Veranda Learning Solutions Limited is set to join the IPO bandwagon. The online learning platform has filed draft papers with the SEBI for a Rs 200 crore initial public offering.
Veranda Learning Solutions Ltd on Thursday filed preliminary papers with the capital markets regulator Securities and Exchange Board of India (SEBI) for a Rs 200 crore initial public offering (IPO).
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According to the draft red herring prospectus (DRHP), the online learning platform will raise money through the primary issuance of equity shares. It may also consider a pre-IPO placement of equity shares aggregating up to Rs 50 crore for cash consideration.
“A further issue of Equity Shares, in addition to the pre-IPO Placement, through a private placement to one or more persons, aggregating up to Rs 500 million ("Private Placement"), which may be undertaken by our Company in consultation with the BRLM, prior to the filing of the Red Herring Prospectus with the RoC,” the firm said in the DRHP.
Veranda Learning will use the IPO proceeds towards repayment or pre-payment, of loan, the retirement of acquisition consideration of Edureka, growth initiatives, and general corporate purpose.
Veranda offers diversified and integrated learning solutions in online, offline hybrid, and offline blended formats to students, aspirants, and graduates professionals, and corporate employees.
Earlier in September, it acquired Edureka, a live-instructor-led online solutions provider for the IT industry, for Rs 245 crore. Prior to that, Veranda had acquired Chennai Race Coaching Institute, a coaching institute for banking, SSC, and PSC exams.
Systematix Corporate Services Ltd is the book running lead manager (BRLM) to the issue. The equity shares will be listed on BSE and NSE.
(With PTI inputs)