Western Overseas IPO listing today. Check GMP ahead of debut

Western Overseas Study Abroad is set to list on the BSE SME platform on December 11, with grey market activity showing no premium (GMP 0%) ahead of the debut. The muted sentiment reflects the IPO’s modest subscription levels and a cautious stance among SME investors this week.

The fixed-price IPO, which closed on December 8, raised Rs 10.07 crore through a fully fresh issue of 17.98 lakh shares priced at Rs 56 apiece. The offer saw 1.41 times overall subscription, driven mostly by retail investors who subscribed 2.43 times, while the HNI/NII category remained weak at 0.39 times. There was no QIB participation in the issue.

At the issue price, the company is set to list with a post-issue market cap of Rs 33.67 crore.

What the company does

Western Overseas Study Abroad, incorporated in 2013, operates in the highly competitive education and immigration advisory space. Its offerings include student visa guidance, English proficiency test training (IELTS, PTE, TOEFL, CELPIP), foreign language courses (French, German, Spanish), career support, and consultancy for tourist, business, and permanent residency visas.

The company has built a network of 12 branches and one back-end office, serving students primarily in Punjab, Haryana, Chandigarh, Delhi, and Madhya Pradesh. It promotes itself as a one-stop solution offering language training, visa documentation support, and overseas education counselling.

Its financial performance has shown moderate growth. Revenue rose 13% in FY25 to Rs 22.96 crore, while profit after tax jumped 86% to Rs 2.21 crore. For the quarter ended June 2025, the company reported Rs 4.97 crore in revenue and Rs 0.54 crore in PAT. Margins remain modest, with a PAT margin of 9.73% and EBITDA margin of 16.27% in FY25.

What the IPO proceeds will be used for

The company plans to use the funds for marketing and brand-building (Rs 3.43 crore), software acquisition (Rs 3 crore), partial repayment of borrowings (Rs 2 crore), and general corporate purposes.

With GMP at 0%, a small issue size, and subdued NII participation, market expectations point to a flat or marginally positive listing, largely dependent on broader SME sentiment on listing day.

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