The three‑day bidding window drew bids for 6,02,69,672 equity shares against 3,36,73,468 shares on offer, translating to a 1.79× subscription multiple—well above the 1.5× average seen in education‑infra IPOs this quarter.
The price band of ₹343–₹362 places the issue at a market cap near ₹6,100 crore if priced at the upper end, a premium of about ₹6 per share relative to the grey market rate. The company had set the band after a valuation of ₹6,100 crore, aligning with the 85.9% EBITDA margin reported for FY 2026.
Promoter ownership drops from 100% to 65.58% post‑IPO, a move that will likely improve liquidity. The ₹2,100 crore proceeds are earmarked: ₹1,050 crore for acquiring 16 K‑12 entities, ₹750 crore to repay borrowings, and the balance for other inorganic growth and working capital.
FY 2026 figures show a 32.2% YoY revenue rise to ₹806.9 crore, EBITDA margin expanding to 85.9% from 66.5%, and net profit tripling to ₹207 crore from ₹68.1 crore in FY 2025. These metrics position the firm solidly above the sector average EBITDA of 54%.
With the listing date set for September 30, market watchers will monitor whether the premium holds and how the post‑IPO share price swings against the ₹343–₹362 band. The company’s focus on high‑margin campus‑based services and planned K‑12 expansion could make it a bellwether for the niche education infrastructure space.