Veranda Learning Stock Price: Veranda Learning Stock Lists at 15% BSE Premium
The education services player’s Rs 200 crore IPO was oversubscribed 3.53 times, thanks to interest from retail bidders. The issue was open for subscription between March 29 and 31 in the price range of Rs 130-137 per share.
The quota reserved for retail bidders was subscribed 10.76 times, while the HNI listing obtained 3.87 times the auction. The quota for institutional bidders was subscribed just over twice.
Veranda Learning, based in Chennai, was incorporated in 2018 but started operations from December 2020 through its four wholly-owned subsidiaries without any comparable company in India that is engaged in similar business.
The company offers online and offline coaching services for career defining courses such as UPSC, CA, banking and government exams to students, graduates, professionals and corporate employees.
The IPO was not followed by many brokerages, thanks to its small size. However, those who followed the issue mostly had a “avoid” rating. Analysts were skeptical of the issue following the company’s muted finances, negative earnings, expensive valuations, sluggish growth and stiff competition in the education sector.