Noida-based India Exposition Mart gets Sebi’s nod to float IPO
- India Exposition Mart had in March 2022 filed a preliminary prospectus with Sebi to raise funds through an initial share sale
India Exposition Mart Ltd, a leading integrated exhibitions and conventions venue, has received capital markets regulator Sebi's nod to raise ₹600 crore through an initial public offering (IPO).
India Exposition Mart had in March 2022 filed a preliminary prospectus with Sebi to raise funds through an initial share sale.
As per the draft red herring prospectus (DRHP), the IPO comprises fresh issue of equity shares aggregating up to ₹450 crore and an OFS of up to 1,12,10,659 equity shares by existing shareholders.
Those offering shares in the offer for sale include Vectra Investments, MIL Vehicles & Technologies, Overseas Carpets, RS Computech, Navratan Samdaria, Dinesh Kumar Aggarwal and Pankaj Garg.
The firm obtained its "observations" letter on 16 June, an update with the markets regulator showed on Monday.
In Sebi's parlance, its observations implies its go ahead to launch IPO.
Going by the draft papers, the firm may consider a private placement of equity shares aggregating up to ₹75 crore. If such pre-IPO placement is undertaken, the fresh issue size will be reduced.
Of the ₹450-crore fresh issuance, the firm is aiming to use around ₹316.91 crore for expansion of its existing infrastructure facilities, ₹17 crore for the payment of debt, and for general corporate purposes.
Located in Greater Noida, India Exposition Mart is one of the country's major venue planners and providers, providing technology-driven, world-class facilities and safety standards for worldwide business-to-business exhibits, conferences, congresses, product launches, and promotional events, among other things.
India Exposition Mart had revenues of ₹13.30 crore in FY21 and for six months ended September 30, 2021, it had posted revenues of ₹10.66 crore which primarily includes income from space rent for fair and exhibitions and income from maintenance services.
Emkay Global Financial Services is the sole book-running lead manager and Kfin Technologies is the registrar to the offer.
With agency inputs
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