Veranda Learning Solutions IPO: Online education platform files papers with Sebi, to raise Rs 200 cr

Veranda is a comprehensive 360-degree online education platform.

Sebi. Image source: Reuters

Online education platform Veranda Learning Solutions Ltd has filed preliminary papers with capital markets regulator Sebi to raise Rs 200 crore through an initial share sale.

The initial public offering (IPO) is the primary issuance of equity shares, according to the draft red herring prospectus (DRHP).

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The company may consider a private placement of equity shares aggregating Rs 50 crore.

Proceeds of the public issue will be utilised towards repayment or pre-payment, of loan, the retirement of acquisition consideration of Edureka, and growth initiatives.

Veranda is a comprehensive 360-degree online education platform. It is engaged in the business of offering diversified and integrated learning solutions in online, offline hybrid, and offline blended formats to students, aspirants, and graduates professionals and corporate employees.

In September, Veranda said it has acquired Edureka, a live-instructor-led online solutions provider for the IT industry, for Rs 245 crore. Earlier, Veranda had acquired Chennai Race Coaching Institute, a coaching institute for Banking, SSC, and PSC exams.

Systematix Corporate Services Limited is the book running lead manager to the issue. The equity shares will be listed on BSE and NSE.

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Sebi Initial Public Offer (IPO)