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Aakash Education files Rs 1,000 crore IPO papers with Sebi

NEW DELHI: Engineering and medical entrance test preparation company Aakash Education Services on Thursday filed draft papers with capital markets regulator Sebi to raise Rs 1,000 crore through an initial public offering.

The initial public offer will see sale of 1.85 crore equity shares by promoters, according to the draft papers filed with Securities and Exchange Board of India (Sebi).

According to merchant banking sources, the company's initial public offer (IPO) will garner Rs 1,000 crore.

"Our company expects that listing of the equity shares will enhance our visibility and brand and provide liquidity to its existing shareholders," the firm said.

Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited and CLSA India Private Limited will manage the company's IPO.

The company provides comprehensive test preparatory services for students preparing for medical and engineering entrance examinations for classes 11-12.

As of March 2018, it had 170 classroom centres across 103 cities and 23 states or union territories, of which they operate 67 through franchisee arrangements.

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