India Exposition Mart IPO
India Exposition Mart Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. As of SEBI's report dated 30 October 2026, the draft is under SEBI review. The draft proposes a fresh issue of up to 75,00,000 shares and an offer for sale of up to 2,27,41,002 shares, mainly by Vectra Investments along with individual shareholders. In FY26 the company made a profit of ₹31.16 crore on revenue of ₹290.63 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- Under SEBI reviewSEBI report, 30 Oct 2026
- SEBI received draft
- 19 Aug 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Choice Capital Advisors Pvt. Ltd.
- Last SEBI contact
- 21 Sep 2026
- Price band and dates
- Not announced
Where it stands
India Exposition Mart IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI19 Aug 2026
- SEBI reviewUnder SEBI review
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process.
SEBI received the draft on 19 August 2026, 79 days ago, and its last communication on the draft was on 21 September 2026 (day count is our calculation).
DRHP at a glance
India Exposition Mart DRHP at a glance
Draft red herring prospectus, 17 Aug 2026What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 240) and Risk Factors (p. 24 to 28)India Exposition Mart owns and runs the India Expo Centre and Mart in Greater Noida, one of India's four largest exhibition and convention venues by area. It hosts trade shows, conferences and other events run by others, and also organises and manages its own events.
It managed and organised 156 events over the last three years. The venue sits on land leased long-term from the Greater Noida Industrial Development Authority. The company has no identifiable promoters and is professionally managed. It was incorporated in 2001 and is based in Delhi.
Revenue by line, FY26
- Third-party events: 56.44%
- Own IP events: 10.99%
- Managed events: 9.77%
- Other (ours, the remainder): 22.80%
The offer
DRHP cover page and The Offer (p. 63)| Fresh issue | Up to 75,00,000 shares₹ amount set with the price; money goes to the company |
| Offer for sale | Up to 2,27,41,002 sharesVectra Investments up to 1,59,93,305 (average cost ₹9.55) and individual shareholders the rest |
| Shares before the IPO | 7,49,44,850Face value ₹5. The offer for sale is about 30.3% and the fresh issue about 10.0% of them (ours) |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead manager | Choice Capital Advisors Private Limited |
| Registrar | KFin Technologies Limited |
| Promoters | None; the company is professionally managed |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 143 to 144)| Object | ₹ crore |
|---|---|
| Upgrading air handling units, chillers and related systems | 63.82 |
| Renovating exhibition halls | 30.81 |
| General corporate purposes (set later, up to 25% of the gross proceeds) |
Amounts are what the net proceeds will fund. The named objects add to ₹94.63 crore (our sum). The fresh issue size in ₹ is set with the price, so each object's share is not shown yet.
Financials
DRHP, Summary of Financial Information (p. 66 to 69) and Basis for Offer Price, KPIs (p. 184 to 187), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 194.73 | 241.15 | 290.63 |
| EBITDA | 55.10 | 77.11 | 65.74 |
| EBITDA margin | 28.29% | 31.98% | 22.62% |
| Profit after tax | 23.31 | 38.64 | 31.16 |
| Diluted EPS (₹) | 3.41 | 5.37 | 4.24 |
| Net worth | 224.55 | 254.16 | 275.29 |
| Cash from operations | 25.53 | 38.56 | 52.84 |
| Return on net worth | 11.76% | 16.74% | 11.94% |
| Debt to equity | 0.16 | 0.11 | 0.05 |
Restated consolidated figures. Net worth is total equity. Return on net worth uses average net worth. Revenue grew about 22.2% a year from FY24 to FY26 (our calculation).
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 185). Peer price as of 13 Aug 2026 on NSE.The DRHP says no listed company is directly comparable and names one peer. The P/E for India Exposition Mart is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| India Exposition Mart (FY26) | 4.24 | Set with the price band | 11.94% |
| Nesco | 53.25 | 19.55x | 14.67% |
Risks the draft lists first
DRHP, Risk Factors (p. 24 to 28)- One venueThe business depends almost entirely on the India Expo Centre and Mart. (Risk factor 1, p. 24)
- Third-party eventsThird-party events gave 56.44% of FY26 revenue. (Risk factor 2, p. 25)
- Few large eventsA few large events bring much of this revenue, and losing one would hurt. (Risk factor 3, p. 26)
- Key customersEvent revenue comes from a limited number of customers. (Risk factor 4, p. 27)
- Service providersIt relies on a few outside service providers and suppliers. (Risk factor 5, p. 27)
- Leased landAll its venue is on land leased from the Greater Noida authority. (Risk factor 6, p. 28)
Documents
India Exposition Mart DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
India Exposition Mart IPO FAQs
When will the India Exposition Mart IPO open?
The date is not announced. The company first needs SEBI's observations on its draft, then files a red herring prospectus with the dates. SEBI received the draft 79 days ago (our calculation).
Has SEBI approved the India Exposition Mart IPO?
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process. Source: SEBI processing status as on 30 October 2026.
What is the India Exposition Mart IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the India Exposition Mart IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the India Exposition Mart IPO?
Choice Capital Advisors Pvt. Ltd. is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will India Exposition Mart do with the IPO money?
According to the DRHP, the fresh issue money goes to upgrading air handling units, chillers and related systems (₹63.82 crore), renovating exhibition halls (₹30.81 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does India Exposition Mart do?
India Exposition Mart owns and runs the India Expo Centre and Mart in Greater Noida, one of India's four largest exhibition and convention venues by area. It hosts trade shows, conferences and other events run by others, and also organises and manages its own events.
Where can I read the India Exposition Mart DRHP?
On SEBI's website, where the draft red herring prospectus was published on 4 September 2026. The draft is dated 17 August 2026 and runs to 618 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 17 August 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.