If you are also fond of investing in the stock market, then this news will make you happy. The country’s veteran education tech startup Byju’s is preparing to launch its Initial Public Offering (IPO) by the middle of 2024. An announcement about this was made on behalf of the company on Monday.
In a statement issued by the company, it was announced that the income of Aakash Education Services Limited (AESL) is expected to reach Rs 4000 crore in the financial year 2023-24. Also, the operating profit can remain at the level of Rs 900 crore. In a statement from the company, it was said that Byju will present the IPO of its subsidiary company Aakash Education Services Limited (AESL) in the middle of next year.
Official approval given for IPO
Byju’s board has given its official approval for the IPO. Byju had taken over AESL in April 2021 for about US $ 950 million (Rs 7,100 crore). After the acquisition, Aakash’s earnings have tripled in the last two years. The official approval for the IPO launch was given by the board of Byju’s.
The timeline of the plan was given in the statement. It was also said that the appointment of merchant bankers for the IPO will be announced soon to take the listing process forward. The upcoming IPO will provide significant capital to strengthen Aakash’s infrastructure, broaden its reach and extend high-quality exam-preparation education to a larger number of students across the country, the statement said.
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