E-Learning Platform Veranda Learning Solutions Files Draft to Raise INR 200 Crore Initial Public Offering
Before publishing its red herring prospectus, the business may contemplate a pre-IPO placement of Rs 50 crore in collaboration with its merchant bankers. The proceeds of the final offering will be used to settle debt and retire Edureka's purchase consideration.
According to the Share Purchase Agreement signed in August 2021, the firm purchased a 100 percent ownership in Brain4ce Education Solutions (Edureka) in September 2021. Veranda feels that by acquiring Edureka, it has strengthened its footprint in software education as well as in worldwide markets, notably in the United States of America and the United Kingdom.
Veranda is in the business of providing students, professionals, and corporate personnel with diverse and integrated learning options. For students preparing for UPSC Exams, State Public Service Commission, Staff Selection Commission, Banking, Insurance, Railways, and Chartered Accountancy, the organisation offers complete long term and short term preparatory courses in a straightforward and transparent manner.
Veranda Race Learning Solutions, Veranda XL Learning Solutions, Veranda IAS Learning Solutions, and Brain4ce Education Solutions are the company's four subsidiaries.