What happened to the IDP Education (IEL.ASX) share price today?
IEL -15.92%: an announcement out of Canada over the weekend saw a wave of selling in Idp today. The English language testing company has help a monopoly over the Student-Direct-Stream (SDS) visas with the company now allowing competitors to offer testing services. IEL will still be the main offering, but with added competition in the space, it is likely to see some market share lost, particularly from FY24 and beyond once competitors get their service up to standard. When the UK allowed other providers into the market, IEL lost around 10% of the market share in a reasonably short time frame while in FY22, Canada made up more than a quarter of enrolments for the company.
MM has no interest in IEL at this stage
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