Moxsh Overseas Educon SME
SME₹10.42 Cr issue
-14.38%
Listing gain over issue price
Issue size
₹10.42 Cr
1 lot at cut-off
₹1,22,400
Lot size
800shares
Open
21 Dec 2022
Close
23 Dec 2022
Allotment
28 Dec 2022
Listing
30 Dec 2022
Listing performance
Issue price
₹153
Listed at
₹131
Listing-day close
₹127.85
Latest price
₹119
Close on 23 Oct 2026
Listing gain
-14.38%
Return since issue
+211.11%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 21 Dec 2022 – 23 Dec 2022
- Listing date
- 30 Dec 2022
- Face value
- ₹10 per share
- Issue price
- ₹153 per share
- Lot size
- 800 shares
- Total issue size
- ₹10.42 Cr
- Market cap at offer price
- ₹34.28 Cr
- Promoter holding
- 88.49% → 61.61% pre-issue → post-issue
- ISIN
- INE0N6D01014
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Fedex Securities Pvt.Ltd.
- Registered office
- 159/160, Kaliandas Udhyog Bhavan, Century Bazar, Prabhadevi, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Market maker | 34,400 | — | — |
Application size
Minimum 800 shares per lot, in multiples, at ₹153
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 800 | ₹1,22,400 |
| S-HNI (min) | 2 | 1,600 | ₹2,44,800 |
| S-HNI (max) | 8 | 6,400 | ₹9,79,200 |
| B-HNI (min) | 9 | 7,200 | ₹11,01,600 |
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.
Valuation and performance
Valuation at offer price
₹153 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.73 | — |
| P/E (×) | 19.79 | — |
| Market cap | — | ₹34.28 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 75.54%
- PAT margin
- 15.15%
- NAV per share
- ₹10.22
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Moxsh Overseas Educon SME
Moxsh Overseas Educon Limited is an education technology company offering diverse learning solutions, counselling and mobility services to students pursuing medical studies. The company operates under two main brands: 'MOKSH' for student mobility services (advising students on medical career planning and university guidance for overseas studies) and 'MOKSH Academy' for online test preparation programs for medical entrance exams (NEET-UG) and medical licensing examinations (USMLE, PLAB, DHA, NeXT, FMGE). Originally incorporated as Moxsh Overseas Educon Private Limited on May 2, 2018, taking over a proprietary concern started in 2012, the company was converted to public status on August 25, 2022. It is digitally native and technology-led, operating primarily in India with international reach for student recruitment to overseas universities.
Company Analysis
from RHPMoxsh Overseas Educon is an edu-medi tech company providing online learning programs and student mobility services for medical education in India and abroad.
Moxsh Overseas Educon Limited is an education technology company offering diverse learning solutions, counselling and mobility services to students pursuing medical studies. The company operates under two main brands: 'MOKSH' for student mobility services (advising students on medical career planning and university guidance for overseas studies) and 'MOKSH Academy' for online test preparation programs for medical entrance exams (NEET-UG) and medical licensing examinations (USMLE, PLAB, DHA, NeXT, FMGE). Originally incorporated as Moxsh Overseas Educon Private Limited on May 2, 2018, taking over a proprietary concern started in 2012, the company was converted to public status on August 25, 2022. It is digitally native and technology-led, operating primarily in India with international reach for student recruitment to overseas universities.
education technology (EdTech)higher educationmedical educationtest preparation servicesstudent mobility services
Objects of the Issue
- Meeting Working Capital Requirements ₹250.00 Lakhs p.20
- Expenditure to enhance visibility and awareness of brands ₹317.69 Lakhs p.20
- General corporate purposes ₹255.20 Lakhs p.20
- Meeting our working capital requirements ₹250.00 Lakhs p.77
- Expenditure to enhance visibility and awareness of our brands ₹317.69 Lakhs p.77
- General corporate purposes ₹255.20 Lakhs p.77
- Not explicitly stated in this section of the document p.250
Issue Structure
- Total Issue
- ₹1041.62 Lakhs
- Fresh Issue
- 6,80,800 Equity Shares aggregating ₹1041.62 Lakhs
- Offer for Sale
- NA
- Price Band
- ₹153 per Equity Share
- Lot Size
- 800 Equity Shares (Application Lot)
- Face Value
- ₹10 per Equity Share
Business Model
The company earns revenue through two segments: (1) Student mobility services under the MOKSH brand, where it provides counselling, mentorship, pre-departure services and host country services to medical students seeking admission to overseas universities; (2) Healthcare academy services under MOKSH Academy brand, providing online test preparation courses for medical entrance and licensing examinations. The company also operates through franchisees in various cities.
Business Segments
Provides advisory services for medical career planning and execution, counselling, mentorship, pre-departure services and host country services to students seeking admission to overseas universities for medical studies.
Provides online learning programs and test preparation services for medical entrance examinations (NEET-UG) and medical licensing examinations for medical professionals (USMLE, PLAB, DHA, NeXT, FMGE)
Offers student mobility services to students aspiring to pursue medical studies abroad in foreign medical universities. Services include university guidance, application support, university placement, travel support, and post-arrival services (airport pickup, accommodation, local health insurance, resident permit extension, registration with local authorities). The company has placed students in foreign medical universities in countries such as Russia, Ukraine, China, Georgia, Poland, and others.
Provides online test preparatory courses for medical entrance examinations (NEET-UG) and medical licensing examinations (USMLE, FMGE, NeXT, PLAB, DHA). Offerings include recorded videos, live instructor-led learning, study materials, test series, and mentoring. Services are offered through hybrid learning solutions combining video libraries, live classes, and assessment tools.
An AI-enabled B2B technology platform launched April 1, 2022 to consolidate unorganized student recruitment agents from India and developing countries from SAARC, African continent and GCC area. Enables education agents to place students aspiring to study abroad in universities across Europe and English-speaking countries (US, Canada, UK, Australia). Generates revenue from annual membership fees, technology fees per application, and commission on students recruited.
Hybrid learning centers being set up across Tier II and Tier III cities through wholly owned subsidiary Meduclinic Healthcare Private Limited. Components include career counseling for medical and non-medical fields, offline test preparation, healthcare skill development courses, and primary healthcare clinic. First Edu-Clinic launched in Pune under franchise model.
Counselling and guidance to Indian and international students pursuing higher education in foreign countries, advisory on study abroad options, medical career planning and execution, overseas education consultancy
Online learning program (test preparation) for medical entrance examinations (NEET-UG) and for medical licensing examinations (USMLE, PLAB, DHA, NeXT, FMGE). Plans to expand to AI-enabled mobile applications, diagnostic clinic operations, and paramedical staff skill development.
Provision of counselling services and classroom-based course instruction for students aspiring to pursue healthcare careers
Provision of student facilitation charges and international travel/mobility services for students enrolled in foreign education programs
SWOT Analysis
Strengths
- • Early-mover in edu-tech serving medical aspirants with established brand recognition(p.20)
- • Diversified revenue streams across student mobility and test preparation segments(p.20)
- • Founder-led business with decade-long operational history in the education consulting space(p.52)
- • Focused 360-degree approach to medical education covering entire career journey from UG to PG(p.128)
- • Strong brand recognition with 90%+ student placement success rate in overseas universities(p.128)
- • Scalable, asset-light technology-driven business model with minimal tangible asset investment(p.129)
- • Extensive pan-India network with 23+ touch points including franchises and own offices across regions(p.129)
- • Proprietary technology platform (NEET Predictor app) with 50,000+ downloads enabling AI-based student guidance(p.130)
- • Low student acquisition cost (₹0.48-0.50 Lakhs) driven by high referral rates and strong brand recognition(p.129)
- • Experienced management team with 10+ years track record in medical education sector(p.130)
- • 3.5+ years of NeXT exam preparatory experience positions company to capitalize on mandatory licensing requirement(p.133)
- • Strong brand recognition and digital reach with substantial YouTube presence(p.134)
- • Competitive advantage in overseas education consulting market due to fragmented, unorganized competitor landscape(p.136)
- • In-house technical infrastructure with production and digital capabilities(p.135)
- • Multi-city presence with 23 touchpoints enabling national reach(p.135)
Weaknesses
- • High student dropout rates eroding revenue and market confidence(p.29)
- • Heavy dependence on small number of franchisees for revenue generation(p.37)
- • Intellectual property not formally registered; content vulnerable to plagiarism(p.33)
- • Negative operating cash flows in recent periods indicating cash burn(p.41)
- • Outstanding litigation involving company, directors and promoters(p.34)
- • All operating properties held on leasehold basis with renewal risk(p.31)
- • Concentrated business model heavily dependent on medical education segment with limited product diversification(p.128)
- • High dependence on franchisee network (18 franchise agreements) creating operational control challenges(p.129)
- • New subsidiary (Meduclinic Healthcare) Studium model unproven with first location launching only in January 2023(p.133)
- • Limited monetization of NEET crash course and repeater batch programs where online course does not generate additional revenue(p.124)
- • Limited international presence with presence in only 5 countries through destination service agents(p.129)
- • High dependence on student mobility and test preparation services with limited service diversification(p.133)
- • Significant short-term debt obligations and overdraft dependence(p.173)
- • Limited trademark registration with pending applications and objections(p.137)
- • Recently incorporated subsidiary with uncertain profitability and integration challenges(p.165)
- • No dividend policy established and no dividends paid despite profitability(p.168)
- • High dependence on employee compensation costs(p.223)
- • Litigation involving director and promoter with unresolved property disputes(p.233)
- • Pending trademark application objections(p.239)
- • Working capital requirements and substantial capital expenditure needs(p.221)
Opportunities
- • Expanding medical education market in India with 27.2% population in 0-14 age group(p.20)
- • Growing outbound student mobility for medical education to overseas universities(p.29)
- • Technology-enabled learning platform expansion (XERA Edtech B2B brand)(p.30)
- • B2B2C expansion through university partnerships in new geographies(p.37)
- • Significant expansion potential in Indian higher education market projected to reach US$225 billion by FY25 from US$117.8 billion in FY20(p.99)
- • Large addressable market with 500 million young people aged 5-24 years and huge demand-supply gap requiring 200,000 schools and 35,000 colleges(p.99)
- • Expanding EdTech market in India with online education expected to grow at 15% CAGR and reach US$10.4 billion by 2025(p.109)
- • Growing student outbound mobility with 461,792 Indian students studying abroad and only 0.8% international student penetration in Indian higher education(p.107)
- • Significant venture capital investments in EdTech with US$4.7 billion invested in 2021 and tripled growth from 2019 to 2020(p.112)
- • Government policy support with 100% FDI allowed in education sector and multiple digital education initiatives like SWAYAM and DIKSHA(p.100)
- • Growing international student mobility with 3X increase in tertiary education students studying abroad over last two decades(p.107)
- • B-2-B expansion potential through XERA EdTech platform to consolidate fragmented student recruitment agencies across SAARC, Africa and GCC regions(p.127)
- • CBME curriculum implementation creates software development opportunity for medical schools(p.133)
- • Mandatory NeXT exam for ~300,000 medical students creates large addressable market(p.133)
- • Expansion into healthcare services through primary clinics and paramedical training(p.133)
- • AI-enabled mobile application launch for improved content accessibility(p.133)
- • 100% automatic FDI route permission enables foreign investment and international expansion(p.142)
- • Revenue growth through increased student enrollment(p.222)
- • Scaling franchisee network for geographic expansion(p.221)
- • Expansion of distance learning program(p.222)
Threats
- • Intense competition from established regional and global players in test prep(p.36)
- • Revenue concentration risk in mobility business vulnerable to admission process changes(p.36)
- • COVID-19 pandemic and future health crises disrupting mobility and operations(p.41)
- • Regulatory framework changes for medical education in India and abroad(p.31)
- • Macroeconomic slowdown and inflation impacting student enrollment and margins(p.42)
- • Geopolitical risks affecting student safety and overseas university partnerships(p.38)
- • Reduced interest in overseas medical education if domestic seats increase(p.37)
- • Intense competition from well-funded EdTech startups like Byju's, Unacademy and global players in online education market(p.115)
- • Regulatory changes to medical education system including replacement of FMGE with National Exit Test (NeXT) from 2024(p.124)
- • Insufficient digital infrastructure with only 15% households having internet access and poor broadband coverage outside top 50-100 cities(p.115)
- • Lack of standardization and credibility of online education programs limiting formal academic acceptance(p.115)
- • Low completion rates in online education due to minimum face-to-face interaction and self-paced learning challenges(p.115)
- • Limited content availability in regional languages restricting reach to vernacular medium students in non-urban areas(p.115)
- • Foreign education policy uncertainties with changing immigration policies affecting international student mobility to developed countries(p.107)
- • Highly competitive and concentrated test prep market dominated by organized players(p.136)
- • State-level coaching regulations requiring license renewal with cancellation/penalty risks(p.139)
- • Regulatory uncertainty around medical education and licensing exam implementation timelines(p.133)
- • Franchisee model dependence creates operational control and quality assurance risks(p.135)
- • Concentrated property lease portfolio with short renewal terms creates operational continuity risk(p.136)
- • Regulatory dependence on examination timings and syllabi(p.221)
- • High competition in test preparatory services industry(p.221)
- • Cyclical nature of business dependent on academic admissions calendar(p.227)
- • COVID-19 impact on international student travel and enrollment(p.225)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Priti Dhananjay Shah | Promoter | 69.23% | 61.61% |
| Dhananjay Jaichand Shah | Promoter Group | 3.88% | — |
| Rupanshi Dhananjay Shah | Promoter Group | 7.69% | — |
| Priti Dhananjay Shah | Promoter | 69.23% | 48.20% |
| Moksha Dhananjay Shah | Promoter Group | 7.69% | 5.36% |
| Rupanshi Dhananjay Shah | Promoter Group | 7.69% | 5.36% |
| Dhananjay Jaichand Shah | Promoter Group | 3.88% | 2.70% |
| Priti Dhananjay Shah | Promoter | 69.23% | — |
| Priti Dhananjay Shah | Director/Promoter | — | — |
Leadership
Dhananjay Jaichand Shah · Chairman and Managing Director
Priti Dhananjay Shah · Whole Time Director
Brijesh Kumar Sharma · Whole Time Director
Shivam Kumar Urmaliya · Company Secretary & Compliance Officer
Monika Rajendra Shah · Chief Financial Officer
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.
Moxsh Overseas Educon SME IPO FAQs
What is the lot size of Moxsh Overseas Educon SME IPO?
The minimum lot size of Moxsh Overseas Educon SME IPO is 800 shares. One lot costs ₹1,22,400 at the cut-off price.
When does Moxsh Overseas Educon SME IPO open and close?
Moxsh Overseas Educon SME IPO opened for subscription on 21 Dec 2022 and closed on 23 Dec 2022.
What is the listing date of Moxsh Overseas Educon SME IPO?
Moxsh Overseas Educon SME IPO listed on 30 Dec 2022.