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Noida-based India Exposition Mart receives SEBI’s nod to release IPO

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Noida-based India Exposition Mart receives SEBI's nod to release IPO

In March 2022, India Exposition Mart filed a preliminary prospectus with the Securities and Exchange Board of India (Sebi) in order to generate capital through an initial public offering (IPO).

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India Exposition Mart Ltd, a premier integrated exhibits and conferences venue, has got approval from capital markets regulator Sebi to fund $600 million through an IPO (IPO).

In March 2022, India Exposition Mart filed a preliminary prospectus with the Securities and Exchange Board of India (Sebi) to generate funds through an initial share offering.

The IPO includes a fresh issue of equity shares worth up to 450 crores and an OFS of up to 1,12,10,659 equity shares by existing shareholders, according to the draught red herring prospectus (DRHP).

Vectra Investments, MIL Vehicles & Technologies, Overseas Carpets, RS Computech, Navratan Samdaria, Dinesh Kumar Aggarwal, and Pankaj Garg are selling shares in the offer for sale.

According to a Monday update with the markets regulator, the business received its “observations” letter on June 16th.

Sebi’s views imply it is ready to conduct an initial public offering.

According to the draught papers, the company may pursue a private offering of up to 75 crore equity shares. If a pre-IPO placement is made, the size of the new issue will be lowered.

The business plans to spend roughly 316.91 crores of the 450 crores additional issue for developing its current infrastructure facilities, 17 crores for debt repayment, and the rest for general corporate reasons.

India Exposition Mart, based in Greater Noida, is one of the country’s leading venue planners and providers, specializing in providing technology-driven, world-class facilities and safety standards for international business-to-business exhibits, conferences, congresses, product launches, and promotional events, among other things.

In FY21, India Exposition Mart had revenues of 13.30 crore. For the six months ending September 30, 2021, it had revenues of 10.66 crores, mostly from fair and exhibition space leasing, as well as income from maintenance services.

The offer’s only book-running lead manager is Emkay Global Financial Services, and the registrar is Kfin Technologies.

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