C L Educate on Tuesday fixed a price band of Rs. 500-502 per share for its upcoming initial public offer (IPO) through which it aims to raise Rs 239 crore, reported PTI. The IPO will open on March 20 and close on March 22, said C L Educate, which operates across segments in the education industry including test preparation, K-12 and vocational training.
The issue comprises 47.60 lakh equity shares or about 33.61 per cent. It consists of fresh issue of 21,80,119 shares and an offer for sale of up to 25,79,881 scrips by existing shareholders. At the upper end of the price band, the company would raise Rs. 238.95 crore. Proceeds of the issue will be used for acquisitions and other strategic initiatives, repayment of loans, to fund working capital requirements and for other general corporate purposes, as per the draft papers.
Kotak Mahindra Capital Company is the sole book running lead manager to the issue. The equity shares are proposed to be listed on bourses National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).