CL Educate Ltd on Friday raised about Rs72 crore from anchor investors by issuing shares at a price of Rs502 apiece, ahead of its initial public offering (IPO) that opens Monday.

The education services firm allotted 14.28 lakh equity shares to anchor investors, including DSP Blackrock MicroCap Fund, Sundaram Mutual Fund, Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd and ICICI Lombard General Insurance Co.

These shares are worth Rs71.69 crore, according to a regulatory filing. Shares have been allotted at the upper end of the IPO price band of 500-502 apiece.

The IPO comprises fresh issue of 21.80 lakh shares and an offer for sale of up to 25.79 lakh shares.

Proceeds of the issue will be used for acquisitions and other strategic initiatives, repayment of loans, to fund working capital requirements and for other general corporate purposes, as per the draft papers. Kotak Mahindra Capital Co. Ltd is the lead manager for the offer.

CL Educate operates across segments in the education industry including test preparation, K-12 and vocational training.