India’s talent and skills are increasingly recognised worldwide. Many Indians are heading overseas for education, work, and various professional opportunities. In early 2024, Indian airports saw 97 million passengers, a number that once took a whole year to reach.
One company tapping into this trend is Winny Immigration and Education Services Pvt Ltd. To support its growth, Winny is now seeking public funding through its SME IPO.
About Winny Immigration & Education Services Pvt Ltd
Winny Immigration was started 16 years ago, in 2008. They help people with visa needs for migration, employment, study, travel, and business. The goal is to make the visa process easy for everyone through visa consultancy, immigration assistance, and documentation services.
The consultancy provides a range of services, helping in each step of the visa course. Starting with training language exams like IELTS, CELPIP, PTE, and TOEFL. They also assist with both temporary and permanent residency visas.
They also offer post-visa services. This includes airport pickup and finding temporary accommodation. Winny makes sure their clients settle in smoothly. Their team helps people connect with international opportunities.
Also read: Looking into India’s aviation industry: A sky full of possibilities
Winny Immigration now
As per the red herring prospectus of the company, Winny currently operates in 12 strategic locations. These include branches in Gujarat, Maharashtra, and Delhi, as well as a virtual office in Canada.
Immigration services make up 64.50% of their earnings. Coaching services bring in 20.50%. Visitor visas add 11.5%. Student visas make up 0.5%, and work permits contribute 3%.
State-wise, Gujarat is the primary source of revenue, generating 89% of the total. Maharashtra comes next with 10%, and Delhi contributes 1%.
A large number of their clientele move to North America’s US and Canada, then European countries and Australasia. The company’s expertise in these destinations makes them a preferred choice for many seeking to move abroad.
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Winny Immigration Financials
The consultant’s performance shows a mixed trend. Compared to the prior year, income fell by 8.2% during the period ending in March 2024. During the same period, there was a 72.8% decline in net profit.
| ₹ Lakhs | Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 |
| Revenue from operations | 1,080.69 | 1,177.38 | 998.81 |
| Total expenses | 1049.61 | 1,004.40 | 832.96 |
| EBITDA | 98.45 | 245.76 | 196.72 |
| Profit before tax | 52.51 | 193.51 | 171.11 |
| Net profit | 39.27 | 144.71 | 127.63 |
| Return on equity ratio (%) | 18.6 | 121.5 | -747.91 |
| Return on capital employed (%) | 15.74 | 51.64 | 114.93 |
| EPS | 2.59 | 9.53 | 8.41 |
Source: Winny Immigration RHP
Winny Immigration and Education Services Pvt Ltd IPO
Winny submitted its draft prospectus in February 2024 for an SME IPO. The company is now making its debut. Here are the key details to know before you subscribe.
Winny Immigration IPO details
Winny Immigration is launching a fixed price issue. The price per share is set at ₹140. This IPO aims to raise ₹9.13 crore through a fresh issue of 6.52 lakh equity shares.
Investors interested in participating can do so with a lot size of 1,000 shares. This means the minimum investment required by retail investors is ₹140,000.
About half of the offer is for retail investors, the rest allocated to other investors. Jignesh Patel, the promoter, will see his shareholding decrease from 83.63% to 58.51% post-IPO.
| Issue size | ₹9.13 crore |
| Fresh issue | ₹9.13 crore |
| Price band | ₹140 |
| Lot size | 1000 |
| Stock exchange | NSE Emerge |
Source: Winny Immigration RHP
Intermediaries
Interactive Financial Services is the book runner for the IPO. They oversee the issuance and make sure everything follows the rules. Bigshare Services Pvt is the IPO registrar. They manage investor records and process applications to keep things running smoothly.
Winny Immigration IPO calendar
| Event | Date |
| IPO opening | June 20 |
| End date | June 24 |
| Expected allotment announcement | June 25 |
| Refund initiation date | June 26 |
| Shares credited to demat accounts | June 26 |
| Tentative listing | June 27 |
Allocation of proceeds
The funds raised from the SME IPO are estimated to be used in the following ways.
- Opening of new offices in India: ₹96.96 lakhs
- Software development: ₹287.81 lakhs
- Repayment of debt: ₹159 lakhs
- Branding and advertisement: ₹100 lakhs
- General corporate purposes: ₹199 lakhs
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Winny Immigration potential pitfalls
Investing in the Winny Immigration IPO comes with certain risks.
- One key issue is the company’s heavy reliance on Canadian immigration services. In FY 2021-22, 90% of their revenue came from this sector. This dropped to 82% in FY 2022-23 and further to 39% in FY 2023-24. Such dependency makes Winny vulnerable to changes in Canadian immigration policies and regulations.
- Another concern is related to promoter-associated risks. The company’s promoter has a history of delayed payments on property loans and credit cards. This could affect the company’s financial stability and credibility.
- Winny Immigration also operates through a franchisee model. The company relies on franchisees to maintain the standards and practices outlined in their agreements. However, there is no guarantee that all franchisees will strictly follow these guidelines. Non-compliance by any franchisee can negatively impact the business, operations, and brand image.
- Additionally, Winny prepares study materials for exams. There is a risk that these materials could be copied by competitors. This could lead to increased competition and potentially lower revenues. Though this has not happened yet, it remains a potential threat.
Bottomline
Investing in Winny Immigration’s SME IPO in NSE Emerge has both pros and cons. The company is growing and improving its technology. This could lead to more success.
But, they rely a lot on Canadian immigration services, and there are some risks with the promoter. It’s important to think about these points and do your own research before deciding.
