Chetana Education IPO subscribed nearly 3 times on Day 1: Check price band, lot size and other key details

Chetana Education IPO (Chetana Education Limited) saw strong demand on July 22, the first day of subscription, as the NSE SME issue was fully subscribed within hours of launch.

The initial public offer was subscribed 2.82 times on the first day of subscription with bids for over 1.01 crore shares against 35.9 lakh shares on offer.The IPO saw the highest demand from the Qualified Institutional Buyers (QIBs).

Retail Individual Investors applied for over 43.36 lakh shares against the 17.95 lakh shares set aside for the category. The issue was booked 2.41 times in the retail category.

The NSE SME issue was subscribed 1.93 times in the Non-Institutional Investors (NIIs) category with applications for over 14.89 lakh shares against 7.69 lakh shares reserved for the category.

On the first day of subscription, the QIBs placed 43.07 lakh bids for Chetana Education shares against the 10.25 lakh shares set aside for the category. The NSE SME issue was booked 4.19 times in the QIBs category.

Chetana Education IPO offer size, price band and lot size

Chetana Education IPO is a book-building issue worth ₹45.9 crore and the issue comprises an entirely fresh issue of 54 lakh shares. Chetana Education IPO price band has been fixed at ₹80 to ₹85 per share.

Retail investors interested in applying for the IPO can bid for a minimum of 1,600 shares, aggregating to an investment of ₹1,36,000. High Net-Worth Individuals can place bids for a minimum of 2 lots, or 3,200 shares, amounting to ₹2,72,000.

Chetana Education IPO listing date and allotment status

Chetana Education IPO bidding window is open from July 24 to July 26. The IPO share allotment status is likely to be finalised next week on July 29. Refunds will be initiated for unsuccessful bidders on Tuesday, July 30, and shares will be credited to the Demant accounts of successful bidders the same day.

The tentative listing date for Chetana Education IPO has been scheduled as July 31.

Chetana Education Limited IPO registrar

The book running lead manager for the public issue is Hem Securities Limited. The registrar for Chetana Education IPO is Link Intime India Private Ltd and the market maker for the issue is Hem Finlease.

Chetana Education: Key financials

In FY24 Chetana Education Ltd’s revenue grew nearly 24% to ₹93.66 crore compared to ₹75.6 crore in FY23. The company’s profit-after-tax surged to ₹12.03 crore in FY24 up 76% compared to ₹6.85 crore in FY23. In FY24, Chetana Education Ltd’s net worth grew nearly 11% to ₹25.24 crore compared to ₹22.81 crore in FY23.

Chetana Education Promoters

The promoters of the company are Anil Jayantilal Rambhia, Rakesh Jayantilal Rambhia and Shilpa Anil Rambhia, before the issue they collectively had 100% stake in the company. After the issue, the shareholding of the promoters will be reduced to 73.53%.

Chetana Education IPO objective

The company plans to use the money raised via the public issue for repayment of certain borrowings availed by the company. The proceeds will also be used for meeting working capital requirements and for other general corporate purposes.

About Chetana Education Limited

Chetana Education Limited, established in 2017, specialises in publishing textbooks for CBSE and State Board curriculum for the K-12 segment. The company also develops educational software and videos for teachers and students accessible through QR (Quick Response) codes.

Chetana Education Ltd has a network consisting of over 500 distributors, dealers and a dedicated sales team spread across marketing offices across India.