Winny Immigration and Education Services, a prominent visa consultancy firm, is preparing to launch its initial public offering (IPO) on June 20. The IPO aims to raise over ₹9 crore from the primary market.
This article provides a detailed overview of the Winny Immigration IPO, including the IPO price band, subscription details, intended use of proceeds, and the Grey Market Premium (GMP).
Winny Immigration IPO Overview
IPO Launch Details
Winny Immigration and Education Services is set to open its IPO on June 20, aiming to secure over ₹9 crore.
As an SME IPO and a fixed price issue, this offering provides an opportunity for investors to participate in the growth of a well-established visa consultancy firm.
Price Band and IPO Size
The IPO price band has been fixed at ₹140 per share. The total size of the IPO is ₹9.13 crore, entirely consisting of a fresh issue of 6.52 lakh equity shares.
This structure ensures that all raised funds will be used to support the company’s growth initiatives.
Investment Requirements
The IPO lot size is set at 1,000 shares, requiring a minimum investment of ₹140,000 from retail investors. This relatively accessible entry point enables a broad range of investors to participate in the IPO.
Subscription and Allotment Details
Key Dates
- Opening Date: June 20
- Closing Date: June 24
- Allotment Finalization: June 25
- Shares Crediting Date: June 26
- Listing Date: June 27
Post-Allotment Process
Upon finalization of the allotment on June 25, the equity shares will be credited to the demat accounts of successful bidders on June 26.
Refunds to unsuccessful bidders will be processed on the same day. The shares are expected to list on the NSE SME platform on June 27, marking the firm’s transition to a publicly traded company.
Use of IPO Proceeds
Winny Immigration and Education Services plans to utilize the net proceeds from the IPO for various strategic initiatives, including:
- Opening new offices across India
- Developing software to enhance service offerings
- Repaying existing debt
- Investing in branding and advertising campaigns
- General corporate purposes
These initiatives are aimed at strengthening the company’s market position and expanding its service capabilities.
Key Stakeholders
Promoter Details
Jignesh Patel is the promoter of Winny Immigration and Education Services. Following the IPO, the promoter’s shareholding will decrease from 83.63% to 58.51%, reflecting a dilution that facilitates broader ownership and participation in the company’s future growth.
Lead Manager and Registrar
Interactive Financial Services Ltd is serving as the book-running lead manager for the IPO, ensuring that the offering is effectively managed and marketed.
Bigshare Services Pvt Ltd is the appointed IPO registrar, responsible for handling the administrative aspects of the IPO process.
Company Background
Business Model
Winny Immigration and Education Services specializes in visa consultancy, providing comprehensive assistance for study, travel, business, work, and migration purposes.
The company’s extensive experience and robust service portfolio position it as a trusted advisor in the visa consultancy market.
Financial Performance
In FY24, Winny Immigration reported a net profit of ₹39.27 lakh on a revenue of ₹11.02 crore.
This contrasts with the previous fiscal year (FY23), where the company posted a net profit of ₹1.44 crore on a revenue of ₹11.97 crore.
Despite the drop in net profit, the company’s revenue figures indicate steady business operations and a resilient market presence.
Grey Market Premium (GMP)
Current GMP
As of today, the Grey Market Premium (GMP) for Winny Immigration IPO is ₹49 per share.
This suggests that the shares are trading at ₹189 each in the grey market, reflecting a 35% premium over the IPO price of ₹140 per share.
The GMP is an important indicator of investor sentiment and potential listing gains.
Implications of GMP
A positive GMP indicates strong investor demand and optimism about the company’s future prospects.
The 35% premium in the grey market suggests that investors anticipate a robust performance post-listing, making the IPO an attractive proposition.
Conclusion
The upcoming Winny Immigration IPO presents a compelling opportunity for investors to engage with a leading visa consultancy firm poised for growth.
With a fixed price issue and a significant Grey Market Premium, the IPO reflects strong market confidence.
The funds raised will support strategic initiatives, including new office openings, software development, debt repayment, and enhanced branding efforts.
Investors should consider the company’s financial performance, strategic plans, and current market sentiment as reflected in the GMP before making an investment decision.
The IPO not only marks a significant milestone for Winny Immigration but also provides an opportunity for investors to share in the company’s future success.