Landmark Immigration IPO booked over 68 times on Day 3; Check allotment and listing date

The initial public offering (IPO) of Landmark Immigration Consultants Ltd continued to garner strong demand on the last day of bidding on Monday, January 20. The BSE SME issue was booked more than 68.5 times led by the retail and non-institutional investors.

The global immigration consultancy services provider aims to raise ₹40.32 crore from investors through the IPO. The issue opened for bidding on Thursday, January 16.

The investors across categories applied for more than 302.56 crore shares against 47.5 lakh shares on offer, leading to an overall subscription of 68.54 times till 3:45 pm on the last day of bidding, the BSE data showed.

Landmark Immigration IPO received bids for over 17 crore shares in the retail category, against 20.8 lakh shares on offer, leading to a subscription of 81.87 times. The Non-Institutional Investors (NIIs) applied for over 11 crore shares compared to 9.52 lakh shares set aside for them. The NIIs quota was booked 77.61 times. The Qualified Institutional Buyers (QIBs) submitted bids for over 4.4 crore shares against the allocation of 12.36 lakh shares, leading to a subscription of 35.58 times in the category.

Landmark Immigration raised a total of ₹6.11 crore from anchor investors on January 15, before the launch of its IPO. The company allotted 8.48 lakh equity shares to five anchor investors at an allocation price of ₹72 per piece, including a share premium of ₹62 each. Let’s take a look at the key details about the IPO.

Landmark Immigration IPO price band and other details

Landmark Immigration IPO consists of an exclusively fresh issue of 56 lakh shares worth ₹40.32 crore, and no offer-for-sale (OFS) component.

The company has fixed the IPO price band at ₹70 to ₹72 per share, with a face value of ₹10 each. For retail investors, the minimum lot size is 1,600 shares, and the minimum investment is ₹1,15,200 per retail application for at least a single lot size.

Shreni Shares Ltd is the book-running lead manager of the Landmark Immigration IPO, while Kfin Technologies Ltd is the registrar for the issue. Shreni Shares Ltd is also the market maker for the IPO.

The IPO allotment status is expected to be finalised on Tuesday, January 21. Refunds will be issued on Wednesday, January 22, 2025, and the allottees will also receive shares in the Demat accounts on the same day.

The company has proposed to list its shares on the BSE SME on Thursday, January 23.

About Landmark Immigration and use of IPO proceeds

Landmark Immigration provides global consultancy services. It is one of the leading study visa consultants in Chandigarh for students who want to study abroad. It was incorporated in 2010. The company also offers immigration consultancy for tourism, business, and permanent residency, primarily in Canada. The company has nine fully equipped branches and has partnered with over 30 education institutions in Canada.

Landmark Immigration Consultants Limited plans to use the net proceeds from the IPO to fund the capital expenditures for setting up new branches. A portion of the funds will also be used for advertisement expenses to enhance the brand's awareness and visibility.

The company would also pursue inorganic growth initiatives through acquisitions with the help of IPO proceeds, while the remaining corpus would be used for general corporate purposes.

The global consultancy services provider’s total revenue stood at ₹19.24 crore in the period ended September 30, 2024. Its profit after tax (PAT) was ₹5.4 crore during the same period.

For the financial year ended March 31, 2024, Landmark Immigration’s total revenue increased to ₹37.07 crore compared to ₹21.62 crore in the preceding fiscal (FY23). The company’s net profit for FY24 jumped multifold to ₹11.11 crore as against ₹4.43 crore in FY23.