BYJU’S Aakash IPO likely in 2024
IPO proceeds will be used for capital infusion to bolster Aakash’s infrastructure, broaden its reach
image for illustrative purpose
New Delhi Edtech major BYJU’S will launch the Initial Public Offering (IPO) of its test preparatory arm Aakash Education Services Ltd by middle of next year, the company said on Monday.
Aakash Education Services Ltd (AESL) revenue is on track to reach Rs4,000 crore with an EBITDA (operational profit) of Rs900 crore in the fiscal year 2023-24, the company said in a statement.
“BYJU’S will launch the Initial Public Offering (IPO) of its subsidiary, Aakash Education Services Limited (AESL) mid next year,” BYJU'S said in a statement. The board of BYJU'S has granted its official sanction for the IPO. “The appointment of the merchant bankers for the IPO will be announced soon to ensure a planned and successful listing next year. “The upcoming IPO will provide a significant capital infusion to bolster Aakash’s infrastructure, broaden its reach, and extend high-quality test-prep education to a larger number of students across the nation,” the statement said.
BYJU'S acquired AESL for about $950 million, or about Rs7,100 crore, in April 2021. Since acquisition, Aakash has clocked a three-fold increase in revenue in the last two years.
