CL Educate to file for IPO with Sebi

CL Educate IPO
CL Educate to launch IPO soon

Education company CL Educate is looking to raise Rs 300-350 crore through IPO and is set to file documents with market regulator Sebi soon. CL Educate is active in vocational education, formal schooling, education content publishing and event management, too.

CL Educate, formerly known as Career Launcher, had filed documents with Sebi in September 2014 but withdrew them in April 2015 to acquire a education service firm. In September, it acquired a majority stake in Accendere. Proceeds of the issue will be used for acquisitions and other strategic initiatives, repayment of loans, to fund working capital requirements and for other general corporate purposes.

The firm said it is now ready to enter the market again—to file the documents soon and go public in the second quarter of 2016-17.

Once public, the firm will be the third test preparation firm after Career Point Ltd and MT Educare Ltd to be listed.

CL Educate started operations in 1996 as test prep firm for MBA aspirants. It has 146 coaching centres in 86 cities and 27 vocational educational centres in six states. Its publishing arm has some 900 distributors.

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