Edtech Klassroom’s Shares List At 7% Premium To Issue Price

Shares of Fusion Klassroom Edutech made their stock market debut on the BSE SME platform today, listing at a premium of 6.92% to the issue price of ₹159. The stock got listed at ₹170 and subsequently climbed to ₹178.50, up 12.26% from the issue price. 

The company’s market capitalisation stood at ₹164.9 Cr (about $17.3 Mn) at 10:25 IST.

Klassroom had set a price band of ₹151 to ₹159 for the issue, seeking a valuation of ₹148.1 Cr (about $15.3 Mn). At the upper end of the price band, Klassroom was looking to raise ₹39 Cr through the IPO.

The public issue comprised a fresh issue of up to 19.89 Lakh shares and an OFS of up to 4.66 Lakh shares. The IPO was oversubscribed 1.46X.

The edtech company plans to deploy the net proceeds from the fresh issue towards tech upgrades, content development, marketing and brand building, and debt repayment.

(The story will be updated soon)

The post Edtech Klassroom’s Shares List At 7% Premium To Issue Price appeared first on Inc42 Media.