (collectively “Students”) professionals and corporate employees.
Veranda’s courses offers training to multitude of career-defining competitive exams, professional courses, exam-oriented courses, short-term upskilling and reskilling courses.
The company also provides comprehensive long-term and short-term preparatory courses in a simple and lucid manner for students and learning aspirants preparing for competitive exams.
During the nine month period ending December 31, 2021, a total of 42,667 Students and professionals have enrolled across all their courses, being 16,793 in the offline models and 25,874 in the online model.
As of December 31, 2021, the company has 431 employees on their payroll and 400 outsourced employees.
Company Strengths
- Proven track record and experience promoters and management.
- Result oriented method of teaching with 360 degree approach.
- Diversified course offerings and delivery channels.
- Extensive experience in the education business and professionally qualified human capital.
- Strong brand presence and recall.
- Strong track record of successful acquisition and expansion of business.
- Efficient infrastructure and resource management with strict quality control standards.
- Technology driven, asset light scalable and pandemic-proof business model.
Company Financials
Particulars | For the year/period ended (₹ in crore) | |
Apr-Sept FY22 | FY21 | |
Total Assets | 307.36 | 11.51 |
Total Revenue | 15.66 | 2.54 |
Profit After Tax | (18.26) | (8.27) |
Purpose of the IPO
- Repayment or pre-payment, in part or full of all or certain of its borrowings of ₹60 crore.
- Payment towards acquisition of Edureka or repayment of a bridge loan availed specifically for the purpose of discharge of such acquisition consideration of Edureka for ₹25.18 crore.
- The company plans to spend about ₹50 crore for various growth initiatives such as marketing, advertising and activities important for driving brand awareness.
- General corporate purpose.
Company Promoters
Kalpathi S. Aghoram, Kalpathi S. Ganesh and Kalpathi S. Suresh are the promoters of the company.
IPO Details
IPO Opening Date | Mar 29, 2022 |
IPO Closing Date | Mar 31, 2022 |
Issue Type | Book Built Issue IPO |
Face Value | ₹10 per equity share |
IPO Price | ₹130 to ₹137 per equity share |
Market Lot | 100 Shares |
Minimum Order Quantity | 100 Shares |
Listing At | BSE, NSE |
IPO Lot Size
Application | Lots | Shares | Amount (Cut-off) |
Minimum | 1 | 100 | ₹13,700 |
Maximum | 14 | 1400 | ₹191,800 |