Everonn IPO gets huge demand from retail, corporates

Everonn Systems' initial public offer has been subscribed over 131 times on overwhelming response from corporate and retail investors.

The company received bids for 52.58 crore equity shares against 40 lakh shares offered, over 131.47 times, data available on the exchanges show.

The portion reserved for retail investors received demand over 123 times, while the non-institutional segment comprising of corporates and individuals got subscribed more than 277 times, the data show.

Besides, the Qualified Institutional Buyers portion also received good demand with the portion reserved for them getting subscribed nearly 93 times.

The price band of the issue has been fixed at Rs 125 to Rs 140

per share. Everonn Systems, a knowledge management, education and training company offers a range of services, which include creating educational and training content, designing and executing learning initiatives and setting up the required infrastructure for schools and institutions.

The company plans to use the proceeds of the issue for capital expenditure in its two strategic business units -- institutional education and IT infrastructure services and virtual and technical-enabled learning solutions.

It will also utilise the proceeds for mergers and acquisitions, investment in a proposed subsidiary to retail educational aids, tools and other products.