S
Chand & Company’s Rs. 727-crore public issue to open on April 26, 2017
Education-focussed publishing house S Chand & Company is planning to
raise nearly Rs. 727 crore through an initial public offering, paving the way
for the partial exit of private equity firm Everstone Capital.
The offer opens on April 26 and closes on April 28, 2017. The New
Delhi-based company has fixed a price band of Rs. 660-670 a share. The face
value is Rs. 5. The offer consists of a fresh issue of shares totalling up to
Rs.325 crore and an offer-for-sale of 60 lakh shares of the promoters,
shareholders and Everstone Capital Partners.
S Chand, which provides educational content for higher education and
early-learning segments spanning Kindergarten to Std XII, had received
regulatory clearance for the IPO on March 3, 2017 from SEBI. Following the IPO,
the company intends to list the shares both on the BSE and the NSE.
The company, in its DRHP, had mentioned that it was scouting to acquire
regional content houses, even as it plans to further its presence in the higher
education business, particularly in the test preparation market.
Everstone Capital, which had invested a total of Rs.260 crore in two
tranches, is partly exiting S Chand by selling close to 50% of its total stake
in the company. The PE firm, which made its first tranche of investment in
2012, would get about Rs. 320 crore when it pares 50% of the stake it holds or
about 48 lakh shares.
JM Financial, Axis Capital and Credit Suisse are the bankers to the issue.
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