Company has submitted to exchange statement of deviation and variation for the year ended on March 31, 2025
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Landmark Immigration Consultants Limited has filed a quarterly statement on how it has used the money raised from its IPO, which closed on January 23, 2025 and raised Rs. 40.32 crore in total. The company has reported no deviation or variation from the purposes stated in its prospectus, and the statutory auditor (Sukhpal Singh & Co.) has certified that the funds have been used as per the original objects. Out of the total Rs. 40.32 crore raised, only Rs. 5.22 crore has been spent so far, with Rs. 4.72 crore fully used for public issue expenses and Rs. 50 lakh spent on setting up new branches. The remaining Rs. 35.10 crore (about 87% of the funds) is still pending utilization and is earmarked for advertising (Rs. 13.95 crore), acquisitions or inorganic growth (Rs. 9.60 crore), new branch capex (Rs. 10.51 crore), and general corporate purposes (Rs. 1.04 crore). The Audit Committee reviewed and noted the statement at its meeting on May 15, 2025.
This is a routine compliance filing with no negative news — there is no deviation or misuse of IPO funds, and the auditor has confirmed proper usage. The low utilization is normal since the IPO happened only in January 2025, but investors should track upcoming quarterly updates to see whether the company deploys the remaining Rs. 35 crore as planned in the prospectus, especially for branch expansion and acquisitions.