Landmark Immigration Consultants IPO closes with 68.62 times subscription; check listing & allotment dates, GMP

Investors can start trading in Landmark Immigration shares on the BSE SME effective January 23.

Landmark Immigration Consultants' initial share sale recorded a massive 68.62 times subscription on the final day of bidding, i.e. January 20. The public issue was opened on January 16.

The company that offers global education consultancy for students seeking to build career abroad approached capital markets to raise Rs 40.32 crore via initial public offering of 56 lakh shares, at the upper end of price band of Rs 70-72 per share.

Investors subscribed for 32.6 crore equity shares against the offer size of 47.52 lakh shares via 1.16 lakh applications during January 16-20, the subscription data published on the BSE showed.

Retail investors bid 82.04 times their allotted quota and non-institutional investors bought 77.63 times their reserved portion, while the qualified institutional buyers also provided healthy support to the issue with 35.58 times subscription.

The company in consultation with sole merchant banker Shreni Shares will finalise IPO share allotment by January 21. Investors can start trading in Landmark Immigration shares on the BSE SME effective January 23.

Click Here To Read All IPO News

Landmark Immigration, which valued at around Rs 148.4 crore at the upper price band, offers global education consultancy services to students, aspiring to build career abroad majorly in Canada. It also provides immigration consultancy services including tourist/business visa, and permanent residency services.

The IPO funds will be utilised for setting up new branches, advertisement expenses towards enhancing the awareness and visibility of the brand, inorganic growth initiatives through acquisitions, and general corporate purposes.

In the grey market, the Landmark Immigration IPO shares traded at around 30 percent premium over the upper price band, the market observers said. Investors generally observe the grey market to know about the expected listing price, though it is an unofficial market for trading in IPO shares till the listing.