The initial share sale of Landmark Immigration Consultants, which offers global education consultancy for students planning to study abroad, has seen a 5.97 times subscription on January 17, the second day of bidding. The issue will close on January 20.
The company entered capital markets to raise Rs 40.32 crore via initial public offering of 56 lakh shares which comprises of solely fresh issue. The price band for the book-built issue has been fixed at Rs 70-72 per share.
Investors have picked 2.83 crore equity shares of Landmark Immigration Consultants against its offer size of 47.52 lakh shares via 14,259 applications, the bid details on the BSE showed.
Retail investors were at the forefront with 10.29 times bids their allotted quota, while non-institutional investors and qualified institutional buyers bought 3.87 times and 1.13 times their reserved portions, respectively.
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The Chandigarh-based company that also offers services in immigration consultancy (including tourist or business visa, and permanent residency services) has already mobilised Rs 6.11 crore from institutional investors via anchor book on January 15.
It intends to utilise IPO proceeds for setting up new branches, advertisement expenses towards enhancing awareness and visibility of the brand, inorganic growth, and general corporate purposes.
The merchant banker handling the public issue is Shreni Shares.
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