Winny Immigration IPO Subscription Status

Winny Immigration IPO - Day-3 Subscription at 150.21 times

As of 6.58 pm on 24th June 2024, out of the 6.18 lakh shares on offer in the IPO (excluding the market maker portion), Winny Immigration and Education Services saw bids for 928.30 lakh shares. This implies an overall subscription of 150.21X at a macro level. The granular break-up of subscriptions as of the close of Day-3 of the Winny Immigration IPO was as under:

The subscriptions were led by the Retail investors followed by the HNI / NII investors in that order. Since there is no QIB quota in this IPO, the NII / HNI will typically gather most of the momentum on the last day, and that would be the case in this issue also in the case of the HNI / NII bids. The NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the large HNI bids come in. Institutional bids, if any, would get clubbed with the HNI / NII (non-institutional bids). Here are the details of the category-wise subscription. The overall subscription excludes anchor portion.

Data Source: NSE

The IPO is open up to June 24th, 2024, at which point we will know the final subscription status of the IPO. This is the updated subscription status as of the close of June 24, 2024; which is Day-3 of the IPO. This is the final subscription for the IPO as of close.

The stock of Winny immigration and Education Services has a face value of ₹10 per share and it is a fixed price issue; priced at ₹140 per share. The issue closed for subscription on 24th June 2024 and the credits to the demat account to the extent of shares allotted will happen by the close of 26th June 2024 under ISIN (INE0S9101013).
 

Winny Immigration IPO subscription Status Day-2

As of 5.19 pm on 21st June 2024, out of the 6.18 lakh shares on offer in the IPO (excluding the market maker portion), Winny immigration and Education Services saw bids for 166.65 lakh shares. This implies an overall subscription of 26.97X at a macro level. The granular break-up of subscriptions as of the close of Day-2 of the IPO of Winny immigration and Education Services was as under:

The subscriptions were led by the Retail investors followed by the HNI / NII investors in that order. Since there is no QIB quota in this IPO, the NII / HNI will typically gather most of the momentum on the last day, and that would be the case in this issue also in the case of the HNI / NII bids. The NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the large HNI bids come in. Institutional bids, if any, would get clubbed with the HNI / NII (non-institutional bids). Here are the details of the category-wise subscription. The overall subscription excludes anchor portion.

Data Source: NSE

The IPO is open up to June 24th, 2024, at which point we will know the final subscription status of the IPO. This is the updated subscription status as of the close of June 21, 2024; which is Day-2 of the IPO.

The stock of Winny immigration and Education Services has a face value of ₹10 per share and it is a fixed price issue; priced at ₹140 per share. The issue closes for subscription on 24th June 2024 and the credits to the demat account to the extent of shares allotted will happen by the close of 26th June 2024 under ISIN (INE0S9101013).

Winny Immigration IPO - Day-1 Subscription at 9.64 times

As of 5:33 pm on 20th June 2024, out of the 6.18 lakh shares on offer in the IPO (excluding the market maker portion), Winny immigration and Education Services saw bids for 59.58 lakh shares. This implies an overall subscription of 9.64X at a macro level. The granular break-up of subscriptions as of the close of the first day of the Winny immigration IPO was as under:

The subscriptions were led by the HNI / NII investors followed by the Retail investors in that order. Since there is no QIB quota in this IPO, the NII / HNI will typically gather most of the momentum on the last day, and that would be the case in this issue also in the case of the HNI / NII bids. The NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the large HNI bids come in. Here are the details of the category-wise subscription. The overall subscription excludes anchor portion.

Data Source: NSE

Winny immigration and Education Services – share allocation across categories

The table below captures the break-up of the overall share allocation to retail investors and to the HNI / NII investors. There is no QIB quota in this IPO, and the market maker allocation is the inventory that will be used by the market maker to provide liquidity in the counter post listing, to keep the bid-ask spreads low and reduce the risks of trading in the stock.

Data Source: Company RHP

In the above IPO of Winny immigration and Education Services, there is no dedicated QIB allocation in the IPO. The anchor allocation to the anchor investors is normally carved out of this QIB allocation and hence the company has not done any anchor allocation in the IPO. Normally, the anchor is done to institutional investors, which gives confidence and assurance to the retail shareholders about the institutional interest in the stock The anchor allocation is normally adjusted and deducted from the QIB quota and only the net number of shares is available for public issue under the QIB portion.

However, in this case, there is neither any QIB quota, nor any anchor allocation to investors ahead of the IPO. Normally, the anchor portion bidding is done on the day before the IPO opens and such anchor investments are subjected to lock in at two levels. Half the anchor allocation is locked in for 30 days while the balance anchor allocation shares are locked in for a period of 90 days. The allocation of market maker inventory of 5.22% is outside the anchor portion. The market making portion is more towards ensuring liquidity post listing and ensuring low basis spreads on the stock.

About the IPO of Winny immigration and Education Services

The stock of Winny immigration and Education Services has a face value of ₹10 per share and it is a fixed price issue. The fixed price for the IPO has been set at ₹140 per share. Being a fixed price issue, the question of price discovery does not arise. The IPO of Winny immigration and Education Services has only a fresh issue component and no offer for sale (OFS) portion. While the fresh issue portion is EPS dilutive and equity dilutive, the OFS is just a transfer of ownership and hence is not EPS or equity dilutive.

As part of the fresh issue portion of the IPO, Winny immigration and Education Services will issue a total of 6,52,000 shares (6.52 lakh shares), which at the fixed IPO price of ₹140 per share aggregates to fresh fund raising of ₹9.13 crore. Since there is no OFS, the fresh issue size will also double as the overall issue. Therefore, the overall IPO size will also comprise of the issue of 6,52,000 shares (6.52 lakh shares) which at the fixed IPO price of ₹140 per share aggregates to overall IPO size of ₹9.13 crore.

Read more about Winny Immigration IPO

Like every SME IPO, this issue also has a market making portion. The company has set aside a total of 34,000 shares as quota for market inventory. Beeline Broking Ltd has already been appointed as the market makers to the issue. The market maker provides two-way quotes to ensure liquidity on the counter and low basis costs. The company has been promoted by Jignesh Patel. The promoter holding in the company currently stands at 83.63%. However, post the fresh issue of shares, promoter equity holding share will get diluted to 58.50%. The fresh issue funds will be used by the company for opening new offices in India, enhancing the programming stack, repayment of debt, and branding and advertising. A small part of the IPO proceeds has also be set aside for general corporate purposes. Interactive Financial Services Ltd will be the lead manager to the issue, and Bigshare Services Private Ltd will be the registrar to the issue. The market maker for the issue is Beeline Broking Ltd. The IPO of Winny immigration and Education Services will be listed on the SME IPO segment of the NSE.