India Exposition Mart Gets SEBI Green Light for IPO; the company plans to raise Rs 450 crore via new equity

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India Exposition Mart, based in Noida, has received approval from capital market regulator SEBI to raise funds through an initial public offering (IPO). The public offering includes a new issue of equity shares totaling up to Rs 450 crore and an offer to sell (OFS) of up to 1.12 crore of equity shares by existing shareholders. Up to 75% of the offering will be available for allotment to Qualified Institutional Buyers (QIBs), no more than 15% will be available for allotment to Non-Institutional Investors (NIIs) and the remaining 10% will be available for retail investors. .

The sale offering includes up to 84.17 lakh equity shares of Vectra Investments Private Limited, up to 6 lakh equity shares of Rakesh Sharma, up to 4.71 lakh equity shares of Vivek Vikas jointly owned by Asha Ahlawat, up to 3.7 lakh equity shares of MIL Vehicles & Technologies Private Limited, up to 3 lakh equity shares by Dinesh Kumar Aggarwal, up to 3 lakh equity shares by Pankaj Garg, up to 3 lakh equity shares by Overseas Carpets Limited, up to 2 lakh equity shares by Navratan Samdaria, up to 1 lakh equity shares by RS Computech Private Limited, up to 80,000 shares of capital Lekhraj Maheshwari held jointly with Prakashi Devi Maheshwari and up to 72,000 shares of capital by Babu Lal Dosi.

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India Exposition Mart had filed the draft red herring prospectus with SEBI in March this year and obtained its comment letter on June 16, 2022, an update with the market regulator was issued on Monday. The shares will be listed on the BSE and the NSE, both.

The sole primary handler responsible for the issue is Emkay Global Financial Services, and KFin Technologies is the issue registrar. There are no publicly listed companies in India that perform similar business as India Exposition Mart. The company plans to use the net proceeds from the issue to fund capital expenditure needs for the expansion of its existing infrastructure by setting up an additional guest house, multi-level parking and a large room worth Rs 3,16.9 crore, and Rs 17 crore for repayment or prepayment of loans, in whole or in part, of all or part of loans for the company and for the general purposes of the company.

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India Exposition Mart had revenue of Rs 13.30 crore in FY21 and for the six months ended September 30, 2021, was Rs 10.66 crore which mainly includes rental revenue of space for fairs and exhibitions of Rs 4.78 crore and revenue from maintenance services of Rs 5.77 crore.

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