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Business News/ Companies / News/  Online learning platform Veranda files for IPO
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Online learning platform Veranda files for IPO

Veranda IPO: The issue includes a fresh offer of up to ₹200 crore worth equity shares, according to the draft red herring prospectus (DRHP) filed with SEBI

Veranda said it will use the net proceeds towards funding the pare debt, retirement of acquisition consideration of Edureka, and also growth initiatives. (ANI)Premium
Veranda said it will use the net proceeds towards funding the pare debt, retirement of acquisition consideration of Edureka, and also growth initiatives. (ANI)

Online learning platform Veranda Learnings Solutions has filed draft papers with market regulator Securities and Exchanges Board of India (SEBI) for an initial public offering (IPO), looking to cash in on the IPO frenzy.

The issue includes a fresh offer of up to 200 crore worth equity shares, according to the draft red herring prospectus (DRHP) filed with SEBI.

The company may, in consultation with the BRLM, also consider a Pre-IPO placement of shares up to crore for cash consideration. The Pre-IPO placement, if undertaken, will be at a price to be decided by the Company in consultation with the BRLM.

Veranda said it will use the net proceeds towards funding the pare debt, retirement of acquisition consideration of Edureka, and also growth initiatives.

Veranda has recently acquired Edureka, a live-instructor-led online solutions provider for the IT industry, for 245 crore. The acquisition of Edureka is the second buyout by the company since its launch in December 2020. Veranda had acquired Chennai Race Coaching Institute, a coaching institute for Banking, SSC and PSC exams.

Hectic fundraising through IPOs is taking the Indian markets by storm, driven by heightened retail investors interest and ample liquidity. Internet startups are at the forefront of the storm, with food delivery company Zomato leading the way.

Successful IPO of Zomato, which was overwhelmingly subscribed by over 38 times, encouraged new-age tech companies to come out with their primary share-sales.

Recently, Nykaa made a bumper debut on the exchanges with shares nearly doubling on the listing day and the market cap zooming over 1 lakh crore.

Paytm, India's leading payments company, is also rearing for a listing pop in what is country's biggest-ever IPO. Other startups like PolicyBazaar, PharmEasy, MobiKwik Systems are also coming up with their IPOs

Veranda is a digital learning company that offers many career-defining courses through its subsidiaries Veranda Race Learning Solutions and Veranda CA Learning Solutions Private Limited.

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Published: 11 Nov 2021, 04:43 PM IST
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