Business News | Addictive Learning Technology Limited IPO Opens on 19th January, 2024
Get latest articles and stories on Business at LatestLY. Mumbai (Maharashtra) [India], January 16: Addictive Learning Technology Limited, a professional upskilling and career services edtech company, has announced its plan to go public with an Initial Public Offering on 19th January. The company is aiming to raise Rs 60.15 Crores on upper band price through this IPO, with shares set to be listed on the NSE Emerge platform.
PNN
Mumbai (Maharashtra) [India], January 16: Addictive Learning Technology Limited, a professional upskilling and career services edtech company, has announced its plan to go public with an Initial Public Offering on 19th January. The company is aiming to raise Rs 60.15 Crores on upper band price through this IPO, with shares set to be listed on the NSE Emerge platform.
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The fresh issue size is Up to 41,37,000 equity shares and offer for sale (OFS) is Up to 1,60,000 at face value of Rs 10 each.
Equity Share Allocation
* QIB Anchor Portion - Up To 11,92,000 Equity Shares
* Qualified Institutional Buyers (QIB) - Up To 7,95,000 Equity Shares
* Non-Institutional Investors (NII) - Up To 5,99,000 Equity Shares
* Retail Individual Investors (RII) - Up To 13,95,000 Equity Shares
* Market Maker - Up To 3,16,000 Equity Shares
The net proceeds from the IPO will be utilized for Unidentified Acquisition (In India or Abroad) & Identified Acquisition, Technology Investment, Development of new courses, Branding & Marketing, Working Capital Requirements and General Corporate Expenses. The bidding for Anchor portion will open on January 18, 2024 and the issue closes on January 23, 2024.
The Book Running Lead Manager to the Issue is Narnolia Financial Services Limited. The Registrar to the Issue is Maashitla Securities Private Limited.
Ramanuj Mukherjee, Managing Director of Addictive Learning Technology Limited said, "At Addictive Learning Technology Limited, we are excited to announce our upcoming IPO, marking the beginning of a new chapter. Comprised of seasoned professionals and experts with extensive experience, our unwavering dedication lies in advancing experiential learning within the edtech landscape.
This milestone IPO holds great significance, and the funds raised will be instrumental in supporting our mission to provide a diverse array of educational solutions. We anticipate sustained growth and aim to make a lasting impact in the ever-evolving edtech landscape."
Vipin Aggarwal, Director (Investment Banking) of Narnolia Financial Services Limited said, "Addictive Learning Technology's IPO marks a significant milestone, and we're pleased to be part of their journey. With a strong reputation in the edtech and a diverse a wide range of educational solutions, the company's commitment to cater advanced and a wide range of educational solution. Wishing Addictive Learning continued success and growth in the future."
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