CL Educate IPO subscribed 77 per cent on second day

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New Delhi | Published: March 21, 2017 7:29:12 PM

CL Educate, which owns brand Career Launcher, saw its IPO subscribed 77 per cent on the second day of the issue today.

CL Educate, Career Launcher, IPO, NSE, Qualified institutional buyers, Kotak Mahindra Capital CompanyThe initial public offering received bids for 25,71,053 shares against the total issue size of 33,32,000 shares, data available with the NSE till 1700 hrs showed.

CL Educate, which owns brand Career Launcher, saw its IPO subscribed 77 per cent on the second day of the issue today. The initial public offering received bids for 25,71,053 shares against the total issue size of 33,32,000 shares, data available with the NSE till 1700 hrs showed.

Qualified institutional buyers (QIBs) segment was oversubscribed 1.97 times while that of non-institutional investors 4 per cent.

Retail investors category received 40 per cent subscription.

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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 tomorrow.

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.

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