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Business News/ Market / Stock-market-news/  S Chand raises Rs219 crore from anchor investors ahead of IPO
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S Chand raises Rs219 crore from anchor investors ahead of IPO

The S Chand IPO comprises fresh issue of equity shares up to Rs325 crore

The S Chand IPO would open for public subscription on 26 April and close on 28 April. Photo: Andrey Popov/iStockphotoPremium
The S Chand IPO would open for public subscription on 26 April and close on 28 April. Photo: Andrey Popov/iStockphoto

New Delhi: Leading text book publisher S Chand and Company on Tuesday raised nearly Rs219 crore from anchor investors, a day ahead of its initial public offering (IPO).

The company has allotted little over 32 lakh shares at Rs670 apiece to 15 anchor investors. The total value is Rs218.57 crore. Shares have been allotted to 15 anchor investors, including HSBC Global Investment Funds - Indian Equity, HDFC Trustee Company Ltd - HDFC Prudence Fund, Nomura Singapore Ltd, BNP Paribas Arbitrage and SBI Life Insurance Company, according to a regulatory filing.

The price band for the offer is Rs660-670 a share and the allotment of scrips to anchor investors has been done at the upper end of the price band. The IPO comprises fresh issue of equity shares up to Rs325 crore. Besides, existing shareholders of the company, including Everstone Capital, would collectively sell 6,023,236 shares worth Rs403.5 crore, taking the total IPO size to Rs728.5 crore.

The initial share sale would open for public subscription on 26 April and close on 28 April. Proceeds from the issue would be utilised for repayment and prepayment of loans as well as for general corporate purposes. The loan amount includes those taken by its subsidiary for funding the acquisition of Chhaya Prakashani Pvt Ltd. JM Financial Institutional Securities, Axis Capital and Credit Suisse Securities (India) Pvt Ltd are the merchant bankers to the offer.

Last year, the company had acquired 74% of the outstanding share capital of Chhaya Prakashani. The company offers 53 consumer brands across knowledge products and services, including S Chand, Vikas, Madhubun, Saraswati, Destination Success and Ignitor.

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Published: 25 Apr 2017, 10:57 PM IST
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