Addictive Learning Technology
SME₹60.16 Cr issue
+121.43%
Listing gain over issue price
Issue size
₹60.16 Cr
1 lot at cut-off
₹1,40,000
Lot size
1,000shares
Open
19 Jan 2024
Close
24 Jan 2024
Allotment
25 Jan 2024
Listing
30 Jan 2024
Listing performance
Issue price
₹140
Listed at
₹310
Listing-day close
₹294.50
Latest price
₹41.80
Close on 23 Oct 2026
Listing gain
+121.43%
Return since issue
-70.14%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 19 Jan 2024 – 24 Jan 2024
- Listing date
- 30 Jan 2024
- Face value
- ₹10 per share
- Issue price
- ₹140 per share
- Lot size
- 1,000 shares
- Total issue size
- ₹60.16 Cr
- Market cap at offer price
- ₹223 Cr
- Promoter holding
- 90.65% → 66.07% pre-issue → post-issue
- ISIN
- INE0RDH01021
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Narnolia Financial Services Ltd.
- Registered office
- Unit No 334 Plot No 12, 3rd Floor Road No-44 Vardhaman, Big V Plaza, Pitampura, Landmark M2K, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 11,92,000 | — | — |
| Market maker | 3,16,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹140
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,40,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,80,000 |
| S-HNI (max) | 7 | 7,000 | ₹9,80,000 |
| B-HNI (min) | 8 | 8,000 | ₹11,20,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
11,92,000
Anchor portion
₹16.69 Cr
at ₹140 per share
Valuation and performance
Valuation at offer price
₹140 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 2.10 | 4.77 |
| P/E (×) | 66.67 | 29.35 |
| Price to book (×) | 0.29 | — |
| Market cap | — | ₹223 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 119.79%
- ROCE
- 157.53%
- Debt / equity
- 0.08
- PAT margin
- 7.37%
- NAV per share
- ₹187.55
- Price to book
- 0.29
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Addictive Learning Technology
Addictive Learning Technology Limited was incorporated as a private limited company on September 12, 2017, and converted to a public limited company on September 29, 2023. The company is a professional upskilling and career services edtech platform that caters primarily to senior and mid-career professionals, as well as young professionals and college students. It offers comprehensive professional upskilling courses and training programs through three distinct brands: LawSikho, Skill Arbitrage, and DataIsGood. These offerings are designed to help busy professionals learn high-demand skills, develop demonstrable track records, and access international and domestic freelance work and remote jobs. The company's courses include law, finance, compliance, human resources, business consulting, artificial intelligence, content writing, and data science. Unique aspects of the company's approach include cohort-based live classes, weekly assignments, simulation exercises, real-life coaching, personalized feedback, and embedded placement and career support throughout programs rather than at course completion.
Company Analysis
from DRHPAddictive Learning Technology Limited is a professional upskilling edtech platform offering career services and courses in law, finance, compliance, HR, business consulting, AI, content writing and data science through brands LawSikho, Skill Arbitrage and DataIsGood.
Addictive Learning Technology Limited was incorporated as a private limited company on September 12, 2017, and converted to a public limited company on September 29, 2023. The company is a professional upskilling and career services edtech platform that caters primarily to senior and mid-career professionals, as well as young professionals and college students. It offers comprehensive professional upskilling courses and training programs through three distinct brands: LawSikho, Skill Arbitrage, and DataIsGood. These offerings are designed to help busy professionals learn high-demand skills, develop demonstrable track records, and access international and domestic freelance work and remote jobs. The company's courses include law, finance, compliance, human resources, business consulting, artificial intelligence, content writing, and data science. Unique aspects of the company's approach include cohort-based live classes, weekly assignments, simulation exercises, real-life coaching, personalized feedback, and embedded placement and career support throughout programs rather than at course completion.
Online Education Technology (EdTech)Professional Development and UpskillingCareer ServicesLegal EducationFinancial Services TrainingData Science and Analytics Education
Objects of the Issue
- Unidentified Acquisition (In India & Abroad) ₹500.00 lakhs p.28
- Identified Acquisition ₹300.00 lakhs p.28
- Investment in Technology ₹800.00 lakhs p.28
- Development of new courses ₹500.00 lakhs p.28
- Branding & Marketing Expenses ₹1,000.00 lakhs p.28
- Working Capital Requirement ₹800.00 lakhs p.28
- General Corporate Purposes p.28
- Issue Expenses p.28
- Unidentified Acquisition for Company (In India or Abroad) ₹500.00 Lakh p.100
- Identified Acquisition – Dataisgood Edutech Private Limited ₹300.00 Lakh p.101
- Investment in Technology ₹800.00 Lakh p.103
- Development of new courses ₹500.00 Lakh p.107
- Branding & Marketing Expenses for the Company ₹1,000.00 Lakh p.108
- Working Capital requirements of the Company ₹800.00 Lakh p.108
- General Corporate Purposes p.114
- Issue Expenses p.114
- Repayment of borrowings
- Funding capex for acquisitions and expansion ₹336.00 Lakh (cash component for DataIsGood Edutech Private Limited acquisition) p.159
- General corporate purposes
- Repayment of borrowings 336.00 Lakhs p.227
Issue Structure
- Total Issue
- 42,97,000 Equity Shares of Rs.10/- each aggregating to Rs. [●] Lakhs
- Fresh Issue
- 41,37,000 Equity Shares of Rs.10/- each aggregating to Rs. [●] Lakhs
- Offer for Sale
- 1,60,000 Equity Shares by Mr. Ramanuj Mukherjee, Mr. Abhyudaya Sunil Agarwal, Ms. Komal Shah and Mr. Harsh Jain aggregating to Rs. [●] Lakhs
- Price Band
- Floor Price of Rs. [●] per Equity Share to Cap Price of Rs. [●] per Equity Share
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- Rs.10/- per Equity Share
Business Model
The company generates revenue through subscription-based online courses and professional upskilling programs. The majority of revenue comes from the Legal Courses Vertical operated under the LawSikho brand (85% of revenue for the period ended August 31, 2023), with additional revenue from the Professional Upskilling Vertical under Skill Arbitrage (15% of revenue). The business model includes live cohort-based classes, course materials, certification programs, and career support services. The company also has partnerships with institutions like Texas A&M University, Warsaw University, and Swiss School of Management for accreditation and degree programs.
Business Segments
Provides professional upskilling courses in law, including US Intellectual Property Law, US Tax Law, US Accounting, Bookkeeping, Corporate Compliances, International Contract Drafting, International Business Law, International Labour Laws, US Technology Law, US Corporate Law, US Real Estate Law and other legal programs offered under the LawSikho brand.
Provides professional upskilling courses beyond law, including data science, AI, content writing, finance, compliance, HR, and business consulting courses.
Provides data science and analytics courses through the DataIsGood brand (acquired through share purchase on August 26, 2023).
Professional certification program in Data Science and AI, NSDC recognised course covering Python, data analysis with SQL and Excel, machine learning, time series analysis and forecasting. 12-month duration with 400+ hours of content and 150+ live lectures.
Professional certification program in Data Analysis, NSDC recognised course with 4-month duration covering Python basics, SQL, Excel, EDA, Tableau and Power BI. Includes 100+ hours instructor-led training and 500+ exercises.
Certified Professional Program in Cyber Security with fundamentals of cyber security, networking essentials, OS administration, IoT and OT hacking, ethical hacking, cloud security and cyber laws. Includes 100+ hours instructor-led training and 500+ exercises.
Provides online legal education and upskilling courses including domestic upskilling, international legal training, test preparation, and international bar exam courses for law students, law graduates, and experienced legal professionals.
Offers professional upskilling courses in Finance, Accounting & Bookkeeping, Human Resources, Business Consulting, Artificial Intelligence, Compliance, and Content Writing for Indian professionals seeking remote job opportunities in advanced economies.
Provides live, hands-on training in data science, data analyst programs, and cyber security, empowering individuals from non-tech backgrounds to transition into data science careers.
Provides legal upskilling courses and training programs for professionals seeking advanced legal education and career development opportunities
Provides professional courses in Finance, Accounting & Bookkeeping, Human Resources, Business Consulting, Artificial Intelligence, Compliance, and Content Writing for professionals exploring remote job opportunities in advanced economies
SWOT Analysis
Strengths
- • Comprehensive professional upskilling platform with multiple branded offerings and course verticals(p.26)
- • Unique pedagogical approach combining live cohort-based classes with hands-on career support and practical experience(p.26)
- • Strong partnerships with national and international institutions for course accreditation and recognition(p.40)
- • Focus on high-demand international market skills enabling remote employment opportunities(p.26)
- • Profitability and positive cash generation from operations in recent periods(p.35)
- • Strong revenue growth trajectory with significant YoY expansion(p.120)
- • Rapid profitability turnaround from losses to strong PAT(p.120)
- • Healthy EBITDA margins demonstrating operational efficiency(p.120)
- • Strong Return on Capital Employed (ROCE) indicating efficient capital utilization(p.120)
- • Solid cash generation from operations(p.120)
- • Strong balance sheet with improved current ratio(p.120)
- • Rising demand for online learning and mobile learning solutions driven by government initiatives and post-pandemic hybrid education models(p.138)
- • Government support for digital education infrastructure and teacher training through National Education Policy initiatives(p.143)
- • Rapid growth in AI-integrated learning management tools attracting fastest adoption rates(p.140)
- • Strong momentum in Asia-Pacific EdTech market with government-led programs supporting digital learning expansion(p.139)
- • Massive growth in Indian EdTech sector with venture capital investments increasing 32x over 12 years(p.146)
- • High-quality faculty from India with English expertise and subject mastery driving global demand for Indian EdTech(p.145)
- • Cost arbitrage advantage: Indian EdTech courses priced at one-third US rates and one-tenth the cost of US master's degrees(p.145)
- • Accelerating shift to remote work creating demand for online skill development and international job opportunities(p.147)
- • Clean regulatory history with no SEBI actions against directors(p.291)
- • No track record of insolvency, litigation, or regulatory issues(p.293)
- • Positive net worth and operating profitability demonstrated(p.292)
- • Directors free from financial fraud or default(p.292)
- • Operational website demonstrating digital presence(p.293)
Weaknesses
- • Significant revenue concentration from single vertical with 85% from Legal Courses(p.38)
- • High operating cost structure with employee and professional services comprising substantial portion of expenses(p.36)
- • Outstanding litigation involving company and promoters with material financial exposure(p.35)
- • No owned premises for business operations; complete reliance on leased properties(p.35)
- • Limited experience in strategic acquisitions and integration of acquired businesses(p.40)
- • Subsidiary and group entities have incurred losses in past periods(p.37)
- • First generation entrepreneurs with limited experience in managing growth at scale(p.35)
- • Limited track record with company incorporated only in 2017(p.67)
- • Heavy dependence on few key personnel and founders(p.91)
- • Small scale of operations relative to listed peers(p.120)
- • Low absolute profitability despite high growth rates(p.120)
- • Significant recent losses incurred in preceding years(p.120)
- • Rising cyber threats targeting education sector with 61% of enterprise malware incidents affecting educational institutions(p.138)
- • High infrastructure costs and technical skill gaps impeding EdTech adoption and market growth(p.138)
- • Revenue decline in smart classroom segment due to pandemic-related school closures in FY2020-21(p.138)
- • Concentrated shareholder ownership among two promoters(p.253)
- • Recent key management personnel appointments with no prior employment history(p.217)
- • No formal dividend policy(p.237)
- • Significant litigation involving defamation and service quality complaints(p.279)
- • Multiple customer complaints alleging breach of refund policies(p.280)
- • History of losses in prior years(p.292)
- • Negative net worth in recent past(p.292)
- • Minimum eligibility threshold for listing capital structure(p.291)
- • Founder dependence with lock-in restrictions on pre-issue capital(p.306)
Opportunities
- • India's edtech market projected to reach USD 30 billion by 2031 with 32x VC investment growth over 12 years(p.28)
- • Government initiatives promoting digital infrastructure and online education through National Education Policy(p.27)
- • Significant workforce entry and skill gap creating demand for upskilling solutions(p.27)
- • Online education market projected to grow by USD 2.28 billion during 2021-2025 at CAGR of 20%(p.27)
- • Asia Pacific region expected to experience rapid edtech growth with government support programs(p.26)
- • Planned expansion through identified and unidentified acquisitions with IPO proceeds allocation of Rs. 800 lakhs(p.40)
- • Development of new courses and technology investments with Rs. 1,300 lakhs IPO allocation(p.40)
- • Expansion through identified acquisition of DataIsGood Edutech and unidentified acquisitions in India and abroad(p.101)
- • Technology investment to develop multiple new platforms and enhance user experience(p.103)
- • Significant course development pipeline with 32 new courses planned over 18 months(p.107)
- • Global edtech market growth with CAGR of 18.3% through 2030(p.136)
- • Strong brand building and marketing expansion opportunities(p.108)
- • Working capital funding to support anticipated revenue growth(p.109)
- • India positioned as second-largest e-learning market after US with explosive growth trajectory(p.143)
- • Massive addressable market with Indian education projected to reach US$ 225B by 2025, with online/digital education growing 27% to US$ 5.7B(p.143)
- • Hybrid learning business models driving sustained growth for EdTech firms post-pandemic(p.143)
- • Growing number of Indian EdTech startups (4,450+) serving over 300 million students globally(p.143)
- • Expansion of interactive whiteboards and educational technology with significant CAGR growth expected(p.138)
- • Emerging new learning methodologies (Micro/Nano learning, Adaptive learning) driving innovation and differentiation(p.144)
- • Shift toward omnichannel and hybrid business models expanding market reach and student engagement(p.144)
- • Digital payments enabling EdTech growth by simplifying transactions and reducing barriers to enrollment(p.146)
- • Expansion into professional upskilling verticals beyond legal education(p.269)
- • Growing demand for remote job opportunities and upskilling among professionals(p.269)
- • Strategic partnerships with international universities for advanced degree programs(p.273)
- • Mandatory three-year market-maker support post-listing to boost liquidity(p.309)
- • Migration pathway to main board post two-year Emerge platform tenure(p.309)
- • Access to public capital markets for future growth funding(p.309)
- • Broad domestic investor eligibility enabling capital formation(p.319)
Threats
- • Fragmented and highly competitive edtech market with price sensitivity from free online content(p.44)
- • Dependence on third-party Learning Management System software with vulnerability to outages and security breaches(p.41)
- • Data security and cybersecurity risks with potential regulatory penalties under Digital Personal Data Protection Act 2023(p.45)
- • Risk of student refund policies impacting revenue and creating administrative burden(p.43)
- • Dependence on ability to attract and retain skilled professionals in competitive labour market(p.36)
- • International expansion challenges due to brand name recognition limitations in foreign markets(p.40)
- • Economic volatility, policy changes, and geopolitical risks affecting Indian economy and edtech sector(p.57)
- • Pandemic and natural disaster risks capable of disrupting operations and business continuity(p.55)
- • Intellectual property infringement risks with limited patent portfolio compared to competitors(p.45)
- • Regulatory compliance requirements and changes in education policy affecting business model(p.56)
- • Intense competition in edtech sector from established players(p.120)
- • Global economic slowdown impacting education spending(p.128)
- • Dependence on internet penetration and digital infrastructure availability(p.137)
- • Rapid technological disruption in edtech space(p.137)
- • Regulatory risks related to online education and data privacy(p.26)
- • Currency and geopolitical risks for international expansion plans(p.101)
- • Intense fragmented competition from local and international EdTech players with constant need for innovation(p.187)
- • Educational infrastructure gaps and uneven technology connectivity limiting EdTech penetration in underserved regions(p.181)
- • Investor focus shifting away from large EdTech players with layoffs occurring due to profitability mandates(p.144)
- • Skill gaps and mismatch between demand and supply at sectoral and spatial levels in training landscape(p.148)
- • Lack of assured wage premium for skilled workers limiting skill training incentives(p.148)
- • Paucity of qualified trainers and inability to attract industry practitioners as faculty(p.148)
- • Intense competition in the online education technology sector(p.276)
- • Volatility and economic uncertainty affecting discretionary spending on education(p.265)
- • Regulatory changes in education and consumer protection frameworks(p.265)
- • Reputational risks from defamatory content posted by detractors(p.281)
- • Currency and foreign exchange volatility affecting international operations(p.265)
- • Regulatory discretion in final listing approval creates closure risk(p.297)
- • Stock exchange authority over pricing and allotment basis introduces execution risk(p.328)
- • Mandatory market-making obligation creates trading cost exposure(p.291)
- • Dependence on underwriter commitment with potential withdrawal risk(p.307)
- • Foreign investment capped at sectoral limits constraining non-resident participation(p.345)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ramanuj Mukherjee | Promoter | 38.36% | 27.90% |
| Abhyudaya Sunil Agarwal | Promoter | 38.36% | 27.90% |
| Harsh Jain | Promoter Group | 2.71% | 1.98% |
| Komal Shah | Promoter Group | 2.68% | 1.96% |
| Ramanuj Mukherjee | Promoter | 38.36% | 27.90% |
| Abhyudaya Sunil Agarwal | Promoter | 38.36% | 27.90% |
| Ramanuj Mukherjee | Promoter and Managing Director | 38.36% | — |
| Abhyudaya Sunil Agarwal | Promoter and Whole-Time Director | 38.36% | — |
| Ramanuj Mukherjee | Promoter | 38.36% | — |
| Abhyudaya Sunil Agarwal | Promoter | 38.36% | — |
| Mr. Ramanuj Mukherjee | Promoter/Promoter Group | — | — |
| Mr. Abhyudaya Sunil Agarwal | Promoter/Promoter Group | — | — |
| Ms. Komal Shah | Promoter/Promoter Group | — | — |
| Mr. Harsh Jain | Promoter/Promoter Group | — | — |
Leadership
Ramanuj Mukherjee · Promoter
Abhyudaya Sunil Agarwal · Promoter
Ms. Komal Shah · Company Secretary and Compliance Officer
Mr. Siddhant Singh Baid · Chief Financial Officer
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.
Addictive Learning Technology IPO FAQs
What is the lot size of Addictive Learning Technology IPO?
The minimum lot size of Addictive Learning Technology IPO is 1,000 shares. One lot costs ₹1,40,000 at the cut-off price.
When does Addictive Learning Technology IPO open and close?
Addictive Learning Technology IPO opened for subscription on 19 Jan 2024 and closed on 24 Jan 2024.
What is the listing date of Addictive Learning Technology IPO?
Addictive Learning Technology IPO listed on 30 Jan 2024.