India Exposition Mart to Raise INR 600 Cr
Noida based India Expo Centre & Mart, touted as Indiaβs largest integrated venue for conventions and exhibitions has filed papers with the Stock Exchange Board of India (SEBI) to raise INR 600 crore through an initial public offering (IPO).
The initial share sale would be a fresh issue of INR 450 crore and an offer for sale of INR 1.12 crore equity shares by existing shareholders. Vectra Investments, MIL Vehicles & Technologies, Overseas Carpets, Navratan Samdaria, RS Computech, etc. are some of the selling shareholders.
From the INR 450 crore fresh issuance, the company plans to use about INR 316 crore towards capital expenditure requirements for upgrading its existing infrastructure facilities and around INR 17 crore for payment of debts and meeting corporate expenses.
India Expo Centre & Mart had posted revenues of around INR 13 crore in FY21 and for six months up to September 30, 2021, had revenues of around INR 10 crore including income from space rent, exhibitions, and maintenance services.
