Landmark Immigration IPO, Day 2: Check GMP, Subscription Status, Price Band And More

Landmark Immigration Consultants Ltd. launched its initial public offering to raise Rs 40.32 crore from the primary market on Thursday. The SME issue was fully booked on Day 1 led by interest from retail investors.

Here's all you need to know about Landmark Immigration Consultants IPO as the bidding on Day 2 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 5.5 times as of 4:29 p.m. on Friday

• Qualified Institutions: 1.12 times

• Non-Institutional Buyers: 4.73 times

• Retail Investors: 8.98 times

On Day 1, the IPO was subscribed 1.79 times.

The grey market premium on shares of Landmark Immigration Consultants IPO stood at Rs 18 as of 1:29 p.m. on Jan. 17, marking a premium of 25% 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 90 apiece.

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

Allotment of shares in Landmark Immigration Consultants IPO is scheduled to be done on Jan. 21 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. 

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.

It has partnered with over 30 Canadian institutions and has nine fully-equipped branches with dedicated consultants and training facilities to offer services.

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. 

Landmark Immigration Consultants Ltd. reported a revenue of Rs 19.24 crore and a net profit of Rs 5.4 crore for the period ended Sept. 30, 2024. In FY24, the company’s revenue increased over 71.4% to Rs 37.07 crore from Rs 21.62 crore during the year-ago period. Its net profit jumped 150.7% YoY to Rs 11.11 crore from Rs 4.43 crore in FY23.

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.