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India Exposition Mart Receives SEBI’s Nod to Float ₹600 Crore IPO

India Exposition Mart Ltd (IEML), a leading integrated exhibitions and conventions venue, has been granted permission by the capital markets regulator SEBI to raise ₹600 crore via an initial public offering (IPO). According to the Draft Red Herring Prospectus (DRHP), the initial share sale consists of a fresh issue of equity shares totaling up to ₹450 crore and an Offer For Sale (OFS) of up to 1,12,10,659 equity shares by existing shareholders.

Vectra Investments, MIL Vehicles & Technologies, Overseas Carpets, RS Computech, Navratan Samdaria, Dinesh Kumar Aggarwal, and Pankaj Garg are among those offering shares in the OFS. Initial share sales are anticipated to generate approximately ₹600 crore for the firm. The company submitted its preliminary IPO documents to SEBI in March and received its ‘observations’ letter on June 16.

In SEBI’s parlance, its observations indicate a green light for the IPO. Based on the draft papers, the company may consider a private placement of up to ₹75 crore worth of equity shares. If such a pre-IPO placement is executed, the size of the new issue will be reduced. The company plans to use approximately ₹316.91 crore for the expansion of its existing infrastructure facilities, ₹17 crore for debt repayment, and the remainder for general corporate purposes. IEML had revenues of ₹13.30 crore in FY21 and ₹10.66 crore for the six-month period ending September 30, 2021.

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