After a successful IPO listing, education company Arihant Academy plans to infuse the money collected through IPO in expansion and business development. The company plans to set up new coaching centres, upgrade infrastructure and introduce more courses.
The Rs 14.71-crore Arihant Academy’s IPO was launched last month at an issue price of Rs 90 per equity share. The IPO was oversubscribed on the first day, with a total subscription of 235.82 times by the end of fourth day. The stock also registered the listing gain of 33 percent. The stock was listed on December 29, 2022 at a price of Rs 120.10, with a listing gain of 33.44 percent.
Arihant Academy has been in the coaching business since 1998. With 16 operational centres in the Andheri-Dahisar belt, it claims to have coached over 1,30,000 students across various competitive exam verticals including State Board, ICSE Board, Junior College, JEE exam, MHT-CET, NEET and professional courses like CA, CS etc.
“We are delighted to see the people’s trust in us! We welcome everyone to the Arihant family and we thank each and every one of them for their support towards the institution,” Arihant Academy Founder Directors Anil Kapasi and Umesh Pangam had said at the IPO listing.