CL Educate’s initial public offering was oversubscribed 1.11 times till afternoon on the last day of the bidding today. The IPO received bids for 36,98,979 shares against the total issue size of 33,32,000 shares, data available with the NSE till 1230 hrs showed. CL Educate, which operates across segments in the education industry including test preparation and vocational training, raised nearly Rs 72 crore from anchor investors last week. It has fixed a price band of Rs 500-502 for the IPO which opened on Monday. At the upper end of the price band, the offer can fetch up to Rs 239 crore.
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, meeting 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.