India Exposition Mart Limited, a premier integrated exhibition and convention venue, has received the approval of capital markets regulator SEBI. 600 crore through Initial Public Offering (IPO).
India Exposition Mart had filed a preliminary prospectus with SEBI in March 2022 to raise funds through initial share sale.
As per the draft Red Herring Prospectus (DRHP), the IPO involves fresh issue of equity shares, which total 450 crore and OFS of 1,12,10,659 equity shares by existing shareholders.
Vectra Investments, MIL Vehicles & Technologies, Overseas Carpets, RS Computech, Navratan Samdaria, Dinesh Kumar Agarwal and Pankaj Garg are among those who offered shares in the Offer for Sale.
The firm received its “comments” letter on June 16, an update with the markets regulator showed on Monday.
In the language of SEBI, its comments are meant to go ahead with launching the IPO.
As per the draft papers, the firm may consider private placement of equity shares, which will aggregate 75 crores. If such a pre-IPO placement is done, the size of the fresh issue will be reduced.
Of 450 crore fresh issue, the firm aims to utilize 316.91 crore for expansion of its existing infrastructure, 17 crores for repayment of loans and for general corporate purposes.
Located in Greater Noida, India Exposition Mart is one of the country’s leading venue planners and providers of technology-driven, world-class facilities and services for business-to-business exhibitions, conventions, conventions, product launches and promotional events across the globe. Provides safety standards. , among other things.
The revenue of India Exposition Mart was 13.30 crore in FY 2011 and for the six months ended September 30, 2021, it had posted a revenue of 10.66 crore which mainly includes income from space rentals for fairs and exhibitions and income from maintenance services.
Emkay Global Financial Services is the sole book-running lead manager and Keffin Technologies is the registrar of the offering.
with agency input