Noida-based India Exposition Mart Limited has filed a draft red herring prospectus (DRHP) for an initial public offering (IPO) with the market regulator Sebi.
Noida-based India Exposition Mart Limited has filed a draft red herring prospectus (DRHP) for an initial public offering (IPO) with the market regulator Sebi. The company is likely to raise around Rs 600 crore, as per market sources.
The initial share sale with a face value of Rs 5 per equity share comprises fresh issue of equity shares aggregating up to Rs 450 crore and an offer-for-sale (OFS) of up to 11,210,659 equity shares by existing shareholders.
The Offer is being made through the Book Building Process, with no more than 75% of the Offer available for allocation to Qualified Institutional Buyers, 15% of the Offer available for allocation to Non-Institutional Bidders, and 10% of the Offer available for allocation to Retail Individual Bidders.
The offer of sale comprises up to 8,417,529 equity shares by Vectra Investments Private Limited, up to 600,000 equity shares by Rakesh Sharma, up to 471,130 equity shares by Vivek Vikas jointly held by Asha Ahlawat, up to 370,000 equity shares by MIL Vehicles & Technologies Private Limited, up to 300,000 equity shares by Dinesh Kumar Aggarwal, up to 300,000 equity shares by Pankaj Garg, up to 300,000 equity shares by Overseas Carpets Limited, up to 200,000 equity shares by Navratan Samdaria, up to 100,000 equity shares by RS Computech Private Limited, up to 80,000 equity shares Lekhraj Maheshwari jointly held with Prakashi Devi Maheshwari and up to 72,000 equity shares by Babu Lal Dosi (The “Selling Shareholders”).
The company may consider a private placement of equity shares aggregating up to Rs 75 crore. If such pre-IPO placement is undertaken, the fresh issue size will be reduced.
The firm is planning to use about Rs. 316.91 crores of the Rs 450 crore fresh issuance to fund capital expenditure requirements for expansion of our existing infrastructure facilities, Rs 17 crore to repay or prepay all or part of the company’s borrowings, and Rs 17 crore for general corporate purposes.
Located in Greater Noida, India Exposition Mart had revenues of Rs 13.30 crore in FY21 and for six months ended September 30, 2021, stood at Rs 10.66 crore which primarily includes income from space rent for fair and exhibitions of Rs 4.78 crore and income from maintenance services of Rs 5.77 crore.
