Western Overseas Study Abroad IPO Overview
Haryana-based study abroad & immigration consultancy raising ₹10.07 cr via 100% fresh issue of 18L shares. Fixed price: ₹56. Lot: 4,000 shares (₹2,24,000 min).
Funds for marketing (₹4.8 cr), software (₹1.5 cr), debt repayment (₹1.2 cr).
Founded 2013, 12 years old. 12 branches + 1 back office, 148 employees. Services: Visa assistance, language training (IELTS/TOEFL/PTE), foreign languages (French/German/Spanish), immigration support.
14 countries: Canada, Australia, UK, USA, Germany, Ireland. Punjab, Haryana, Delhi, Chandigarh, MP.
Lead: Sobhagya Capital. Fragmented market, geographic concentration, intense competition. Competes with IDP, British Council, Study Metro, KC Overseas.
IPO DETAILED INFORMATION
Issue Details
| Parameter | Details |
| IPO Type | SME |
| IPO Open Date | 4 December 2025 (Wednesday) |
| IPO Close Date | 8 December 2025 (Sunday) |
| Allotment Date | 9 December 2025 (Monday) – Expected |
| Credit to Demat | 10 December 2025 (Tuesday) – Expected |
| Refund Initiation | 9 December 2025 (Monday) – Expected |
| Listing Date | 11 December 2025 (Wednesday) – Tentative |
| Price | ₹56 per share (Fixed Price Issue – No price band) |
| Face Value | ₹10 per share |
| Lot Size | 4,000 shares |
| Min Investment (Retail) | ₹2,24,000 (1 lot / 4,000 shares) |
| Issue Size | ₹10.07 crore total |
| Fresh Issue | ₹10.07 crore (100% fresh issue) – 18,00,000 shares |
| Offer for Sale (OFS) | NIL |
| Total Shares Offered | 18,00,000 equity shares (18 lakh) |
| Listing | BSE SME (Emerge Platform) |
| Post-Issue Market Cap | ~₹33.60 crore (at issue price) |
| Pre-IPO Shares | 42,14,000 shares |
| Post-IPO Shares | 60,14,000 shares |
| P/E Ratio | ~10x (FY25 basis – Reasonable) |
| EPS | ₹5.25 (FY25 basis) |
Issue Break-up
| Category | Allocation | Percentage |
| QIB (Qualified Institutional Buyers) | 0 shares | 0% (Fixed Price Issue) |
| NII (Non-Institutional Investors) | 50% allocation | 50% |
| Retail Individual Investors | 50% allocation | 50% |
| Market Maker | Portion reserved (amount TBD) | ~5% |
Note: Fixed Price Issue with 0% QIB allocation. 50-50 split between NII and Retail (standard for fixed price SME IPOs). No anchor portion.
Objects of the Issue (Fund Utilization)
Fresh Issue Proceeds (₹10.07 crore gross / ~₹8.5-9 cr net after issue expenses ~₹1-1.5 cr) will be used for:
- Finance Advertisement Expenses Towards Enhancing Brand Awareness and Visibility – ₹4.80 crore (53.3%)
- Largest allocation – brand building and marketing
- Digital marketing campaigns (Google Ads, Meta, YouTube)
- Traditional advertising (print, hoardings, radio)
- Student outreach programs, education fairs
- Lead generation and customer acquisition
- Competing with established players for visibility
- Finance Acquisition and Installation of Software – ₹1.50 crore (16.7%)
- CRM systems for student management
- Visa processing software
- Language training digital platforms
- Backend operational software
- Technology infrastructure upgrades
- Prepayment or Repayment of All or Portion of Certain Outstanding Borrowings – ₹1.20 crore (13.3%)
- Debt reduction from banks/financial institutions
- Deleveraging balance sheet
- Reducing finance costs
- General Corporate Purposes – ₹1.50 crore (16.7%)
- Working capital, strategic initiatives, contingencies
Strategic Focus:
- Heavy marketing focus (53.3%) to compete with IDP, British Council, others
- Technology investment (16.7%) for operational efficiency
- Modest debt repayment (13.3%)
- Largely supporting brand building and customer acquisition vs capacity expansion
Note: This is a 100% fresh issue with no OFS. All proceeds go to the company.
Lead Managers & Registrar
Book Running Lead Manager (BRLM):
- Sobhagya Capital Options Private Limited
- Address: E-227, Basement, East of Kailash, Delhi, Capital Territory of Delhi, India – 110065
- Phone: +91-7836066001
- Website: www.sobhagyacap.com
Registrar:
- Skyline Financial Services Private Limited
- Address: D-153 A, 1st Floor, Okhla Industrial Area, Phase-I, New Delhi – 110020
- Phone: +91-11-40450193-97, 022-28511022
- Email: [email protected]
- Website: www.skylinerta.com
Market Maker:
- To be disclosed
Promoters & Management
Key Promoters (2 Promoters – Husband-Wife):
- Mr. Pardeep Balyan – Promoter & Director
- Co-founder and key management
- Driving business strategy and operations
- Ms. Rekha Rani – Promoter & Director
- Co-founder and promoter
- Family member supporting operations
Company History:
- Founded September 18, 2013 as “Western Overseas Study Abroad Private Limited” (12 years old)
- Incorporated: Registrar of Companies, NCT of Delhi and Haryana
- Converted to Public Limited: September 24, 2024 (just before IPO) – renamed “Western Overseas Study Abroad Limited”
- DRHP Filed: January 29, 2025
- Infrastructure: 12 branches + 1 back-end office
- Workforce: 148 professionals (as per prospectus)
- Geographic Presence: Punjab, Haryana, Delhi, Chandigarh, Madhya Pradesh
- Countries Served: 14 countries (FY 2023-24 expansion) – Canada, Australia, UK, USA, Germany, Ireland, and others
- Direct Contracts: Multiple international universities and colleges
Company Contact:
- Registered Office: Ground Floor-First Floor, S.C.F No-27-28, Vikas Vihar, Ambala City, Ambala, Haryana – 134003
- Phone: +91-171-3500064
- Website: www.western-overseas.com
- CIN: U80904HR2013PLC050297
COMPANY OVERVIEW
Establishment & Background:
- Incorporated on September 18, 2013 (12 years old)
- Converted to Public Limited on September 24, 2024 (just before IPO filing)
- Industry: Study Abroad & Immigration Consultancy Services
- Headquartered in Ambala, Haryana
- Infrastructure: 12 branches + 1 back-end office
- Workforce: 148 professionals
- Geographic Focus: Punjab, Haryana, Delhi, Chandigarh, Madhya Pradesh (North India)
Business Model:
- Comprehensive Suite of Educational and Immigration Consultancy Services
- Service Portfolio:
- Visa Assistance & Immigration Support:
- Student visa processing for 14 countries
- Tourist visa services
- Permanent residency (PR) applications
- Immigration consulting
- Language Proficiency Training:
- English Tests: IELTS, TOEFL, PTE, CELPIP, DUOLINGO, LANGUAGE CERT
- Test preparation coaching
- Practice tests and mock exams
- Foreign Language Courses:
- French, German, Spanish language training
- Beginner to advanced levels
- Certification preparation
- Education Consulting:
- University and college selection
- Course guidance and career counseling
- Application assistance
- Document preparation
- Financial Assistance:
- Loan and scholarship guidance
- Financial aid applications
- Post-Arrival Support:
- Career assistance in destination countries
- Accommodation guidance
- Orientation programs
- Visa Assistance & Immigration Support:
- Target Countries (14 as of FY24):
- Primary: Canada, Australia, UK, USA (major destinations)
- European: Germany, Ireland, France, Spain
- Others: New Zealand, Singapore, and more
- Target Customer Segments:
- High school students planning undergraduate studies abroad
- College graduates seeking postgraduate degrees
- Working professionals seeking career enhancement or immigration
- Families pursuing permanent residency
- Tourists needing visa assistance
- University Partnerships:
- Direct contracts and recognition from multiple international universities and colleges
- Trusted recruitment partner status
- Commission-based model from universities for student placements
- Revenue Model:
- Service fees from students for consulting, visa processing, training
- Commissions from international universities/colleges for student placements
- Language training course fees
- Visa assistance charges
Market Position:
- Positioned as regional study abroad consultancy in North India
- Global education market: USD 11.39 trillion (2023), projected USD 18.44 trillion by 2032 (5.5% CAGR)
- India education sector: USD 117 billion (FY20), expected USD 225 billion by FY25
- Indian students abroad: 750,000-1,000,000+ annually (growing)
- Competing in fragmented market with thousands of consultancies
- Major Competitors: IDP Education, British Council, Study Metro, KC Overseas Education, Global Opportunities, The Chopras, others
- Regional presence in Punjab/Haryana/Delhi – states with highest overseas education demand
Operations:
- Headquarters: Ambala, Haryana
- 12 Branches: Across Punjab, Haryana, Delhi, Chandigarh, Madhya Pradesh
- 1 Back-End Office: Centralized operations
- 148 Professionals: Counselors, trainers, visa processors, support staff
- Technology: CRM systems, student management software (upgrading with IPO proceeds)
Company Strengths
- Strong Profit Growth – Revenue +13%, PAT +86% (FY24 to FY25):
- FY25 revenue: ₹22.96 cr (+12.7% vs ₹20.37 cr FY24)
- FY25 PAT: ₹2.21 cr (+85.7% vs ₹1.19 cr FY24) – nearly doubled!
- Profit margin expansion: 5.8% (FY24) → 9.6% (FY25) – significant improvement
- Consistent growth trajectory demonstrating operational efficiency
- Healthy profitability for services business
- Reasonable Valuation – P/E ~10x:
- Issue priced at P/E of ~10x (FY25 basis) – attractive for profitable SME
- Post-IPO market cap: ~₹33.6 crore – small but reasonable
- Lower than many aggressive SME IPO pricings (20-30x+)
- Profitable business with improving margins at value pricing
- Margin of safety at current valuation
- 100% Fresh Issue – All Proceeds for Growth (No Promoter Exit):
- Entire ₹10.07 cr goes to company
- No OFS component signals promoter confidence
- Capital for genuine brand building (₹4.8 cr) and technology (₹1.5 cr)
- Promoters committed to long-term value creation
- Not a liquidity event for promoters
- Established Presence – 12 Years, 12 Branches, 148 Employees:
- Incorporated 2013 (12 years of operations)
- Built network of 12 branches across 5 states
- 148 professionals – substantial team for regional player
- Track record of serving thousands of students
- Brand recognition in Punjab, Haryana, Delhi markets
- Comprehensive Service Suite – One-Stop Solution:
- Full spectrum: Education consulting, visa assistance, language training, immigration support, financial guidance, post-arrival support
- Convenience for students – single point of contact
- Cross-selling opportunities across services
- Recurring revenue potential (language courses, visa renewals)
- Sticky customer relationships
- Direct University Partnerships – Commission Revenue Stream:
- Direct contracts with multiple international universities/colleges
- Trusted recruitment partner status
- Commission income from university placements (in addition to student fees)
- Dual revenue model: Student fees + University commissions
- Preferred partner status provides competitive advantage
- Growing Market – Structural Tailwinds:
- Indian students studying abroad: 750,000-1,000,000+ annually and growing
- Rising disposable incomes driving overseas education demand
- Government initiatives supporting skill development and international exposure
- Canada, Australia, UK increasing student intake
- Post-COVID international education recovery strong
- Multi-year growth runway
- Strong Regional Focus – Understands Local Market:
- Deep presence in Punjab, Haryana, Delhi, Chandigarh – highest overseas education demand states
- Punjab alone sends 100,000+ students abroad annually
- Understanding of regional languages, culture, preferences
- Local brand recognition and word-of-mouth referrals
- Relationship-driven business benefiting from regional concentration
Key Risks & Challenges
- Flat GMP (₹0) – Zero Market Enthusiasm:
- GMP at ₹0 as of Dec 3, 2025 – completely flat, no premium
- Zero grey market interest or speculation
- Indicates market skepticism about issue
- Expected listing price = issue price (₹56) with no gains
- High risk of flat or negative listing
- Investors showing no confidence despite reasonable fundamentals
- Very Small Scale – ₹23 Cr Revenue, ₹34 Cr Market Cap:
- Revenue: ₹22.96 cr (FY25) – very small scale
- Post-IPO market cap: ~₹33.6 cr – tiny SME
- 12 branches, 148 employees – limited organizational bandwidth
- Cannot compete with scale of IDP Education, British Council
- Difficult to invest in technology, marketing at scale
- Vulnerability to larger competitors
- Intense Competition – Highly Fragmented Market:
- Competing with established giants:
- IDP Education: Global leader, 120+ offices in India
- British Council: Government-backed, credibility and resources
- Study Metro, KC Overseas, Global Opportunities: Established chains
- Plus thousands of regional and unorganized consultancies
- Low barriers to entry – anyone can start consultancy
- Price-based competition on service fees
- Student loyalty limited – choose based on success rate and costs
- Competing with established giants:
- Geographic Concentration – Punjab, Haryana, Delhi (North India Only):
- All 12 branches in just 5 states (Punjab, Haryana, Delhi, Chandigarh, MP)
- Heavy North India concentration creates vulnerability
- Regional economic slowdown = severe impact
- Limited pan-India presence vs national players
- South India (major market) completely untapped
- Expansion requires significant investment
- Heavy Marketing Dependence – 53% of IPO for Advertising:
- ₹4.80 crore (53.3% of net proceeds) allocated to marketing – major red flag
- Indicates high customer acquisition costs
- Continuous marketing spend needed to compete with established brands
- Brand building from scratch expensive and time-consuming
- IPO proceeds may not be sufficient for sustained brand building
- Competitors with deeper pockets can outspend
- Country Policy Risk – Destination Country Immigration Changes:
- Heavily dependent on immigration policies of Canada, Australia, UK, USA
- Any visa policy tightening = immediate demand impact
- Canada recently reduced international student intake targets
- UK post-study work visa changes affecting demand
- USA H1-B visa uncertainties under political changes
- Cannot control external policy environment
- Commission Dependency – University Revenue at Risk:
- Commission income from universities vulnerable to:
- Universities reducing commission rates
- Direct-to-student marketing by universities
- Loss of preferred partner status
- Universities switching to other agents
- No long-term contracts guaranteed
- Commission model facing pressure globally
- Commission income from universities vulnerable to:
- Regulatory Risks – Consultancy Licensing & Compliance:
- Subject to regulations in both India and destination countries
- Fraudulent practices by some consultancies creating industry scrutiny
- Potential licensing requirements, compliance costs
- Legal liabilities for visa rejections or student complaints
- Reputational damage from any malpractice allegations
- Seasonality – Education Admission Cycles:
- Business highly seasonal – peaks during admission cycles (Jan-Apr, Aug-Oct)
- Cash flow volatility quarter-to-quarter
- Need to manage working capital for lean periods
- Fixed costs (rent, salaries) continue year-round
- Technology Disruption – Online Platforms & DIY Tools:
- Rise of online platforms (Leap Scholar, Univalley, Yocket, Admitly) offering tech-enabled solutions
- DIY tools allowing students to apply directly
- AI-driven counseling platforms threatening traditional consulting model
- Western Overseas’s ₹1.5 cr tech investment modest vs tech-first competitors
- May fall behind in digital transformation
- Economic Cycle Sensitivity – Discretionary Spending:
- Overseas education is discretionary spending (₹20-50 lakh per student)
- Economic recessions = families postponing overseas education plans
- Currency depreciation (weak INR) makes overseas education more expensive
- Vulnerable to macroeconomic downturns
- Cannot sustain during prolonged economic weakness
- Talent Retention Risk – High Attrition in Services:
- 148 employees – success depends on experienced counselors
- High attrition typical in consultancy industry (15-25%)
- Trained counselors may leave to start own consultancies
- Continuous hiring and training costs
- Key relationship manager departures = client loss
CONCERNS: Flat GMP (₹0) indicates zero market interest. Very small scale (₹23 cr revenue, ₹34 cr market cap, 12 branches). Intense competition (IDP, British Council, Study Metro). Geographic concentration (North India only – Punjab, Haryana, Delhi). Heavy marketing dependence (53% or ₹4.8 cr of IPO for advertising). Country policy risks (Canada/UK/USA immigration changes). Commission dependency (university partnerships vulnerable). Regulatory and technology disruption risks.
POSITIVES: Strong profit growth (+86% PAT), reasonable valuation (P/E ~10x), 100% fresh issue (no OFS), 12-year track record, comprehensive service suite, direct university partnerships, growing market (structural tailwinds), strong regional focus. Profitable business with improving margins at attractive pricing.
Disclaimer: This information is based on publicly available sources including SEBI RHP filings, analyst reports, and company disclosures. Investors should conduct their own research and consult with financial advisors before making investment decisions. Past performance is not indicative of future results. SME investments carry higher risks than mainboard listings.
