India Exposition Mart files draft IPO papers with SEBI with fresh issue, OFS components

India Exposition Mart Limited, a leading MICE (Meetings, Incentives, Conferences, and Exhibitions) destination, has filed preliminary papers with market regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).

The proposed initial share sale consists of a fresh issuance of 7,500,000 shares and an offer for sale (OFS) of 22,741,002 shares, according to the draft red herring prospectus.

Under the OFS, Vectra Investments Private Limited, Rakesh Kumar Sharma, Ravinder Kumar Passi and Meenakshi Passi, Vivek Vikas and Asha Ahlawat, MIL Vehicles & Technologies Pvt Ltd, Dinesh Kumar Aggarwal, Asha Goel, Navratan Samdaria, Raj Kumar Malhotra and Esh Sharma will offload their stake.

The fresh issue proceeds will be used for the following objectives:

• Funding capital expenditure needs for upgrading air handling units, chillers, lifts and escalators, cooling towers, variable frequency drives and other ancillary works at India Expo Centre and Mart.
• Capital expenditure requirements for renovation of exhibition hall 4 and exhibition hall 6, and build-up of exhibition hall 18.
• Corporate general purposes

"Our company expects to receive the benefits of listing of the equity shares on the stock exchanges, including the enhancement of our visibility and brand image among our existing and potential customers and the creation of a public market for our equity shares in India," the DRHP said.

The firm will keep aside 50% of the offer for qualified institutional buyers, 35% for retail investors and 15% for non-institutional investors.

India Exposition Mart is among the top four domestic exhibition and convention venues in terms of the total area. It was incorporated in 2001 with the objective of establishing infrastructure for hosting trade shows, exhibitions, and promotional and business events, among others, in India.

Choice Capital Advisors Pvt Ltd is the sole book-running lead manager of the issue, while KFin Technologies is the registrar.

The company's shares will be listed on the National Stock Exchange (NSE) and the BSE.