Chetana Education IPO Lists with 16% Premium on NSE SME

Chetana Education IPO made a solid entry on the NSE SME platform on July 31, with shares starting at ₹98.90 each, reflecting a 16.4% premium over the issue price of ₹85.

This IPO, totaling ₹45.90 crore, involved a fresh issuance of 54 lakh shares priced between ₹80 and ₹85 per share.

The subscription window for the Chetana Education IPO was open from July 24 to July 26, with share allotment completed on July 29. Investors had to bid for a minimum lot of 1,600 shares, equating to an investment of ₹1.36 lakh for retail investors. High-net-worth individuals (HNIs) had a minimum lot size of 3,200 shares, requiring an investment of ₹2.72 lakh.

Chetana Education IPO subscription rate of 196.87 times. The retail category was subscribed 135.11 times, while Qualified Institutional Buyers (QIBs) subscribed 101.22 times. High-net-worth individuals (HNIs) displayed even greater interest, with their segment being subscribed 468.42 times.

Prior to the issue, the IPO secured ₹13.06 crore from anchor investors. Hem Securities Ltd acted as the book-running lead manager, and Link Intime India Pvt Ltd was the registrar.

Proceeds from the IPO will be used to repay certain borrowings, meet working capital needs, and cover general corporate expenses.

A short brief of the company, Chetana Education Ltd, established in 2017, focuses on publishing textbooks and educational software for the K-12 segment. Serving both the Maharashtra State Board and the Central Board of Secondary Education (CBSE), the company has sold over 6 million books across various educational stages. Chetana Education also provides educational videos accessible via QR codes, enriching the learning experience for students and teachers.

To Summarize

Chetana Education Ltd's IPO made a notable debut on the NSE SME platform on July 31, with shares opening at ₹98.90 each, marking a 16.4% premium over the issue price of ₹85. The IPO, amounting to ₹45.90 crore, included a fresh issue of 54 lakh shares priced between ₹80 and ₹85 per share. The funds raised will be utilized to repay specific borrowings, address working capital requirements, and cover general corporate expenses.