S Chand IPO Oversubscribed By 11.89 Times On Its Last Day Of Subscription

One of the leading Indian academic content producing company, S Chand and Company Limited’s IPO issue is open for subscription. On the last day of subscription, as per the data available with the NSE, as of 13:45 hours, the issue attracted total bids of 9,14,06,920; and total bids received at cut-off price stand at 1,39,53,588. The total issue size stands at 76,85,284 shares.

The IPO issue as of 13:45 hours on Friday got oversubscribed by 11.89 times. On April 25, the company raised nearly Rs 219 cr from anchor investors.

The company is going to raise funds through fresh issue of equity shares, aggregating upto Rs 3250 million. The company is also raising funds through offer for sale of 60,23,236 equity shares. The face value of equity shares is pegged at Rs 5 per share.

The company will not receive any proceeds from the Offer for Sale. The company proposes to use the net proceeds from the fresh issue towards repayment of loans availed by the company, and one of the company’s subsidiaries, Eurasia Publishing House Private Limited, which were utilised towards funding the acquisition of Chhaya; repayment/prepayment, in full or in part, of certain loans availed of by the company and certain of the company’s subsidiaries, New Saraswati House (India) Private Limited and Vikas Publishing House Private Limited, and general corporate purposes.

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