Poor debut: CL Educate lists at 21% discount from issue price

Career Launcher's parent company CL Educate on Friday made a poor debut on the domestic markets by listing at Rs 398 share, a discount of 20.72% as against its issue price of Rs 502 per share.

At 1108 hours, shares of CL Educate were trading Rs 417 per piece, up 5%, or Rs 19.90 on BSE. 

CL Educate's initial public offer (IPO) comprised fresh issue of 21,80,119 shares and an offer for sale of up to 25,79,881 scrips by the existing shareholders.

The three-day IPO, which got over on March 22, was oversubscribed by just 1.90 times. 

It has fixed a price band of Rs 500-502. The company raised Rs 72 crore from anchor investors.

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According to a PTI report, the company had said that the proceeds of the issue will be used for acquisitions and other strategic initiatives and repayment of loans to fund working capital requirements and for other general corporate purposes.