Landmark Immigration IPO, Final Day: Check GMP, Subscription Status, Allotment And Listing Date

The initial public offering of Landmark Immigration Consultants Ltd. which was launched on Jan. 16 will close for subscription on Monday, Jan. 20.

The SME issue was booked 6.28 times on Friday and was 1.79 times on Day 1.

Here's all you need to know about Landmark Immigration Consultants IPO as the bidding on Day 3 resumes.

Landmark Immigration Consultants IPO is a book-built issue consisting of a fresh issuance of 56 lakh shares offered at a price band of Rs 70 to Rs 72 apiece. The total issue size is valued at Rs 40.32 crore at the upper price band.

Retail investors can apply for shares in Landmark Immigration Consultants IPO with a minimum lot size of 1,600 shares, totalling an investment of Rs 1,15,200 for a single application. 

As per the company's RHP, of the 56,00,000 shares offered

• 12,36,800 (22.09%) is reserved for Qualified Institutions

• 9,52,000 (17%) for Non-Institutional Investors

• 20,80,000 (37.14%) for Retail Investors

• 8,48,000 (15.14%) for Anchor investors

The company has appointed Shreni Shares Ltd. as the sole book-running lead manager for the Landmark Immigration IPO whereas Kfin Technologies Ltd. is the issue's registrar. The market maker for Landmark Immigration IPO is Shreni Shares Ltd.

The IPO has been subscribed 70.6 times as of 4:10 p.m. on Monday

• Qualified Institutions: 35.58 times

• Non-Institutional Buyers: 116.37 times

• Retail Investors: 77.2 times

The subscription status will be updated at regular intervals.

The grey market premium on shares of Landmark Immigration Consultants IPO stood at Rs 26 as of 12:53 p.m. on Jan. 20, marking a premium of 36.11% over the issue price, according to InvestorGain. As per the current Landmark Immigration Consultants IPO GMP trends, shares of the company are likely to list on BSE at Rs 98 apiece.

Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.

The IPO was subscribed 6.28 times on Friday

• Qualified Institutions: 1.13 times

• Non-Institutional Buyers: 5.54 times

• Retail Investors: 10.29 times

The allotment for the Landmark Immigration IPO is expected to be finalised on Tuesday, Jan. 21. This will be followed by the credit of shares into the demat account of successful bidders on Jan. 22. Initiation of refunds for the non-allottees will also be done on Jan. 22.

Shares of Landmark Immigration Consultants Ltd. are expected to be listed on the BSE SME platform on Jan. 23. 

In its red herring prospectus, Landmark Immigration Consultants Ltd. has proposed to use the net proceeds from the IPO to fund capital expenditure on setting up new branches and advertising expenses towards boosting the brand's visibility. A part of the proceeds will be used for pursuing inorganic growth initiatives and general corporate purposes. 

Global consultancy services provider Landmark Immigration Consultants offers its education consultancy services to students who want to study abroad. The company also provides immigration consultancy to its clients for visas, tourism, business, and permanent residency, particularly in Canada.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.