India Exposition Mart Ltd, a leading integrated exhibition and convention venue, has received the green light from financial market regulator Sebi to raise Rs 600 crore through an initial public offering (IPO). The initial share sale includes a new issue of capital shares aggregating up to Rs 450 crore and an offer for sale (OFS) of up to 1,12,10,659 capital shares by existing shareholders, as per the Red Herring Prospectus Project (DRHP).

Those offering shares in the SFO 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 expected to raise around Rs 600 crore from the initial sale of the shares.

The company, which filed preliminary IPO documents with Sebi in March, obtained its “comments of observations” letter on June 16, an update with the market regulator revealed on Monday.

In the language of SEBI, his observations involve his advance to launch the IPO.

According to the draft documents, the company may consider a private placement of equity shares aggregating up to Rs 75 crore. If such a pre-IPO placement is undertaken, the new problem will be reduced.

Of the new Rs 450 crore issue, the company plans to use around Rs 316.91 crore for expansion of its existing infrastructure facilities, Rs 17 crore for debt payment and general corporate purposes .

Located in Greater Noida, India Exposition Mart is one of the country’s leading venue planners and providers, providing world-class, technology-driven facilities and security standards for business-to-business exhibitions, conferences, congresses, product launches and promotional events around the world. , among others.

India Exposition Mart recorded revenue of Rs 13.30 crore in FY21 and for the six months ended September 30, 2021, it recorded revenue of Rs 10.66 crore which mainly includes rental revenue space for fairs and exhibitions and income from maintenance services.

Emkay Global Financial Services is the sole lead bookrunner and Kfin Technologies is the offering registrar.