MT Educare IPO oversubscribed 4.6X

Education support and Coaching service provider MT Educare’s IPO oversubscribed 4.6x backed by QIB and HNI. IPO of MT Educare which opened on March 27 for subscription is in to education sector which provides coaching service to  student in the secondary and higher secondary school.

Till 4 pm QIB portion was oversubscribed 6x and HNI 8x with retail category subscription stands at 1.3x as per data available on NSE website. ENAM Securities is the Book Running Lead Manager (BRLM) for the issue. Rs. 74-80 was the price band for ipo. CRISIL has given grade of 4 out of 5 (4/5) indicating above average fundamentals.