Aakash plans to raise Rs 1,000 crore via IPO

New Delhi: Aakash Education Services Pvt. Ltd. (AESPL), a Delhi based coaching company known for training medical and engineering aspirants for national entrance exams is planning an initial public offer (IPO) to raise Rs 1,000 crore as the company is currently valued at about Rs 4, OOO crore.

Citigroup Capital Markets and Kotak Mahindra Capital have been appointed by the promoters to help the company to carry out the IPO plans. A banker confirmed the recent development and told ET, "The test prep company has expansion plans for which it is planning to raise money through a public share sale."

In March 2017, Aakash Institute forays into healthcare with launch of its super-specialty hospital in Dwaraka, New Delhi comprising of 230 beds in total of worth Rs 250 crore

Giving an emailed response to ET, Chairman, and Managing Director, Aakash Educational Services Pvt. Ltd., JC Chaudhry said "AESPL has interest in going public with an IPO. The amount of raise, the timing of IPO, bankers choice, etc will be finalized in a year's time as the plan for IPO crystallizes."

The New Delhi based institute founded by JC Chaudhry in 1988 and started with training medical aspirants for national entrance exams. In 2007, the company started coaching students for the IIT-JEE entrance and conducts national talent hunt exams to select students and mentored them for IIT entrance tests across the country. Aakash has 135 classroom centers, 78 corporate branches, 57 franchise centers, and 3,500 employees.