Veranda Learning Solutions’ IPO to raise up to Rs 200 crore was subscribed 74 percent on Tuesday, the first day of the bidding process. The initial share sale -- which is an entirely fresh issuance of shares -- opened for subscription earlier in the day, and will close on March 31.

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Veranda Learning is a provider of online and offline coaching services for a range of academic and professional courses such as UPSE, SSC and chartered accountancy.

At the end of the day, the Veranda IPO received bids for 87.5 lakh shares as against the 1.2 crore shares on offer.

The portion reserved for retail investors saw a subscription of 4.2 times the shares on offer. The quota meant for non-institutional investors (NIIs) was booked at 85 percent, and that for qualified institutional buyers (QIBs) five percent.

Under the Veranda Learning IPO, 75 percent of the total shares are reserved for QIBs, 15 percent for NIIs and 10 percent for retail investors.

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Veranda Learning shares are available for bidding in a price band of Rs 130-137 apiece in multiples of 100 under the IPO. At the upper end of the price band, one lot of shares will cost investors Rs 13,700.

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Veranda Learning Solutions shares will be listed on stock exchanges BSE and NSE on April 7.

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(Edited by : Sandeep Singh)

First Published:Mar 29, 2022 3:18 PM IST