Arihant Institute Limited, a company engaged in educational coaching and guidance for students taking competitive exams such as chartered accountancy and Company Secretary, is coming out with its maiden IPO of 25 lakh equity shares with a face value of Rs 10 each. At a fixed price of Rs 30 per share. The educational guidance centre is looking at raising a total sum of Rs 7.5 crore, to open new coaching centres across 21 different locations in India, in addition to other upgradation of technical infrastructure and corporate office restructuring.
The issue is set to open for subscription on 23 May 2018 and will be closing on 28 May 2018. The IPO will be listed on the BSE SME platform with the minimum application being made for a lot size of 4,000 retail shares. For high networth individuals, the bid lot will be of 8,000 shares and in multiples of 4000 shares thereon.
“Over the past 20 years, Arihant Institute Ltd has been committed to provide the best quality education in our domain to a wider cross section of students, at an affordable cost, taking regional factors into consideration. Our company is a preferred choice to seek educational coaching for chartered accountancy and company secretary courses. More than 10,000 students who have benefitted from the coaching and guidance for professional from our institute bear the testimony to this,” said Mr Sandip Kamdar, one of the promoters of the company.
“More than 2,000 chartered accountants and more than 175 company secretaries have cleared their professional exams under our coaching and out of these 205 students have secured national rank in their professional exams” Mr Kamdar further said.
Sharing future plans, Mr Kamdar also talked about offering more courses. “Going forward, we also plan to offer publication, vocational training along with placement services. Arihant aims at setting up its new centres in Gujarat, Rajasthan, Mumbai and Thane. That apart, we will also focus on building technical infrastructure, branding and marketing, corporate office restructuring and managing corporate funds,” said Kamdar.
The promoters and group will hold 57.85% of equity shares of the post issue paid-up equity share capital of the company. Ahmedabad Based Merchant Banker Monarch Networth Capital Ltd is a lead manager of this public issue and Karvy Computer share Private Limited Ltd is a registrar.
