CL Educate, Shankara Building IPOs to hit markets this week, raise Rs584 crore
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CL Educate and Shankara Building Products are ready to hit the market this week with their initial public offerings (IPOs) to raise a total of Rs584 crore.
The bidding for the CL Educate issue will start on 20 March and close on 22 March, while Shankara Building Products’ IPO will open for public subscription on 22 March and go on till 24 March.
The shares of the firms are proposed to be listed on BSE and NSE. This follows public offers from Music Broadcast, a Jagran group entity that operates Radio City FM channel, and Avenue Supermarts, the operator of retail chain D-Mart, earlier this month. So far this year, Music Broadcast and leading stock exchange BSE have got listed. Many companies, including the BSE-promoted CDSL, are readying their IPOs, too. The year 2016 saw hectic fund-raising activity in the IPO space as a total of 26 firms mobilized over Rs26,000 crore through this route, making it the best since 2010.
CL Educate’s IPO comprises a fresh issue of 21,80,119 shares and an offer for sale of up to 25,79,881 scrips by existing shareholders. It has fixed a price band of Rs500-502. Last week, the firm raised Rs72 crore from anchor investors. The proceeds of the issue will be used for acquisitions and other strategic initiatives and repayment of loans to fund working capital requirements and for other general corporate purposes, according to draft papers.
Bengaluru-based retailer Shankara Building Products’ public issue consists of a fresh issue of shares worth Rs45 crore and an offer for sale of 6,521,740 scrips by existing shareholders. It has set the price band at Rs440-460. At the upper end, the IPO is expected to fetch Rs345 crore.