The IPO of Delhi based Humming Bird Education Limited (HBEL), engaged in the business of conducting quality Olympiads and providing high priority services to large number of Schools & Students, was successfully subscribed 1.35 times and closed today. The HNI and Retail portions subscribed 1.78 and 0.90 times respectively. The Issue which was opened from 15 to 19 March 2019 on the BSE SME platform comprised 1, 63,000 Equity Shares of face value of Rs.10.00 each at a cash price of Rs.132.00 per Equity Share, aggregating up-to Rs. 215.16 lakhs..
Lead Manager to the issue Mr Abhinav Gupta, President, Share India Capital Service said” Humming Bird Education with its asset light business model has huge potential for growth. The Company will be the first and only listed entity rendering quality Olympiad exam services and providing scientifically designed study material & performance analysis reports to its students and clients in over 12 countries. We are really happy with the overall demand for the IPO, especially from HNI category. One behalf of the Company and Share India, we would like to thank all the investors for their trust and support for making HBEL IPO successful.
Mr. Nitesh Jain, Managing Director, Humming Bird Education Limited, said “We are raising a small capital of Rs 2.15 crores through the IPO which will be utilized towards working capital requirements and general corporate purposes. However, the main purpose is to get the company listed on the stock exchange, accelerate growth and create value for investors and other stakeholders. HBEL has over 1000 schools, 2.5 lakh students and 21 franchise offices globally. “Humming Bird” is a strong global brand in the academic and education space. The brand is strongly associated with conducting quality Olympiads and is able to deepen client relationships through strong brand recognition. We are dedicated to inculcate academic perfection among the students with the right attitude by enhancing their factual, conceptual, reasoning, logical, and analytical and problem solving skills through the perfect blend of six ingredients IQ, AQ, EQ, CQ, and SQ & HQ”.