Winny Immigration IPO Surges 71.43% on NSE SME Listing

Winny Immigration IPO - Lists at a premium of 71.43%

Winny Immigration and Education Services had a strong listing on 27th June 2024, listing at ₹240.00 per share, a premium of 71.43% over the issue price of ₹140 per share in the IPO. Here is the pre-open price discovery for the Winny Immigration IPO on the NSE.

PRE-OPEN ORDER COLLECTION SUMMARY

Data Source: NSE

The SME IPO of Winny Immigration and Education Services was a fixed price IPO, with the price fixed in advance at ₹140 per share. The IPO got a strong subscription response at over 154X and there was no anchor allocation in the IPO as there was no dedicated QIB quota in the IPO. On 27th June 2024, the stock of Winny Immigration and Education Services listed at ₹240.00 per share, a premium of 71.43% over the IPO price of ₹140.00 per share. For the day, being in the 5% circuit filter category, the upper circuit price has been set at ₹252.00 and the lower circuit price has been set at ₹228.00. 

As of 10.05 am, the volumes were 3.35 lakh shares while the turnover (value) was at ₹813 lakhs. The opening market cap of the stock stands at ₹52.10 crore. The equity shares of Winny Immigration and Education Services (Symbol: WINNY) shall be in Series ST (Trade for Trade Surveillance Segment (TFTS) – Settlement Type W) and subsequently be shifted to Series SM (Normal Rolling Segment – Settlement Type N). At 10.05 am, the stock is trading at ₹240.10, which is marginally above the listing price of ₹240.00 per share and the stock is just marginally in the positive after a relatively strong listing. The stock of Winny Immigration and Education Services has a face value of ₹10 per share and the market lot comprises of 1,000 shares. The stock trades under the NSE symbol (WINNY) and the ISIN code for demat credits will be (INE0S9101013).

About Winny Immigration IPO

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.

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.