Landmark Immigration Consultants
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 16 Jan 2025 – 20 Jan 2025
- Listing date
- 23 Jan 2025
- Face value
- ₹10 per share
- Issue price
- ₹72 per share
- Lot size
- 1,600 shares
- Listing at
- BSE
- Total issue size
- ₹40.32 Cr
- Market cap at offer price
- ₹148 Cr
- Promoter holding
- 97.92% → 71.31% pre-issue → post-issue
- ISIN
- INE12QA01010
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Shreni Shares Ltd.
- Registered office
- SCO-95 97 2nd Floor, Sector 17 D, Chandigarh G.P.O., Chandigarh
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 8,48,000 | — | — |
| Market maker | 2,84,800 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹72
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,15,200 |
| S-HNI (min) | 2 | 3,200 | ₹2,30,400 |
| S-HNI (max) | 8 | 12,800 | ₹9,21,600 |
| B-HNI (min) | 9 | 14,400 | ₹10,36,800 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.41 | 5.24 |
| P/E (×) | 9.72 | 13.74 |
| Price to book (×) | 2.94 | — |
| Market cap | — | ₹148 Cr |
Key performance indicators
- Return on net worth
- 30.25%
- Debt / equity
- 0.02
- PAT margin
- 31.87%
- NAV per share
- ₹24.49
- Price to book
- 2.94
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Landmark Immigration Consultants
Landmark Immigration Consultants Limited, incorporated on October 5, 2010, and converted to a public company on June 20, 2024, is a global consultancy services provider operating in the education and immigration sectors. The company assists students from India in pursuing higher education at global institutions, primarily in Canada, with growing operations in USA, Germany, and UK. Within its Global Education Consultancy (GEC) services, it helps students make educational decisions, while its Immigration Consultancy (IC) services assist customers with visa applications for tourism, business, and permanent residency purposes. The company provides a one-stop solution to customers predominantly from Punjab, Chandigarh, and Vadodara, with operations through branch offices and a franchisee model.
Company Analysis
from RHPLandmark Immigration Consultants Limited offers integrated global education and immigration consultancy services, helping students pursue higher education abroad primarily in Canada and assisting with visa applications and permanent residency applications across Canada, USA, Germany, and UK.
Landmark Immigration Consultants Limited, incorporated on October 5, 2010, and converted to a public company on June 20, 2024, is a global consultancy services provider operating in the education and immigration sectors. The company assists students from India in pursuing higher education at global institutions, primarily in Canada, with growing operations in USA, Germany, and UK. Within its Global Education Consultancy (GEC) services, it helps students make educational decisions, while its Immigration Consultancy (IC) services assist customers with visa applications for tourism, business, and permanent residency purposes. The company provides a one-stop solution to customers predominantly from Punjab, Chandigarh, and Vadodara, with operations through branch offices and a franchisee model.
Objects of the Issue
- Capital expenditure to be incurred by our Company for setting up new branches ₹1,101.10 lakhs p.28
- Advertisement expenses towards enhancing the awareness and visibility of our brand ₹1,395 lakhs p.28
- Pursuing Inorganic growth initiatives through Acquisitions ₹960 lakhs p.28
- General corporate purposes p.28
- Capital expenditure to be incurred by our Company for setting up new branches ₹1,101.10 Lakhs p.84
- Advertisement expenses towards enhancing the awareness and visibility of our brand ₹1,395.00 Lakhs p.84
- Pursuing Inorganic growth initiatives through Acquisitions ₹960.00 Lakhs p.84
- General corporate purposes p.84
- The document does not contain a specific 'Objects of the Offer' section detailing the use of IPO proceeds.
- Not explicitly detailed in this section p.262
Issue Structure
- Total Issue
- Up to 56,00,000 Equity Shares aggregating up to [●] Lakhs
- Fresh Issue
- Up to 56,00,000 Equity Shares of face value of ₹10/- each
- Offer for Sale
- Not Applicable as the entire issue constitutes fresh issue of equity shares
- Price Band
- To be decided by the Company in consultation with Book Running Lead Manager and advertised at least two working days prior to Bid/Issue Opening Date
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares
- Face Value
- ₹10/- per Equity Share
Business Model
The company generates revenue primarily through commission fees from Global Educational Consultancy Services (GEC) - which represented 90.87% of revenue for the period ended September 30, 2024 - by facilitating student enrollments at global institutions of higher education. It also earns revenue from Immigration Consultancy Services (IC) processing fees for visa and permanent residency applications. For the period ended September 30, 2024, GEC commission fees constituted ₹1,631.60 lakhs (90.87% of total revenue) and IC processing fees constituted ₹163.63 lakhs (9.11% of total revenue).
Business Segments
SWOT Analysis
- • Recognized as preferred partner by multiple global institutions(p.35)
- • Diversified geographic footprint beyond Canada with recent expansion(p.35)
- • International certification and recognition in industry(p.35)
- • Demonstrated revenue growth and operational scale(p.36)
- • Strong existing institutional relationships with major partners(p.35)
- • Strong profitability and operational efficiency(p.103)
- • Exceptional return on equity demonstrating efficient use of shareholder capital(p.103)
- • Solid liquidity position with strong current ratio(p.103)
- • Conservative debt profile with minimal leverage(p.103)
- • Significant cash generation capability(p.65)
- • Well-entrenched relationship with global network of institutions of higher education(p.101)
- • Experienced leadership with 14+ years industry experience(p.176)
- • Strong financial position with high profitability margins(p.237)
- • Low debt-to-equity ratio indicating conservative financial structure(p.237)
- • Strong liquidity with healthy current ratio(p.237)
- • High PAT margins demonstrating operational efficiency(p.237)
- • Strong revenue growth and profitability(p.240)
- • High profit margins and PAT growth(p.241)
- • Controlled operating expenses and strong cost management(p.241)
- • Improved financial position with reduced debt(p.241)
- • Established market presence with brand recognition(p.256)
- • Long operational track record(p.260)
- • Heavy revenue concentration in single geography(p.36)
- • Dependence on small number of institutional partners for majority revenue(p.36)
- • Absence of contractual agreements with several key institutional partners(p.44)
- • History of delays and non-compliance with statutory filing obligations(p.44)
- • Significant delays in MCA filings with some exceeding 700 days(p.38)
- • Seasonal nature of business with significant quarterly revenue volatility(p.44)
- • Leased premises without registration creating legal vulnerability(p.40)
- • Related party transactions representing significant portion of revenue(p.49)
- • High dependence on limited customer base creating revenue concentration risk(p.58)
- • Culture and values maintenance challenges as company scales(p.54)
- • Employee misconduct and fraud exposure creating reputational and financial risks(p.54)
- • Potential capital dilution from future equity issuances(p.54)
- • High concentration of revenue in export markets creates dependency(p.237)
- • Significant outstanding tax demands pending resolution(p.232)
- • Outstanding income tax demands from multiple years under dispute(p.232)
- • Promoter concentration with 97.92% shareholding creating succession risk(p.209)
- • Franchise operations dependence with limited revenue contribution(p.172)
- • Significant dependence on limited institutions(p.244)
- • Seasonal business nature(p.245)
- • Outstanding TDS and tax demands(p.247)
- • Pending direct tax demands(p.247)
- • Outstanding civil litigation regarding fees(p.247)
- • Working capital pressure from receivables(p.242)
- • Expansion into additional countries beyond Canada with direct partnerships(p.35)
- • Significant growth potential with expanding student numbers across new markets(p.36)
- • Increased enrollment capacity in Canada market despite policy changes(p.35)
- • Branch expansion strategy using IPO proceeds(p.28)
- • Strategic acquisition opportunities for inorganic growth(p.28)
- • Brand enhancement and market visibility expansion(p.28)
- • Geographic expansion through 18 new branch openings across India(p.86)
- • Strategic acquisitions to enhance market position and geographic reach(p.97)
- • Enhanced brand visibility through increased advertising and marketing investment(p.94)
- • Growth in global education and immigration consultancy services market(p.85)
- • Benefits from listing to enhance visibility and brand image(p.84)
- • Expansion into new geographies and franchise model growth(p.172)
- • Growing demand for global education and immigration services(p.236)
- • Diversification into work permit and overseas employment services(p.171)
- • Expansion of career and placement guidance services(p.171)
- • Expansion following cross-border visa normalization(p.241)
- • Growing demand for visa and immigration services(p.240)
- • Geographic expansion through multiple operational centers(p.253)
- • Migration to main board with scale expansion(p.278)
- • Scalability of service delivery model(p.241)
- • Changes in foreign visa and immigration policies affecting business viability(p.34)
- • Geopolitical risks with recent Canada policy changes reducing international student intake(p.35)
- • Visa rejection risk adversely affecting brand reputation and revenues(p.37)
- • Institutional partners can terminate engagement without notice or cause(p.37)
- • Revenue reversal risk if students discontinue courses before completion(p.37)
- • General decline or disruption in global education industry(p.40)
- • Intense competitive environment with both organized and unorganized players(p.41)
- • Political and economic instability in India affecting business environment(p.41)
- • Foreign currency exchange rate fluctuations impacting revenues(p.41)
- • Regulatory and policy changes adversely affecting business operations(p.57)
- • External market risks including currency fluctuations and interest rate volatility(p.58)
- • Geopolitical risks and natural calamities impacting Indian economy(p.57)
- • IPO market volatility and price discovery uncertainty(p.54)
- • Foreign investment restrictions limiting capital raising ability(p.57)
- • Sovereign credit rating downgrade impacting financing access(p.59)
- • Volatility in foreign exchange and currency fluctuations affecting export revenues(p.238)
- • Regulatory changes in visa and immigration policies(p.238)
- • Economic slowdown impacting student enrollment and immigration demand(p.238)
- • Intense competition in education and immigration consultancy sector(p.237)
- • Dependence on partner institutions and colleges for business(p.171)
- • Regulatory changes in visa and immigration policies(p.244)
- • Competitive intensity from organized and unorganized players(p.245)
- • Customer concentration risk creating revenue vulnerability(p.245)
- • Interest rate exposure on outstanding borrowings(p.243)
- • Credit risk from customer non-payment(p.243)
- • Inflationary pressure on operational costs(p.243)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Jasmeet Singh Bhatia | Promoter/Chairman and Managing Director | 87.92% | 64.03% |
| Ms. Richa Arora | Promoter/Whole-Time Director | 10% | 7.28% |
| Mr. Jasmeet Singh Bhatia | Promoter | 87.92% | 64.03% |
| Ms. Richa Arora | Promoter | 10.00% | 7.28% |
| Mr. Viraaj Singh Bhatia | Promoter Group | Negligible | Negligible |
| Mr. Sukhdarshan Singh | Promoter Group | Negligible | Negligible |
| Ms. Satinder Kaur Bhatia | Promoter Group | Negligible | Negligible |
| Mr. Surinder Mohan Arora | Promoter Group | Negligible | Negligible |
| Ms. Monika | Promoter Group | Negligible | Negligible |
| Jasmeet Singh Bhatia | Promoter | — | — |
| Richa Arora | Promoter | — | — |
| Jasmeet Singh Bhatia | Promoter | 87.92% | — |
| Richa Arora | Promoter | 10.00% | — |
| Jasmeet Singh Bhatia | Promoter/Chairman & Managing Director | — | — |
| Richa Arora | Director | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.