Aakash IPO Update: Merchant bankers will be appointed soon to take forward the process of IPO launch.
Aakash IPO: The country’s leading education tech startup company Byju’s is preparing to launch the IPO (Initial Public Offering) of its preparatory company Aakash Education Services Limited (Aakash Education Services Limited), which prepares for examinations like engineering and medical. The IPO of Aakash Education Services may come in the middle of 2024.
Byju’s has said that the company will launch the IPO of its subsidiary company Aakash Education Services Limited next year i.e. in the middle of 2024. Byju’s board has approved the launch of the IPO of Aakash Education Services. Describing the timeline of the IPO, the company has said that soon the appointment of merchant bankers will be announced to launch the IPO, after which preparations for listing on the stock exchange will be started.
The company said in its statement that the IPO will help in infusing capital into Aakash’s infrastructure, as well as its expansion. Apart from this, it will help in providing high quality test-prep education to more students of the country. The revenue of Aakash Education Services Limited is estimated to be Rs 4000 crore in 2023-24. So the company’s operation profit (EBIDTA) can be Rs 900 crore.
Two years ago in April 2021, Byju’s bought Aakash Education Services for $ 950 million or Rs 7100 crore. Since this acquisition, the profits of Aakash Education have increased by 3 times. Aakash Education has 325 centers across the country where more than 4 lakh students study for the preparation of IIT-NEET.
Earlier, Aakash Education Services was preparing to launch IPO in 2023, which the company has extended the timeline to 2024. After the launch of this IPO, Aakash Education Services is expected to get a valuation of 3 to 4 billion dollars.
