India Exposition Mart gets Sebi’s approval to float IPO

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India Exposition Mart Ltd, a leading integrated exhibitions and conventions venue, has received capital markets regulator Sebi’s go ahead to raise Rs 600 crore through an initial public offering (IPO). 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, according to the draft red herring prospectus (DRHP).

Those offering shares in the OFS include Vectra Investments, MIL Vehicles & Technologies, Overseas Carpets, RS Computech, Navratan Samdaria, Dinesh Kumar Aggarwal and Pankaj Garg.

According to market sources, the company is likely to raise around Rs 600 crore through the initial share sale.

The company, which filed the preliminary IPO papers with Sebi in March, obtained its “observations” letter on June 16, an update with the markets regulator showed on Monday.

In Sebi’s parlance, its observations implies its go ahead to launch IPO.

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.

Located in Greater Noida, 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.