The fourth-biggest integrated exhibits and conferences venue, India Exposition Mart Limited, situated in Noida, filed a draft red herring prospectus (DRHP) for an initial public offering (IPO) with market regulator SEBI on Monday.
India Exposition Mart is likely to raise around Rs 600 crore, according to market sources. The initial share sale includes a fresh issue of equity shares having a face value of Rs 5 per equity share. The initial share sale consists of new issuance of Rs 450 crore and a selling shareholder offer to sell 1.12 crore equity shares. Because all stockholders are in the 'public category,' the company has no promoter.
Selling shareholders include Vectra Investments, Rakesh Sharma, Vivek Vikas, MIL Vehicles & Technologies, Pankaj Garg, Dinesh Kumar Aggarwal, Overseas Carpets, Navratan Samdaria, RS Computech, Lekhraj Maheshwari, and Babu Lal Dosi.
The offer is being made through the Book Building Process, wherein note less than 75 percent of the Offer shall be available for allocation to Qualified Institutional Buyers, not more than 15 percent of the Offer shall be available for allocation to Non-Institutional Bidders and not more than 10 percent of the Offer shall be available for allocation to Retail Individual Bidders.
Emkay Global Financial Services is the sole book-running lead manager and Kfin Technologies is the registrar to the offer.
India Exposition Mart had recorded a loss of Rs 16.45 crore in FY21 impacted by the COVID-led crisis, against a profit of Rs 44.89 crore in the previous year. Revenue during the same period fell significantly to Rs 13.3 crore from Rs 154.4 crore.
It recorded a loss of Rs 5.33 crore on a revenue of Rs 10.66 crore for the six months ended September 2021. Revenue primarily included income from space rent for fairs and exhibitions of Rs 4.78 crore and income from maintenance services of Rs 5.77 crore.
India Exposition Mart
India Exposition Mart is one of India's major venue planners and providers, providing technology-driven, world-class facilities and safety standards for worldwide business-to-business exhibits, product launches, congresses, conferences, and promotional events, among other things.
Located in Greater Noida, a prominent MICE destination in India, its exhibition centers and mart are spread across 58 acres of land, offering a combination of trade mart with exhibition and convention facilities.
The venue planner and provider have approximately 15 years of experience in the management and organization of exhibitions and trade fairs.