CL Educate IPO Subscribed 77% On Second Day
The offer will close on Wednesday.
CL Educate Ltd., which owns brand Career Launcher, saw its initial public offer (IPO) subscribed 77 percent on the second day of the issue on Tuesday.
The IPO received bids for 25,71,053 shares against the total issue size of 33,32,000 shares, data available with the NSE till 5:00 pm showed. The segment reserved for qualified institutional buyers (QIBs) was subscribed 1.97 times, while that of non-institutional investors was subscribed 4 percent. Retail investors category received 40 percent subscription.
CL Educate, which operates across segments in the education industry including test preparation and vocational training, last week raised nearly Rs 72 crore from anchor investors. It has fixed a price band of Rs 500-502 for the IPO.
At the upper end of the price band, the offer can fetch up to Rs 239 crore. The offer will close on Wednesday.
The IPO comprises a fresh issue of 21.80 lakh shares and offer for sale of up to 25.79 lakh shares. Proceeds of the issue will be used for acquisitions and other strategic initiatives, repayment of loans, fund working capital requirements and other general corporate purposes, as per the draft papers.
Kotak Mahindra Capital Company is the book running lead manager for the offer.
Also Read: All You Need To Know About CL Educate’s IPO
