Landmark Immigration Consultants, known for providing integrated Global Consultancy Services, made its debut on the BSE SME platform on January 23, 2025. The company's shares were listed at ₹75, a 4.17% premium over the issue price of ₹72, signaling a positive market reception. With a strong focus on Global Education Consultancy (GEC) and Immigration Consultancy (IC), the company provides services like education consultancy for students planning to study abroad, particularly in Canada, and immigration consultancy for tourists, business visitors, and applicants seeking Permanent Residency (PR).

IPO Details and Subscription Performance
The ₹40 crore IPO was open for subscription from January 16 to January 20, 2025, and received an overwhelming response with a subscription of 72.34 times. The retail portion was subscribed 81.87 times, and the Non-Institutional Investors (NII) portion saw a massive subscription of 116.71 times. This indicates strong investor interest, especially in the retail and NII categories. With the market capitalization of ₹148.39 crores at the IPO price of ₹72, Landmark Immigration Consultants is poised for growth in the competitive global education and immigration consultancy market.

IPO Pricing and Market Movement
The IPO price band was set between ₹70 to ₹72 per share, and the lot size was 1,600 shares, requiring a minimum investment of ₹1,15,200 for retail investors. Despite the grey market premium (GMP) showing potential listing gains of 18.05%, the listing price of ₹75 was a strong indicator of investor confidence, aligning with the company’s financial performance and prospects. The company also raised ₹6.10 crore from anchor investors at the upper price band of ₹72, further highlighting the strong backing the IPO received from institutional investors.

Funds Utilization and Future Plans
Landmark Immigration Consultants intends to utilize the net proceeds of the IPO for strategic growth initiatives. Approximately ₹1,101.10 lakh will be allocated towards capital expenditures for expanding its branches, while ₹1,395 lakh will be used for advertisement and brand visibility. The company is also planning to pursue inorganic growth through acquisitions, with an estimated ₹960 lakh earmarked for this purpose. These initiatives aim to enhance the company’s market position, particularly in the booming global education consultancy and immigration services sectors.

Financial Overview and Performance
For the fiscal year ending September 30, 2024, Landmark Immigration Consultants reported revenue from operations of ₹1,924.81 lakh, showcasing consistent growth. With an EBITDA of ₹793.38 lakh and profit after tax (PAT) of ₹540.12 lakh, the company demonstrates robust financial health. Notably, the pre-issue earnings per share (EPS) stands at ₹7.41, and the post-issue EPS is expected to be ₹5.39 for FY24. The P/E ratio of 9.72x pre-issue and 13.35x post-issue positions the company favorably against the industry P/E ratio of 27x, indicating that the IPO is fairly priced for long-term growth prospects.

GMP and Market Performance Post-Listing
The Grey Market Premium (GMP) for Landmark Immigration Consultants remained at ₹13 during the listing, reflecting an anticipated 18.05% listing gain. This strong premium suggests that the company’s share price will likely remain stable or continue to grow in the near term, making it an attractive option for risk-tolerant investors seeking listing gains.

Investment Recommendation and Conclusion
Given the company's consistent growth in the global education and immigration consultancy market, coupled with its positive financial performance, IPO GMP, and strategic plans for future expansion, we recommend risk-averse investors to consider investing in the Landmark Immigration Consultants IPO for listing gains. However, as always, investors should carefully assess the risks involved before making investment decisions.

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