Byju is All Set to List its Subsidiary Akash by 2023

The Byju is all set to file the paper for listing its subsidiary Akash by January 2023. The valuation for the offline education institute Akash is estimated at $3.5-$4 Billion.

IPO Details

The Initial Public Offering’s (IPO) size could be in the range of a billion dollars, which would value Aakash at around $3.5-$4 billion. The company expects to file the papers in January and list them by the first half of FY24.

BYJU has delayed its own IPO due to uncertain macroeconomic conditions that led to public shareholders dumping their shares of loss-making firms.

Company Details

The acquisition of Akash by BYJU is considered the biggest takeover in the space of the education sector in India to date. BYJU acquired Akash in April 2021 for $950 million. The company then made a deal to pay the reining amount on September 23, 2022.

Competitors Financial performance

Shares of loss-making tech firms such as Paytm, and Zomato have been down over 50 percent from the beginning of this year.

BYJU also reported a 20x rise in its loss for the 2020-21 fiscal year at Rs 4,589 crore and a revenue of Rs 2,428 crore.