On Monday, BYJU’S, a prominent ed-tech company, announced its intention to conduct an initial public offering (IPO) for Aakash Education Services Ltd, it’s subsidiary focused on test preparation. The IPO is planned to take place in the middle of next year. BYJU’S confirmed its approval for the IPO, which was granted by its board.
All about BYJU’s IPO Plans!
The company will soon reveal the appointment of merchant bankers for the IPO, aiming to ensure a well-organized and successful listing in the coming year. In April 2021, BYJU’S acquired Aakash Education for a sum of approximately $950 million (₹7,100 crore). Since the acquisition, Aakash has experienced a remarkable three-fold increase in revenue over the past two years.
The forthcoming IPO is expected to provide a substantial influx of capital, strengthening Aakash’s infrastructure, expanding its reach, and enabling the provision of high-quality test-preparation education to a larger number of students across the country. Aakash’s unique advantage lies in its comprehensive range of offerings that combine traditional classroom-based learning with state-of-the-art digital products and services tailored specifically for engineering and medical entrance exams.
This strategic combination positions Aakash Education to take advantage of the industry’s growth.
The ed-tech predicts that Aakash Education’s revenue could reach ₹4,000 crore in the fiscal year 2023-24, accompanied by an operational profit (EBITDA) of ₹900 crore. Aakash Education currently operates over 325 centers and serves more than 400,000 students nationwide.
BYJU’s Founder and CEO, Byju Raveendran, highlighted the company’s growth strategy, which includes several overseas acquisitions amounting to ₹9,000 crore. Raveendran also emphasized that BYJU’S has attracted more foreign direct investment (FDI) to India than any other Indian startup, totaling ₹28,000 crore. This significant investment has resulted in the creation of job opportunities for over 55,000 talented professionals, solidifying the ed-tech position as the largest employer among startups in India.
As India’s most valuable startup in the ed-tech sector, BYJU’S continues to strive for excellence and expansion in the education industry.
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