Winny Immigration & Education Services
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 20 Jun 2024 – 24 Jun 2024
- Listing date
- 27 Jun 2024
- Face value
- ₹10 per share
- Issue price
- ₹140 per share
- Lot size
- 1,000 shares
- Total issue size
- ₹9.13 Cr
- Market cap at offer price
- ₹30.38 Cr
- Promoter holding
- 83.63% → 58.51% pre-issue → post-issue
- ISIN
- INE0S9101013
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Interactive Financial Services Ltd.
- Registered office
- 103-104, ATP Arcade, Above Mr.Bean's Coffee Shop, Nr.National Handloom House, Law Garden, Gujarat
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 | 34,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹140
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,40,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,80,000 |
| S-HNI (max) | 7 | 7,000 | ₹9,80,000 |
| B-HNI (min) | 8 | 8,000 | ₹11,20,000 |
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
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 2.59 | 1.81 |
| P/E (×) | 54.05 | 77.35 |
| Price to book (×) | 9.21 | — |
| Market cap | — | ₹30.38 Cr |
Key performance indicators
- Return on net worth
- 17.02%
- ROCE
- 15.74%
- Debt / equity
- 0.90
- PAT margin
- 3.63%
- NAV per share
- ₹15.20
- Price to book
- 9.21
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Winny Immigration & Education Services
Winny Immigration & Education Services Limited, incorporated in June 2008 and converted to a public limited company in November 2023, is an immigration and education services company based in Ahmedabad, Gujarat. The company assists individuals with visa applications for study, travel, work, business, and migration purposes across countries including Canada, USA, Australia, New Zealand, UK, and Europe. The company offers three main service categories: training for language proficiency examinations (IELTS, CELPIP, PTE, TOEFL), consulting and processing temporary residence visas (TRV), and consulting and processing permanent residency visas (PRV). The company operates through its own offices, branch offices, and a franchisee model. Revenue for FY 2023-24 was ₹1,080.69 lakhs, with significant dependence on Canada immigration services which contributed 39% of revenue in FY 2023-24.
Company Analysis
from RHPWinny Immigration & Education Services Limited provides visa consultancy and immigration services, including language proficiency training and processing of temporary and permanent residence visas across multiple countries.
Winny Immigration & Education Services Limited, incorporated in June 2008 and converted to a public limited company in November 2023, is an immigration and education services company based in Ahmedabad, Gujarat. The company assists individuals with visa applications for study, travel, work, business, and migration purposes across countries including Canada, USA, Australia, New Zealand, UK, and Europe. The company offers three main service categories: training for language proficiency examinations (IELTS, CELPIP, PTE, TOEFL), consulting and processing temporary residence visas (TRV), and consulting and processing permanent residency visas (PRV). The company operates through its own offices, branch offices, and a franchisee model. Revenue for FY 2023-24 was ₹1,080.69 lakhs, with significant dependence on Canada immigration services which contributed 39% of revenue in FY 2023-24.
Objects of the Issue
- Opening of new offices in India ₹96.96 lakhs p.17
- Software Development ₹287.81 lakhs p.17
- Repayment of Debt ₹159.00 lakhs p.17
- Branding and Advertisement ₹100.00 lakhs p.17
- General corporate purposes ₹199.03 lakhs p.17
- Opening of new offices in India ₹96.96 lakhs p.58
- Software development ₹287.81 lakhs p.58
- Repayment of Debt ₹159.00 lakhs p.58
- Branding and Advertisement ₹100.00 lakhs p.58
- General Corporate Purpose ₹199.03 lakhs p.58
- Meeting Public Issue Expenses p.58
- Objects of the Offer not specified in this document section
Issue Structure
- Total Issue
- ₹912.80 lakhs
- Fresh Issue
- 6,52,000 equity shares of face value ₹10 each at ₹140 per share aggregating to ₹912.80 lakhs
- Price Band
- ₹140 per equity share (fixed price)
- Lot Size
- 1,000 equity shares (Application Lot)
- Face Value
- ₹10 per equity share
Business Model
The company generates revenue from immigration consultancy services, language proficiency training and test preparation, visa application processing and consulting, and a franchisee network model. As stated in the prospectus, 'Immigration Services for the Canada is the major sources of revenue for our organisation.' The company earns fees from clients seeking assistance with visa applications and related services. Revenue from franchisee operations contributed 8.24% of income as of the filing date.
Business Segments
SWOT Analysis
- • Established presence in visa consultancy with thousands of assisted clients(p.16)
- • Diversified service portfolio across multiple visa and language proficiency categories(p.16)
- • Multi-city branch network with expansion capability(p.22)
- • Registered trademark providing brand recognition(p.26)
- • Hybrid business model combining direct offices and franchise operations(p.22)
- • Experienced and knowledgeable team with deep immigration expertise(p.82)
- • Customization of services tailored to individual client circumstances(p.82)
- • Advanced technology infrastructure and digital platforms(p.82)
- • Comprehensive range of services integrated under one organization(p.82)
- • Clear and transparent contractual terms with clients(p.82)
- • Rented premises across all office locations with renewal risks(p.21)
- • All branch office premises on lease with non-renewal risks(p.22)
- • Heavy revenue dependence on Canada immigration services(p.23)
- • Significant geographic concentration of revenue in Gujarat(p.24)
- • Promoter's history of delayed personal debt payments(p.22)
- • Significant refund outflows affecting cash flow(p.23)
- • Recent conversion to public company with compliance challenges(p.25)
- • History of delays in GST and PF regulatory filings(p.27)
- • Business concentrated on Canada immigration revenue(p.81)
- • Declining revenue trend and profitability compression(p.69)
- • High dependence on few customers in visa services(p.84)
- • Significant financial leverage and debt burden(p.63)
- • Geographically concentrated operations primarily in Gujarat(p.83)
- • Expansion into new geographic markets within India(p.22)
- • Software development for in-house CRM and workflow systems(p.22)
- • Franchisee network expansion with capital support(p.24)
- • Growing international demand for visa and immigration services(p.16)
- • Branding and marketing investment to strengthen market position(p.17)
- • Expansion through technology investment and digital platforms(p.82)
- • Strategic partnerships with legal, education and relocation service providers(p.82)
- • Geographic expansion through new branch offices and franchises(p.82)
- • Growth in global mobility and international migration demand(p.84)
- • B2B opportunities through corporate immigration services(p.84)
- • Technology leverage for streamlined processes and remote consultations(p.84)
- • Changes in Canadian immigration policies affecting major revenue stream(p.23)
- • Political tensions between India and Canada affecting visa processing(p.23)
- • Regulatory changes potentially restricting visa consultancy operations(p.24)
- • Intense competition from organized and unorganized providers(p.29)
- • Vulnerability to natural disasters and pandemic disruptions(p.29)
- • Economic slowdown reducing demand for migration services(p.23)
- • Foreign policy changes affecting global visa markets(p.24)
- • Information technology system disruptions impacting operations(p.24)
- • Frequent regulatory changes in immigration policies and norms(p.82)
- • Government policy changes impacting immigration patterns(p.84)
- • Political instability or economic downturns affecting migration patterns(p.84)
- • Fraud and unethical practices damaging industry reputation(p.84)
- • Intense competition from multiple immigration consultants(p.88)
- • Risk of non-compliance with changing immigration laws(p.84)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Jignesh Patel | Promoter | 83.33% | 58.30% |
| Binal Patel | Promoter Group | 0.30% | 0.21% |
| Jignesh Patel | Promoter | 83.33% | 58.29% |
| Jignesh Purshottambhai Patel | Promoter | 83% | — |
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.