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Multibagger returns in just 15 sessions: This stock zoomed 101% since market debut

Multibagger returns in just 15 sessions: This stock zoomed 101% since market debut

An investment of Rs 1 lakh in the stock 15 sessions ago would have grown to Rs 2.01 lakh today.

Those who were allotted shares during the Veranda Learning Solutions IPO are sitting on a profit of 101 per cent on their investment. Those who were allotted shares during the Veranda Learning Solutions IPO are sitting on a profit of 101 per cent on their investment.

Shares of online and offline learning solutions provider Veranda Learning Solutions have delivered over 100 per cent returns in just 15 trading sessions against the IPO issue price. An investment of Rs 1 lakh in the stock 15 sessions ago would have grown to Rs 2.01 lakh today.

Those who were allotted shares during the IPO are sitting on a profit of 101 per cent on their investment. Veranda Learning Solutions stock closed at Rs 276.65 in the previous session against the IPO issue price of Rs 137, rising Rs 139 or 101.45 per cent during the period.

However, the stock closed 5 per cent lower in the previous session on BSE. Market cap of the Veranda Learning Solutions fell to Rs 1,543.03 crore on BSE. A total of 6.92 lakh shares of the firm changed hands, amounting to a turnover of Rs 20.84 crore on BSE. The share opened at its all-time high of Rs 305.75 on May 4.

Also read: Rs 22 to Rs 499: This stock turned into a multibagger in one year

In a latest development, Veranda Learning Solutions will hold an extraordinary general meeting on May 27 during which the board members will take discuss several important proposals.  Among those is approving 'Employees Stock Option Plan 2022' to be implemented for the employees of the company and the employees of the subsidiaries.

The IPO of Veranda Learning Solutions was open from March 29 to March 31. Shares were available in a price band of Rs 130 to Rs 137. Systematix Corporate Services Limited was the book running lead manager to the issue.

The allotment of shares was done on April 5. The stock listed at a 14.60 per cent premium to the issue price. The stock opened at Rs 157 on BSE and started 8.7 percent lower at Rs 125 on National Stock Exchange. Post listing, market cap of the firm stood at Rs 875 crore.

Also read: Rs 62 to Rs 716: This stock turned into a multibagger in one year

The listing premium of Rs 20 was a bit more than the grey market premium, which signaled a premium of Rs 15.

The Rs 200-crore IPO was subscribed 3.53 times as retail investors submitted bids for 10.76 times the shares reserved for them. The portion set aside for non-institutional investors was subscribed 3.87 times and that of qualified institutional buyers 2.02 times.

Lot size of the IPO was 100 shares for which one would have to spend Rs 13,700. A retail individual investor could apply for up to 14 lots or 1,400 shares by spending Rs 1,91,800.

Veranda logged a loss of Rs 8.3 crore on a revenue of Rs 2.54 crore for the financial year 2020-21. Its loss in the six months ended September 2021 was Rs 18.3 crore on revenue of Rs 15.46 crore.

In September, Veranda said it has acquired Edureka, a live-instructor-led online solutions provider for the IT industry, for Rs 245 crore. Earlier, Veranda had acquired Chennai Race Coaching Institute, a coaching institute for Banking, SSC, and PSC exams.

Veranda is a comprehensive 360-degree online education platform. It is engaged in the business of offering diversified and integrated learning solutions in online, offline hybrid, and offline blended formats to students, aspirants, and graduates professionals and corporate employees.

Also read: Rs 21 to Rs 343: This stock turned into a multibagger in three months

Also read: Rs 350 to Rs 1233: This multibagger stock zoomed over 250% in one year. Do you own it?

( Disclaimer: This article is for information purpose only and should not be construed as a stock recommendation. Pls consult your financial advisor or an independent financial planner before taking any position in the stock. Business Today will not be responsible for any losses arising out of dealing in this stock.)

Published on: May 05, 2022, 9:38 AM IST
Posted by: Aseem Thapliyal, May 05, 2022, 9:25 AM IST