1. CL Educate IPO opens, subscribed 37% on day 1

CL Educate IPO opens, subscribed 37% on day 1

The initial public offering (IPO) of CL Educate was subscribed 0.37 times on the first day with investors bidding for 12.17 lakh shares of the 33.32 lakh shares on offer.

By: | Mumbai | Published: March 21, 2017 5:03 AM
The offer consists of R109 crore to be raised through the fresh issue and an offer for sale (OFS) of 25,79,881 shares. The qualified institutional buyers bid 9.89 lakh shares on the opening day of the IPO. (Reuters)

The initial public offering (IPO) of CL Educate was subscribed 0.37 times on the first day with investors bidding for 12.17 lakh shares of the 33.32 lakh shares on offer. The company has priced its IPO aimed at raising R238 crore in a price band of R500 to R502 per equity share.

The offer consists of R109 crore to be raised through the fresh issue and an offer for sale (OFS) of 25,79,881 shares. The qualified institutional buyers bid 9.89 lakh shares on the opening day of the IPO. High Net worth individuals (HNIs) bid for 2,552 shares of the 7.14 lakh shares reserved for them. Retail investors bid for 2.25 lakh shares against the 16. 66 lakh shares reserved for them. CL Educate raised R71.69 crore from anchor investors ahead of its initial public offering (IPO). The company sold more than 14.28 lakh shares to anchor investors at a rate of R502 per piece.

The investors who were allotted shares in the pre-IPO placement include HDFC Trustee Company, Ocean Dial Gateway to India Mauritius Ltd, Ashoka Pte, Canara HSBC Oriental Bank of Commerce Life Insurance Company, HDFC Standard Life Insurance Co Ltd, Principal Trustee Company and ICICI Lombard General Insurance Company. Kotak Mahindra Capital is the book running lead manager to the
issue.

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