Landmark Immigration IPO fully subscribed on Day 1: Check issue size, price band & more

The initial public offering (IPO) of Landmark Immigration was fully subscribed within hours of launch on Thursday, January 16. The BSE SME issue saw highest demand from the retail investors.

According to BSE data, the IPO received bids for more than 62 lakh shares against 44.67 lakh shares on offer until 3:00 pm. The issue was booked 1.31 times overall.

The retail portion of the IPO was booked 2.13 times, with bids for more than 44 lakh shares against 20.8 lakh shares on offer for the category. The Non-Institutional Investors (NIIs) applied for more than 4.1 lakh shares compared to their allocation of 9.52 lakh shares. The NIIs booked 29% of their quota. The Qualified Institutional Buyers (QIBs) also fully subscribed to their reserved portion of 12.36 lakh shares. The QIBs placed bids for 13.9 lakh shares, leading to a subscription of 1.12 times.

Here are the key details about the IPO for the investors planning to apply for Landmark Immigration Consultants shares.

Landmark Immigration IPO details

The Landmark Immigration IPO is a 100% book-built issue made up of entirely a fresh issuance of 56 lakh shares, with no offer-for-sale (OFS) component.

The price band for the Landmark Immigration IPO has been set at ₹70 to ₹72 per share. The lot size, or the minimum bid quantity, to apply for the IPO is 1,600 shares. This translates into a minimum investment amount of ₹1.15 lakh for retail investors (₹72 x 1,600) and ₹2.3 lakh (₹72 x 3,200) for high net worth investors (HNIs) who need to bid for a minimum of two lots.

The company has appointed Shreni Shares Ltd as the book-running lead manager of the issue. It will also be the market maker for the issue. Kfin Technologies Ltd is the registrar for the IPO.

Ahead of the launch of the issue, Landmark Immigration has also raised ₹6.11 crore from anchor investors. The company's board of directors has finalised the allocation of 8.48 lakh equity shares to five anchor investors at an allocation price of ₹72 per share.

Important dates

The bidding window for the Landmark Immigration IPO is open from January 16 to January 20. The basis of allotment of shares for the IPO is expected to be finalised on January 21.

Successful bidders are scheduled to receive shares in their Demat accounts by January 22, while others can expect refunds the same day.

The Landmark Immigration stock is scheduled to be listed on the BSE SME platform on January 23.

Use of IPO proceeds

Landmark Immigration intends to use the net proceeds from the IPO to fund the capital expenditures for setting up new branches. A portion of the funds would 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.

About Landmark Immigration Consultants

Incorporated in 2010, Landmark Immigration Consultants Ltd. provides global consultancy services. It is one of the leading study visa consultants in Chandigarh for students who want to study abroad.

It 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 financials

For the first six months of the current financial year 2024-25 ended September 2024, the company reported a revenue of ₹19.2 crore, while its profit after tax (PAT) stood at ₹5.4 crore.

For the full financial year 2023-24, revenue increased to ₹37.07 crore compared to ₹21.6 crore in FY 2022-23. The company’s net profit in FY24 increased more than two times to ₹11.1 crore against ₹4.4 crore in FY23.