Everonn Systems IPO opens on July 5

Mumbai, Jun 25: Everonn Systems India Ltd, a fully integrated education and learning Solutions Company, is entering the capital market on July 5 with a Public issue of equity shares of face value of Rs ten each for cash at a premium aggregating to Rs 50 crore.

The issue is being made through a 100 per cent book building process and the price band is fixed at Rs 125 to Rs 140 per equity share. The issue closes on July 11.

The Company MD Mr P Kishore told mediapersons that''Everonn Systems has embarked on an expansion project to be funded by IPO proceeds and internal accruals. Everonn has budgeted an outlay Rs 30 crore for IT infrastructure services.

The Company plans to expand their operations to close to 1000 schools every year. The company will allocate Rs 17.25 crore from their IPO proceeds towards capital expenditure for virtual and tech enabled learning solutions. The Company would also utilize the funds raised from the IPO towards brand building, funding for proposed mergers and acquisitions and to invest in the proposed subsidiary.

Recently, India China Pre IPO Equity (Mauritius) Ltd, a company managed by ST Asset Management, a leading fund management company based out of Singapore, invested Rs 14.06 crore in Everonn Systems.

ST Asset Management is based out of Singapore and manages assets of Singpore US dollar 3.8 billion, invested by overseas clients. ST Asset Management by Temasek Holdings Pvt Ltd.''

UNI