India Exposition Mart has received the Securities and Exchange Board of India’s (SEBI) approval to raise Rs 600 crore through an initial public offering (IPO). The company, which filed the draft red herring prospectus with the SEBI in March 2022, got the regulator’s approval on June 16, 2022.
The initial share sale comprises fresh issue of equity shares aggregating up to Rs 450 crore and an offer for sale (OFS) of up to 1,12,10,659 equity shares by existing shareholders. Of the Rs 450-crore fresh issuance, the company is planning to use about Rs 316.91 crore for expansion of its existing infrastructure facilities, Rs 17 crore for the payment of debt, and for general corporate purposes. Emkay Global Financial Services is the sole book-running lead manager to the offer.
India Exposition Mart is one of the country's major venue planners and providers, providing technology-driven, world-class facilities and safety standards for worldwide business-to-business exhibits, conferences, congresses, product launches, and promotional events, among other things.
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