CL Educate today raised nearly Rs 72 crore from anchor investors by issuing shares at a price of Rs 502 apiece.

The IPO of CL Educate, which operates across segments in the education industry including test preparation, K-12 and vocational training, will open for public subscription on March 20 and close on March 22.

As many as 14.28 lakh equity shares have been allotted 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 Company.

These shares are worth Rs 71.69 crore, according to a regulatory filing.

Shares have been allotted at the upper end of the IPO price band -- Rs 500-502 apiece.

The IPO comprises fresh issue of 21.80 lakh shares 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 Company is the book running lead manager for the offer.