India Exposition Mart Limited, the company behind India Expo Centre & Mart in Greater Noida, has once again filed its draft IPO papers with SEBI. This time the structure is leaner a fresh issue of 75 lakh shares and an OFS of 23 lakh shares with the money earmarked for upgrading infrastructure at its 58-acre exhibition complex.
Greater Noida's biggest exhibition venue is making another run at the stock market. India Exposition Mart Limited (IEML) has filed its Draft Red Herring Prospectus with SEBI, taking a fresh step toward its long-awaited public listing.
The IPO comprises a fresh issue of 75 lakh equity shares and an offer-for-sale of 23 lakh equity shares by existing shareholders, including Vectra Investments Private Limited. The issue size is smaller and more focused compared to the company's earlier filing a deliberate move to keep the valuation grounded and the offering digestible for investors.
Where Will the Money Go?
Unlike many IPOs where fresh issue proceeds go toward acquisitions or general expansion, IEML has a very specific plan for its capital. Proceeds worth ₹63.8 crore from the fresh issue will fund capital expenditure for upgrading air handling units, chillers, cooling towers, lifts, escalators, variable frequency drives, and other ancillary works at India Expo Centre and Mart. An additional ₹30.8 crore will be used to renovate exhibition halls 4 and 6 and construct a new exhibition hall 18 at the complex. The rest goes toward general corporate purposes.
In plain terms, the company wants to use IPO money to make its existing venue better not to build something new from scratch.
What Is India Exposition Mart?
If you have ever attended a trade fair or exhibition in the Delhi-NCR region, chances are you have been to IEML's venue. Incorporated in 2001, the New Delhi-based company operates an integrated exhibition and convention centre under the brand name "India Expo Centre and Mart" in Greater Noida, Uttar Pradesh, on a leasehold basis and provides a comprehensive range of services.
The exhibition centres and mart are spread across 58 acres of land in Greater Noida a prominent MICE destination in India offering technology-driven, world-class facilities for business-to-business exhibitions, conferences, congresses, product launches, and promotional events.
The venue has hosted some of India's biggest trade events over the years from the Indian Handicrafts and Gifts Fair to ELECRAMA, Auto Expo, and CPHI. It is also one of India's top four integrated exhibition venues by size, and holds ISO 9001, 14001, and 45001 certifications for quality and environment management.
A Big Opportunity Ahead
The timing of this filing isn't without reason. India's MICE (Meetings, Incentives, Conferences, and Exhibitions) sector has been growing steadily, and the opening of Noida International Airport nearby is expected to give the region's exhibition business a significant boost in the years ahead. More international exhibitors and visitors mean more demand for world-class venue infrastructure which is exactly what IEML is trying to build with this IPO.
The company has not yet announced a price band, lot size, or listing date. Those details will follow once SEBI issues its observations on the filing.