CL Educate, which owns the Career Launcher brand and whose IPO had completed last week, will make its stock market debut tomorrow. The company’s IPO was subscribed 1.9x times, with qualified institutional buyers (QIBs) category getting oversubscribed 3.65 times and retail investors 1.63 times. However the ‘non-institutional investor’ portion was subscribed only 21%.

Analysts had given the CL Educate IPO mixed ratings, with ICICI Securities for example, issuing an AVOID rating. The company's Career Launcher test preparation business accounts for over 45% of the company's revenues, making its balance sheet highly vulnerable to policy changes in entrance test examinations or a crackdown by the government on the test prep industry.