Moxsh Overseas Educon Limited IPO

Apply 0
Avoid 0

i. Moxsh Overseas Educon is an Edu-Medi Tech company engaged in the business of offering diverse and cohesive learning solutions, counselling and mobility services to students aspiring to pursue medical studies (MBBS) in India or abroad under its brand “MOKSH” (‘student mobility services’). Under its student mobility services, they also provide advisory to students for their medical career planning and execution. They are digitally native, technology-led businesses, providing online learning programs (test preparation) for medical entrance examinations, NEET-UG and for medicos (i.e. medical aspirants or graduates of a medical school) to appear for the medical licensing examinations, such as USMLE, PLAB, DHA, NeXT, FMGE, etc, under its brand “MOKSH Academy” (‘healthcare academy’). Based in Mumbai, as of August 31, 2022, they have presence across 23 touch points in India, of which they have a presence in 18 cities through franchisee arrangements and with its registered and branch offices in 5 cities viz Mumbai, Pune, Delhi, Bhopal and Ahmedabad.

ii. In the immediately 3 preceding Fiscals, under its student mobility services they have recruited over 685 students to various foreign medical universities, and under our healthcare academy services, they have served over 580 students.

iii. Company’s present service offerings can be categorized into student mobility services and healthcare academy. The Company has integrated different services throughout the journey of a student aspiring to pursue medical studies from entering into UG level course till settling down as a practicing physician or pursuing PG program (Specialist).

iv. They categorize their service offerings into brands:
b. MOKSH Academy
c. XERA EdTech
d. Studium – Concept of Edu-Clinic

Competitive Strengths

i. Focused 360-degree approach
ii. Unique Brand Positioning
iii. Strong network

Objects of the Moxsh Overseas Educon Limited IPO:

The Company proposes to utilize the Net Proceeds from the Issue towards the following objects: 1. Meeting our working capital requirements 2. Expenditure to enhance visibility and awareness of our brands 3. General corporate purposes

Moxsh Overseas Educon Limited IPO Details:

Open Date: Dec 21 2022
Close Date: Dec 23 2022
Total Shares: 680,800
Face Value: ₹ 10 Per Equity Share
Issue Type: Fixed Price Issue
Issue Size: 10.42 Cr.
Lot Size: 800 Shares
Issue Price: ₹ 153 Per Equity Share
Listing At: NSE Emerge
Listing Date: Jan 02 2023

Promoters And Management:

DHANANJAY JAICHAND SHAH – aged 54 years, is the Promoter, Chairman and Managing Director. He holds a Bachelor of Engineering (Electrical) degree from University of Bombay in 1989. He has an overall experience of 28 years in different arenas such as IT Hardware Industry, New Age Digital Out of Home Media and Education Segment. In 2012, he co-founded Moksh Overseas Education Consultants as a proprietary concern engaged in business of student mobility with its primary focus being medicine programs. His current key responsibilities include Ideation, Growth strategy and team building for vision implementation. PRITI DHANANJAY SHAH - aged 50 years, holds directorship of the Company since incorporation. She possesses Bachelor of Commerce degree from S.I.E.S College, University of Mumbai and a Diploma in Business Management from Prin. L. N. Welingkar Institute of Management Development and Research. She started her professional journey as the proprietor of Moksh Overseas Education Consultants in 2012. Her current key responsibilities include managing finance of the Company and ensuring compliances for taxes and documentations. BRIJESH KUMAR SHARMA – aged 44 years, is a Director in the Company. He is an Electronics and Communication Engineering from MANIT (National Institute of Technology) Bhopal. He has more than 20 years of experience in the field of Medical Education System, Radio Frequency Planning & Optimization, Network Quality & Performance, Project deployment, Network Operations, Wireless and Fiber Transport Networks, Wireless Core Network and Telecom Regulatory. His current key responsibilities include Managing Business Operations in Bhopal.

Financials of Moxsh Overseas Educon Limited IPO:

Particulars (Fig. In Lakhs) 2022 2021 2020
Revenue from Operations 1,007 386 814
Direct Expenses 79 43 166
Employees Benefit Expenses 405 151 306
Other Expenses 340 172 313
EBITDA 183 20 29
OPM% 18.17% 5.18% 3.56%
Other Income 1 0 4
Depreciation 30 8 2
Finance Cost 2 4 0
PBT 152 8 31
Tax 42 3 9
PAT 110 5 22
No. of Shares 22.5 22.5 22.5
EPS 4.9 0.2 1.0

Comparison With Peers:

There are no listed companies in India that engage in a business similar to this Company.  

Recommendation on Moxsh Overseas Educon Limited IPO:

Review and Recommendation of Moxsh Overseas Educon Limited IPO is 5/10 1. They're an Edu-Medi Tech company that offers learning solutions, counselling, and mobility services to MBBS students in India and overseas under the brand "MOKSH" ('student mobility services'). 2. They also provide advice to students for their medical career planning and execution. They are a digitally native, technology-led firm that provides online test preparation for medical entrance exams, NEET-UG, and medical licence exams, such as USMLE, PLAB, DHA, NeXT, FMGE, under the brand "MOKSH Academy" ('healthcare academy'). 3. As of August 31, 2022, they have 23 touch points in India, including 18 franchised locations and registered and branch offices in Mumbai, Pune, Delhi, Bhopal, and Ahmedabad.Company has incorporated different services throughout a medical student's path, from UG to PG (Specialist). 4. They group their service offerings under the following brands: Studium - Concept of Edu-Clinic, Healthcare Academy, Capturing Market & Going Global. 5. They consider their brands "MOKSH" and "MOKSH Academy" to be interchangeable as a provider of career solutions that provides a whole solution for students hoping to become medical professionals. Over 685 students were recruited by its student mobility services in the most recent three fiscal years to study at various overseas medical universities, and over 580 students were served by its healthcare academy services. 6. To meet the rising demand for their test preparation and mobility services, they want to harness the brand recognition, their experience, and their scalable business strategy and through destination service agents ("DSA") who are in charge of post-arrival services, they are also present in five other nations: Russia, Georgia, Serbia, Bangladesh, and Poland. 7. Their innovative technique helps every student — Understand the career roadmap up to a PG programme to become a specialist, (ii) Identify study abroad choices, and (iii) Evaluate the best options based on educational, financial, and other capacities. (iv) Technology-driven student recruiting, (v) International travel desk, (vi) Language and etiquette crash course before departure, (vii) Post-arrival aid in the target country. 8. Revenue has increased from 8 Crores in Fy20 to 10 Crores in Fy22. 9. EBITDA has increased from 33 Lakhs in Fy20 to 1.85 Crores in Fy22. 10. PAT has increased from 21 Lakhs in Fy20 to 1.11 crore in Fy22 11. EPS of Fy22 is 4.9 , so, P/E of the IPO is 30.8x looks over-valued.

Lead Manager of Moxsh Overseas Educon Limited IPO:

  1. Fedex Securities Limited

Registrar of Moxsh Overseas Educon Limited IPO:

  1. Bigshare Services Private Limited

Company Address:

Moxsh Overseas Educon Limited 159/160, Kaliandas Udhyog Bhavan, Century Bazar, Prabhadevi, Mumbai - 400025, Maharashtra, India Phone: +91 9699 360 370 Email: Website

Discussion on Moxsh Overseas Educon Limited IPO:


Leave a Reply