Incorporated in 2018, Veranda Learning Solutions Limited offers online and offline coaching services for career-defining courses such as UPSE, Chartered Accountant, Banking, and Government Exams to students, graduates, professionals, and corporate employees.
The company offers coaching services for Railways Recruitment Board exams, Banking, and Insurance exams, State Public Service Commission, Staff Selection Commission exams, CA Foundation, CA Intermediate, and CA Final exams, Union Public Service Commission-prelims, and main exam, and personality tests, and State Public Service Commission Group-I exams, Short term skilling courses, Long term courses (university partnership courses) and Corporate learning courses (B2B). All the services are offered through its wholly-owned subsidiaries namely Veranda Race Learning Solutions Private Limited (Veranda Race), Veranda XL Learning Solutions Private Limited (Veranda CA), Veranda IAS Learning Solutions Private Limited (Veranda IAS), and Brain4ce Education Solutions Private Limited (Edureka).
During the nine-month period ending December 31, 2021, a total of 42,667 Students and professionals have enrolled across all courses, out of which 16,793 enrolled for the offline model and 25,874 enrolled for the online model.
Competitive Strengths:
- Proven track record of the company Promoters.
- Result-oriented method of teaching with a 360-degree approach.
- Diversified course offerings and delivery channels.
- Extensive experience in the education business and professionally qualified human capital.
- Strong Brand Presence of our brands.
- Track record of successful acquisition and expansion.
- Efficient infrastructure and resource management with strict quality control standards and affordable courses.
- Technology-driven, Asset Light & Scalable business model.
- Pandemic Proof Model.
Company Promoters:
Mr. Kalpathi S. Aghoram, Mr. Kalpathi S. Ganesh, and Mr. Kalpathi S. Suresh are the company promoters.
Company Financials:
| Particulars | For the year/period ended (Rs in Millions) | |
|---|---|---|
| 30-Sep-21 | 31-Mar-21 | |
| Total Assets | 3,073.65 | 115.19 |
| Total Revenue | 156.61 | 25.45 |
| Profit After Tax | (182.69) | (82.79) |
Objects of the Issue:
The net proceeds of the Offer are proposed to be utilized in the following manner:
- Repayment or pre-payment, in part or full of all or certain of our borrowings.
- Payment of acquisition consideration of Edureka or repayment of a bridge loan availed specifically for the purpose of discharge of such acquisition consideration of Edureka.
- Growth initiatives.
Veranda Learning IPO Details
| IPO Opening Date | Mar 29, 2022 |
| IPO Closing Date | Mar 31, 2022 |
| Issue Type | Book Built Issue IPO |
| Face Value | ₹10 per equity share |
| IPO Price | ₹130 to ₹137 per equity share |
| Market Lot | 100 Shares |
| Min Order Quantity | 100 Shares |
| Listing At | BSE, NSE |
| Issue Size | [.] Eq Shares of ₹10 (aggregating up to ₹200.00 Cr) |
| Fresh Issue | [.] Eq Shares of ₹10 (aggregating up to ₹200.00 Cr) |
| QIB Shares Offered | 75% of the net offer |
| Retail Shares Offered | 10% of the net offer |
| NII (HNI) Shares Offered | 15% of the net offer |
Veranda Learning IPO Tentative Timetable
The Veranda Learning IPO open date is Mar 29, 2022, and the close date is Mar 31, 2022. The issue may list on Apr 7, 2022.
| IPO Open Date | Mar 29, 2022 |
| IPO Close Date | Mar 31, 2022 |
| Basis of Allotment Date | Apr 5, 2022 |
| Initiation of Refunds | Apr 6, 2022 |
| Credit of Shares to Demat Account | Apr 6, 2022 |
| IPO Listing Date | Apr 7, 2022 |
Veranda Learning IPO Lot Size
The Veranda Learning IPO market lot size is 100 shares. A retail-individual investor can apply for up to 14 lots (1400 shares or ₹191,800).
| Application | Lots | Shares | Amount (Cut-off) |
|---|---|---|---|
| Minimum | 1 | 100 | ₹13,700 |
| Maximum | 14 | 1400 | ₹191,800 |
Veranda Learning IPO Promoter Holding
| Pre Issue Share Holding | 89.22% |
| Post Issue Share Holding | 65.87% |
Veranda Learning IPO Review
Though the management claims that it is a very niche player in online/offline learning solutions, its operations with high losses raise concerns. Many investors have burnt their pockets with investments in loss-making unicorn/tech companies in the recent past and hence caution is needed. There is no harm in ignoring this IPO.
Company Contact Information
Veranda Learning Solutions Limited
Old No 54, New No 34,
Thirumalai Pillai Road,
T. Nagar, Chennai – 600017
Phone: +91 44 42967777
Email: anantharamakrishnan.m@verandalearning.com
Website: https://www.verandalearning.com/
Veranda Learning IPO Registrar
KFintech Private Limited
Phone: 04067162222, 04079611000
Email: einward.ris@kfintech.com
Website: https://karisma.kfintech.com/