Leading textbook publisher S Chand has priced its initial public offering (IPO) in a price band of Rs 660 to Rs 670 per equity share. The shares have a face value of `5. The company aims to raise Rs 728.55 crore from the IPO. The IPO comprises fresh issuance of shares worth `325 crore and an offer for sale (OFS) for `403.55 crore, the company said in a statement. Anchor investors can bid for the shares on April 25. Bids can be made for a minimum of 22 equity shares and in multiples of 22 shares thereof. The IPO is scheduled to open on April 26 and close on April 28.
The company proposes to use the net proceeds from the fresh issue towards repayment of loans of its subsidiary- Eurasia Publishing house — which was utilised towards funding the acquisition of Chhaya, repayment of certain loans availed of by the company and certain of the its subsidiaries.
For the nine-month ended December 2016, S Chand posted total revenue of `150.8 crore. For the year ended March 31, 2016, the company posted revenue of `540.6 crore, against `478.5 crore in the previous year.
S Chand delivers content, solutions and services across the education lifestyle through its K-12, higher education and early learning segments. As of December 31, 2016, the company offered 55 consumer brands across knowledge products and services. In December 2016, the Company acquired 74% of the outstanding share capital of Chhaya Prakashani, and the Company now offers four Chhaya brands including Chhaya and IPP. S Chand textbooks and instructional materials are supported by their offering technology driven methods of education. JM Financial Institutional Securities, Axis Capital and Credit Suisse Securities are the Book running lead managers.