Landmark Immigration Consultants, a global consultancy firm, is offering an IPO through a Book Built Issue amounting to ₹40.32 Crores. This fresh issue includes 56.00 Lakh shares priced between ₹70 and ₹72 per share. The IPO subscription period opened on January 16, 2025, and will close on January 20, 2025. The allotment will be finalized on January 21, 2025, with a tentative listing date on January 23, 2025, on the BSE SME platform.

Company Overview:

Landmark Immigration Consultants provide integrated services in Global Education Consultancy (GEC) and Immigration Consultancy (IC). Their GEC services help students aspiring to study abroad, especially in Canada, make informed decisions about their education. Their IC services support individuals applying for tourist, business, or Permanent Residency (PR) visas. The company is led by experienced promoters, Jasmeet Singh Bhatia and Richa Arora, who have a track record of success in the global education and immigration consultancy sector.

Financial Overview:

For the period ending September 30, 2024, the company's revenue was ₹1,924.81 Lakh, reflecting steady growth compared to ₹3,707.03 Lakh in FY 2023. Their EBITDA for FY 2024 was ₹793.38 Lakh, with a Profit After Tax of ₹540.12 Lakh. These figures indicate consistent growth in financial performance.

IPO Subscription Details:

As of January 20, 2025, the IPO was subscribed 68.54 times on its final day. The IPO is priced at ₹70 to ₹72 per equity share, which values the company at ₹148.39 Crores at the upper end of the price band. The IPO is primarily targeted at Retail Investors (minimum investment of ₹1,15,200 for 1,600 shares) and High-Net-Worth Individuals (HNIs) (minimum investment of ₹2,30,400 for 3,200 shares).

Grey Market Premium (GMP):

The Grey Market Premium (GMP) for Landmark Immigration Consultants IPO is ₹13, which suggests a potential listing gain of 18.05%. However, trading in the grey market is unregulated, and price discovery is unreliable. The GMP is only for educational purposes.

IPO Objectives:

The proceeds from the IPO will be utilized for the following purposes:

• ₹1,101.10 Lakh for setting up new branches.
• ₹1,395.00 Lakh for advertising and brand visibility enhancement.
• ₹960.00 Lakh for pursuing inorganic growth through acquisitions.
• General corporate purposes.

IPO Review:

Landmark Immigration Consultants' IPO is priced attractively compared to the industry P/E ratio of 27x. The company’s pre-issue P/E ratio of 9.72x and post-issue P/E ratio of 13.35x indicate a relatively affordable valuation. The company’s ROE for FY24 stands at an impressive 35.64%, suggesting strong profitability.

Given the company’s steady financial growth and reasonable valuation, we recommend Risky Investors to apply for the Landmark Immigration Consultants IPO for potential listing gains.

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