CL Educate IPO opens today, aims to raise Rs 239 crore

 BT Online        Last Updated: March 20, 2017  | 12:29 IST
CL Educate IPO opens today, aims to raise Rs 239 crore

CL Educate, which owns Career Launcher opened its initial public offer (IPO) today.

The issue is open till March 22, 2017. The Delhi-based firm is offering 4,760,000 equity shares of face value of Rs 10 each.

The firm aims to raise Rs 239 crore. The fresh issue is for around 21.80 lakh equity shares of face value of Rs 10 each.

Its offer for sale comprises 25.79 lakh equity shares of Rs 10 face value.

The stock which will be listed on both BSE and NSE is available at an issue price of Rs 500 to Rs 502 per share.

The minimum order quantity for the bids is 29 shares. Its book running lead manager is Kotak Investment Banking and registrar to the offer is Karvy Computershare Pvt Ltd.

The firm allotted 14.28 lakh equity shares worth Rs 71.69 crore to anchor investors including Sundaram Mutual Fund, Canara HSBC Oriental Bank of Commerce Life Insurance Company, DSP Blackrock  MicroCap Fund and ICICI Lombard General Insurance Company.

The firm says its brands, particularly, Career Launcher and GK Publications, are associated with academic excellence.

A significant portion of our operating revenues is derived from our test preparation business. Failure to attract students in our test preparation business, including due to an unsatisfactory success ratio, may adversely affect our revenues, business, results of operations and prospects, it adds.

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