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Western Overseas IPO Review - Issue Date, Price, GMP, Subscription, Allotment, Lot Size, and Details

Western Overseas Study Abroad Limited is a student-training and visa-consulting company offering IELTS/PTE coaching, immigration advisory, and overseas admission services. It earns revenue mainly from coaching fees, consultancy charges, and support services for study-abroad applicants. Its services help students prepare for global education requirements and navigate visa processes. The offerings are used by students planning to study or migrate overseas, especially to major English-speaking countries.

Western Overseas, an Book Built Issue, amounting to ₹10.07 Crore,consisting entirely an fresh issue of 0.18 crore shares of ₹10.07 Crore.The subscription period for the Western Overseas IPO opens on December 04, 2025, and closes on December 08, 2025. The allotment is expected to be finalized on or about Tuesday, December 09, 2025., and the shares will be listed on the BSE SME with a tentative listing date set on or about Thursday, December 11, 2025.

The Share Price Band of Western Overseas IPO is set at ₹56 per equity share. The Market Capitalisation of the Western Overseas at IPO price of ₹56 per equity share will be 33.67 Crores. The lot size of the IPO is 2000 shares. Retail investors are required to invest a minimum of   224,000, 2 lots ( 4000 shares), while the minimum investment for High-Net-Worth Individuals (HNIs) is 3 lots ( 6000 shares), amounting to  336,000.

SOBHAGYA CAPITAL OPTIONS PRIVATE LIMITED are the book running lead manager of the Western Overseas Ltd. while SKYLINE FINANCIAL SERVICES PRIVATE LIMITED is the registrar for the issue. The Market Maker of the company is Giriraj Stock Broking Pvt.Ltd.

Western Overseas Limited IPO GMP Today
The Grey Market Premium of Western Overseas IPO is expected to be ₹0 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.

Western Overseas Limited IPO Live Subscription Status Today: Real-Time Update
As of 10:30 AM on 04 December, 2025, the Western Overseas IPO live subscription status shows that the IPO subscribed 0.02 times on its First Day of subscription period. Check the Western Overseas IPO Live Subscription Status Today at BSE.

Western Overseas Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online
Western Overseas IPO allotment date is 09 December 2025, Tuesday, Western Overseas IPO Allotment will be out on 09 December 2025, Tuesday.and will be live on Registrar Website from the allotment date.
Check SKYLINE FINANCIAL SERVICES PRIVATE LIMITED IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Western Overseas IPO from the dropdown list of IPOs
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.

Objectives of Western Overseas Limited IPO
Western Overseas to utilise the Net Proceeds towards the following objects:
1. ₹342.52 Lakh is required for To finance Advertisement expenses towards enhancing the awareness and visibility of our brand.
2. ₹300.00 Lakh is required for To finance acquisition and installation of Software.
3. ₹200.00 Lakh is required for Prepayment or repayment of all or a portion of certain outstanding borrowings availed by our Company.
4. ₹74.36 Lakh is required for To meet General corporate purposes.

Refer to Western Overseas Limited RHP for more details about the Company.

Western Overseas Limited Day Wise IPO GMP Trend
GMP Date Issue Price Expected Listing Price GMP Last Updated
December 02, 2025 ₹ 56 ₹ 56 ₹0(0.0%) 02 December 2025; 12:59 PM
December 02, 2025 ₹ 56 ₹ 56 ₹0(0.0%) 04 December 2025; 11:41 AM
Western Overseas IPO Details
Market Capitalization ₹33.67 Cr.
IPO Date December 04, 2025 to December 08, 2025
Listing Date December 11, 2025
Face Value ₹10 Per Share
Price Band ₹56 per share
Issue Price ₹56 per share
Employee Discount NA
Lot Size 2000 Equity Shares
Total Issue Size 17,98,000 Equity Shares (aggregating to ₹10.07 Cr)
Fresh Issue 17,98,000 Equity Shares (aggregating to ₹10.07 Cr)
Offer for Sale NA
Issue Type Fixed Price Issue
Listing At BSE SME
Share holding pre issue 42,14,000
Share holding post issue 60,12,000
Rating Avoid
Western Overseas IPO Anchor Investors Details
Bid Date N/A
Shares Offered N/A
Anchor Portion Size (In Cr.) N/A
Anchor lock-in period end date for 50% shares (30 Days) N/A
Anchor lock-in period end date for remaining shares (90 Days) N/A
Western Overseas IPO Timeline (Tentative Schedule)
IPO Open Date Thu, Dec 4, 2025
IPO Close Date Mon, Dec 8, 2025
Basis of Allotment Tue, Dec 9, 2025
Initiation of Refunds Wed, Dec 10, 2025
Credit of Shares to Demat Wed, Dec 10, 2025
Listing Date Thu, Dec 11, 2025
Cut-off time for UPI mandate confirmation 5 PM on Mon, Dec 8, 2025
Western Overseas IPO Reservation
Investor Category Shares Offered Reservation %
QIB Portion - -
Non-Institutional Investor Portion 854,000 Not less than 50% of the Net Offer
Retail Shares Offered 854,000 Not less than 50% of the Net Offer
Market Maker Portion 90,000 -
Western Overseas IPO Promoter Holding
Share Holding Pre Issue 100.00%
Share Holding Post Issue 70.09%
Western Overseas IPO Lot Size
Application Lots Shares Amount
Retail (Min) 2 4,000 ₹224,000
Retail (Max) 2 4,000 ₹224,000
S-HNI (Min) 3 6,000 ₹336,000
S-HNI (Max) 8 16,000 ₹896,000
B-HNI (Min) 9 18,000 ₹1,008,000
Western Overseas IPO Subscription Status
Investor Category Shares Offered Shares Bid For No of Times Subscribed Last Upadeted
Qualified Institutional Buyers (QIB) - - 0x 04 December 2025; 11:42 AM
Non Institutional Investors(NIIS) 944,000 - 0.00x 04 December 2025; 11:42 AM
Retail Individual Investors (RIIs) 854,000 - 0.00x 04 December 2025; 11:42 AM
Total 1,798,000 - 0.00x 04 December 2025; 11:42 AM
About Western Overseas Limited

Western Overseas Study Abroad Limited is a student-training and visa-consulting company offering IELTS/PTE coaching, immigration advisory, and overseas admission services. It earns revenue mainly from coaching fees, consultancy charges, and support services for study-abroad applicants. Its services help students prepare for global education requirements and navigate visa processes. The offerings are used by students planning to study or migrate overseas, especially to major English-speaking countries.

Key Clients & Major Facilities

The company’s clients are primarily students seeking international admissions, test preparation, and visa support. Major operational facilities include owned and leased coaching centers and offices, including registered premises such as “Label Ganga, 1112 sq ft, Ground Floor, Ambala City” listed as secured property in borrowings . These centers host training rooms, counselling cabins, administrative operations, and digital learning infrastructure supporting coaching and visa-processing activities.

Product Portfolio & Order Execution

Its portfolio includes IELTS/PTE coaching, pre-departure training, student visa assistance, immigration documentation, and admission counselling. These services fall under test-prep and international mobility solutions, supporting clients through the entire application lifecycle. The company does not maintain a traditional order book; instead, revenue flows through continuous enrolments and visa-processing cycles. Execution depends on coaching batches, institutional tie-ups, and successful processing of client applications.

Merger, Expansion & Capex Plans

The company plans to expand its training capacity, upgrade digital platforms, strengthen marketing outreach, and open new coaching centres in high-demand regions. Its strategic initiatives focus on increasing student intake, enhancing brand presence, and partnering with international institutions. Capex is expected to support facility expansion, technology upgrades, and operational efficiency improvements. No merger events are highlighted, but future scalability strategies emphasize organic growth.

Employees & Banker

As of June 30, 2025, the company had 148 employees. The Banker to the Company is ICICI Bank and State Bank of India.

MANAGEMENT & VISION

The management team aims to strengthen Western Overseas’ position as a trusted study-abroad service provider with a focus on test-prep excellence, visa success rates, and global university tie-ups. They target steady growth through centre expansion, aggressive digital marketing, and improved student support. Long-term goals include diversifying into more destination countries and scaling online coaching. Capex and expansion funding are expected to be arranged through internal accruals, IPO proceeds, and improved operating cash flows.

INDUSTRY OVERVIEW

The company operates in the overseas education and language-training industry, which has been expanding due to rising aspirations of Indian students and increasing acceptance in developed countries . Industry growth is supported by global demand for skilled migrants, English-language testing, and international university enrolments. Although the prospectus does not specify numerical industry size, the sector is witnessing strong momentum with thousands of Indian students migrating for higher education annually. Market leaders include global test-prep brands and established visa-consulting networks. Growth outlook remains positive in both India and international markets.

KEY RISK FACTORS

1. Regulatory & Visa Policy Risk

Changes in immigration rules, visa restrictions, or geopolitical tensions can directly affect student approvals, thereby impacting the company’s counselling and visa-processing business. Any tightening of international student policies may reduce demand for its services.

2. High Competition in Coaching & Consultancy

The market includes large national test-prep brands and numerous small regional consultants. Intense competition may lead to pricing pressure, higher marketing costs, and lower student acquisition efficiency, affecting profitability.

3. Dependence on Student Enrolments

Revenue largely depends on continuous enrolment for coaching and visa services. Seasonal variations, exam-related changes, or drop in student interest for foreign education may negatively impact operating performance.

4. Limited Geographic Concentration

A significant portion of operations is concentrated in specific regions. Any regional disruptions, regulatory changes, or local competition may reduce traffic to centres and affect the company’s business volumes.

5. Dependence on Foreign Institutions & Testing Bodies

The company relies on international universities, testing organisations, and immigration authorities. Any changes in partnership terms, exam formats, or acceptance criteria may influence service delivery and student outcomes.

6. Human Resource Dependency

The business requires trained counsellors, faculty, and visa experts. Attrition or difficulty in hiring skilled staff can disrupt coaching quality, client engagement, and documentation efficiency.

KEY STRENGTHS & OPPORTUNITIES

1. Established Brand in Student Mobility

Western Overseas has strong recall in North India for IELTS, PTE, and visa guidance. Its training quality and counselling support give it competitive advantage in attracting students seeking reliable overseas education services.

2. Diverse Service Portfolio

With end-to-end coaching, counselling, and visa processing, the company covers the entire student journey. This integrated model improves cross-selling, enhances revenue visibility, and increases client dependency on its services.

3. Growing Demand for Overseas Education

Rising aspirations, international opportunities, and scholarship access support continuous growth in Indian outbound students. The company is well-positioned to benefit from this long-term structural trend across major destination countries.

4. Expansion Through New Centres

Planned additions of coaching centres and digital-learning capabilities offer a strong opportunity to scale operations. Increased presence in Tier-2 and Tier-3 cities can significantly boost student outreach and revenue.

5. Technology-Driven Training & Processing

Digital test preparation, online counselling, and automated application-tracking systems support efficiency, better student experience, and higher scalability. Technology enhances margins and enables remote service delivery.

6. Strong Visa-Processing Expertise

Deep understanding of documentation, compliance, and country-specific requirements helps maintain high success rates. This operational strength builds trust and gives the company a competitive moat in the consultancy market.

Western Overseas Limited Financial Information (Restated Consolidated)

Amount in (₹ in Lakhs)

Period Ended June 30, 2025 Mar 31, 2025 Mar 31, 2024 Mar 31, 2023
Reserve of Surplus 285.79 231.52 446.51 328.49
Total Assets 1,386.80 1,268.86 1,005.14 479.30
Total Borrowings 462.56 409.19 330.84 47.21
Fixed Assets 217.21 203.21 167.56 144.60
Cash 29.71 21.51 41.22 66.67
Cash flow from operating activities -13.58 -27.60 -206.77 74.31
Cash flows from investing activities -22.79 -18.33 -81.14 -82.61
Cash flow from financing activities 44.57 26.22 262.47 17.83
Net Borrowing 432.85 387.68 289.62 -19.46
Revenue 496.72 2,295.81 2,036.67 1,020.60
EBITDA 86.88 369.77 229.12 107.54
PAT 54.27 221.09 119.02 44.94
PAT Margin 10.93% 9.63% 5.84% 4.40%
EPS 1.29 5.25 2.82 1.07

Note 1:- RoE, ROCE & RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 2:- Pre EPS and Post EPS calculation in KPI is based (Profit/Loss for the Year) on 31st Mar, 2025 Data, given in RHP.
Note 3:- RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 4:- Price to Book Value calculation in KPI is based on Cap Price Post Issue Data, given in FINANCIAL EXPRESS.

Key Performance Indicator
KPI Values
EPS Pre IPO (Rs.) 5.25
EPS Post IPO (Rs.) 3.68
Adjusted 12M EPS Post IPO (Rs.) 3.61
P/E Pre IPO 10.67
P/E Post IPO 15.23
Adjusted 12M P/E Post IPO 15.51
ROE 40.18%
ROCE 37.63%
P/BV 3.62
Debt/Equity 0.63
RoNW 33.86%
EBITDA Margin 16.27%
PAT Margin 9.63%
Western Overseas Limited IPO Peer Comparison
Company Name EPS P/E (x) ROE ROCE P/BV Debt/Equity RoNW (%)
Western Overseas 3.68 15.23 40.18% 37.63% 3.62 0.63 33.86%
Winny Immigration & Education Services -22.97 -3.09 - - 2.63 - -78.48%
Landmark Global Learning 6.37 8.24 21.1 % 28.8 % 1.30 0.01 15.63%
Western Overseas Limited Contact Details

Western Overseas Study Abroad Ltd.
Ground Floor- First Floor,
S.C.F No-27-28,
Vikas Vihar,
Ambala, Haryana, 134003
Phone: + 91-171-3500064
Email: info@western-overseas.com
Websitehttps://western-overseas.com/

Western Overseas IPO Registrar and Lead Manager(s)

Skyline Financial Services Pvt.Ltd.
Phone: 02228511022
Email: ipo@skylinerta.com
Websitehttps://www.skylinerta.com/ipo.php

SOBHAGYA CAPITAL OPTIONS PRIVATE LIMITED
Phone: +91-7836066001
Email:   cs@sobhagyacap.com
Websitewww.sobhagyacap.com

Western Overseas IPO Review

Western Overseas Study Abroad Limited is a student-training and visa-consulting company offering IELTS/PTE coaching, immigration advisory, and overseas admission services. It earns revenue mainly from coaching fees, consultancy charges, and support services for study-abroad applicants. Its services help students prepare for global education requirements and navigate visa processes. The offerings are used by students planning to study or migrate overseas, especially to major English-speaking countries.

The Company is led by Promoter, i.e., MR. PARDEEP BALYAN AND MS. REKHA RANI

The Revenues from operations for the Period ended on Jun 30 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 496.72 Lakh, ₹ 2,295.81 Lakh, ₹ 2,036.67 Lakh, and ₹ 1,020.60 Lakh, The EBITDA for the Period ended on Jun 30 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 86.88 Lakh, ₹ 369.77 Lakh, ₹ 229.12 Lakh, and ₹ 107.54 Lakh, The Profit after Tax for the Period ended on Jun 30 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ 54.27 Lakh, ₹ 221.09 Lakh, ₹ 119.02 Lakh, and ₹ 44.94 Lakh, respectively. This indicates a steady growth in financial performance.

The Company Key Performance Indicates the pre-issue EPS of ₹5.25 and post-issue EPS of ₹3.68 for FY25. The pre-issue P/E ratio is 10.67x,while the post-issue P/E ratio is 15.23x against the Industry P/E ratio is NAx The company's ROE for FY25 is 40.18% and RoNW is 33.86% The Annualised EPS is ₹3.61x and P/E is 15.51x. These metrics suggest that the IPO is Fully priced.

The Grey Market Premium (GMP) of Western Overseas showing listing gains of 0%.Given the company's financial performance and the valuation of the IPO, we recommend  Investors to Avoid to the Western Overseas Limited IPO for Listing gain or Long Term Purposes.


Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. We also use Artificial Intelligence (AI) tools to enhance the efficiency and quality of our research services, including data retrieval, analysis, and report summarization. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaimers, Disclosures, Investor Charter, Investor Complaints please visit Legal our website abhayvarn.com

About the Author
CA Abhay Kumar (Also known as  CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.

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