Winny Immigration and Education Services Limited is mainly in the visa consultancy business. They provide assistance (Service) to individual for study, travel, work, business and migration purpose. They have successfully assisted thousands of clients in navigating the complex immigration and visa processes. With extensive experience spanning decades, network of 12 strategically located offices (9 Branches, 2 Franchisees and 1 Virtual office), and a dedicated team of over 100 professionals, they have effectively guided over many clients through the intricate procedures of immigration and visa. The array of services provided by Winny encompasses visa guidance, immigration assistance, and documentation services. The primary objective of the Company is to streamline the visa application process for the clients. They are providing consultancies in the below stated range of services: 1. Training for Language Proficiency Examinations2. Consulting and processing a range of Temporary Residence Visas.3. Consulting and processing Permanent Residency Visas. The majority clients choose to migrate in USA, Canada, Australia, New Zealand, UK and Europe. The team comprises seasoned immigration and education consultants. In one roof of the organization, the clientele receive end to end services starting from English proficiency exams coaching, immigration process, post visa procedures, post landing services like helping the clients for Airport pick up and arrangement of temporary accommodation by providing references of the clients already settled in destination countries. At present, the organization uses the "Winny App" as a Customer Relationship Management (CRM) Tool for the effective management of the client base. As per financial performance, Winny Immigration and Education Services Limited has posted total income / net profits of Rs 10.04 Cr / Rs 1.27 Cr (FY22), Rs 11.97 Cr / Rs 1.44 Cr (FY23) and Rs 11.02 Cr / Rs 0.39 Cr (FY24). So as per previous financials data, company has shown almost static results. Company has posted an average EPS of Rs 5.87 and average RoNW of 79.21% for last three fiscals. Issue is priced at a P/BV of 2.66 as per NAV of 52.70 as on post issue. If we attribute latest earnings of FY22, FY23 and FY24 on fully diluted equity post issue, then asking price is at a P/E of around 23.80, 20.99 and 77.36 respectively, which looks aggressively priced. As per RHP, there is no listed peers. Interactive Financial Services Limited is associated with this SME IPO and handled 16 SME IPOs and 1 Main board IPO in last 3 year. From last 10 SME IPOs, three opened below issue price or at par on the day of listing and From last 1 Main board IPO, that is opened above issue price on the day of listing. As of now from last 10 SME IPOs, three are trading below issue price and remaining are trading above issue price and From last 1 Main board IPO, that is trading below issue price. (As on 17.06.24) As per financials, Winny Immigration and Education Services Limited has shown improved results, RoNW is 17.02% and P/E is respectively 23.80, 20.99 and 77.36 as per FY22, FY23 and FY24 earnings. So, issue looks aggressively priced. Company is engaged in visa consultancy business, which is highly competitive and fragmented business segment. Performance of BRLM is good. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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