Veranda Learning Solutions IPO to open on March 29; fixes price band of Rs 130-Rs 137 per equity share

Veranda Learning Solutions on Thursday said it has fixed price band of Rs 130-137 per equity share of face value of Rs 10 each for its forthcoming initial public offering scheduled to begin from March 29.

The offer consists of equity shares of face value of Rs 10 each of the issuer aggregating up to Rs 2,000 million (Rs 200 crore).

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The offer to remain open from March 29 to March 31,2022 and bids can be made for a minimum of 100 equity shares and in multiples of 100 equity shares thereafter, the company said.

Veranda Learning said, "...Not less than 75 per cent of the net offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (QIB)".

"Further not more than 15 per cent of the Net Offer shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not more than 10 per cent shall be available for allocation to retail individual bidders", the company said.

The company said five per cent of the Net QIB shall be available for allocation on a proportionate basis to mutual funds only and the remainder of the Net QIB portion shall be available for allocation on a proportionate basis to all QIBs, mutual funds, subject to valid bids being received at or above the offer price, the company said.