S Chand IPO a hit, subscribed 59 times on last day
The initial public offering of S Chand saw solid investor demand as it was oversubscribed 59.28 times on the last day of offer on 28 April. The IPO received bids for 45,56,00,794 shares against the total issue size of 76,85,284 shares, according to the data available with the NSE. The company raised nearly Rs 219 crore from anchor investors. The price band for the offer is Rs 660-670 a share.
03 May 2017 | By Rahul Kumar
The S Chand plant at Sahibabad, UP
The IPO comprises fresh issue of shares up to Rs 325 crore. Besides, the existing shareholders, including Everstone Capital, will collectively sell 6,023,236 shares worth Rs 403.5 crore, taking the total IPO size to Rs 728.5 crore.
The New Delhi-based company was incorporated in 1970 and has since been publishing books for primary and secondary schools, higher secondary academics and accounting, tax and engineering exams and other technical subjects.
Proceeds from the issue will be utilised for repayment and prepayment of loans as well as for general corporate purposes. The loan amount includes those taken by its subsidiary for funding the acquisition of Chhaya Prakashani. The company had acquired 74% of the outstanding share capital of the Kolkata-based publisher last year.
The company offers 53 consumer brands across knowledge products and services, including S Chand, Vikas, Madhubun, Saraswati, Destination Success and Ignitor. (Courtesy news agencies)
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