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India Exposition Mart receives SEBI nod to float IPO

21 Jun 2022 , 10:56 AM

India Exposition Mart Ltd., a premier integrated exhibits and conferences venue, has got approval from capital markets regulator Securities and Exchange Board of India (SEBI) to fund Rs600 crore via an initial public offering (IPO).

According to the Draft Red Herring Prospectus (DRHP), the initial share sale would consist of fresh issuance of equity shares worth up to Rs450 crore and an offer for sale (OFS) by existing shareholders of up to 1,12,10,659 equity shares.

Vectra Investments, Overseas Carpets, RS Computech, MIL Vehicles & Technologies, Navratan Samdaria, Dinesh Kumar Aggarwal, and Pankaj Garg are among the selling shares in this Offer For Sale.

According to market sources, the initial share sale is expected to garner roughly Rs600 crore.

The business, which filed preliminary IPO papers with Sebi in March, received its “observations” letter on June 16, according to an update with the market regulator. In SEBI’s parlance, it implies a go-ahead to launch IPO.

According to the draft papers, the business may pursue a private offering of up to Rs75 crore in equity shares. If such a pre-IPO placement is carried out, the size of the new offering will be reduced.

Out of the total Rs450 crore issue, India Exposition intends to spend about Rs316.91 crore for the development of its current infrastructure facilities, and Rs17 crore for debt repayment, and general corporate purposes.

India Exposition Mart, is one of the country’s major venue planners and providers, offering technology-driven, world-class facilities and safety standards for global business-to-business exhibits, conferences, congresses, product launches, and promotional events, among other things.

Related Tags

  • India Exposition Mart IPO
  • IndiaExpositionMartIPONews
  • IndiaExpositionMartNews
  • IndiaExpositionMartSEBIApproval
  • IPO
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  • IPOUpdates
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