India Exposition Mart Ltd files draft IPO papers with India’s market regulator SEBI, seeking to raise capital through an initial public offering. The proposed offering includes a fresh issue of shares and an offer-for-sale by existing shareholders, as outlined in the draft red herring prospectus.
The company’s plan includes issuing up to 75 lakh equity shares and selling 23 lakh equity shares through OFS by shareholders, including Vectra Investments Private Limited. Economic Times also reports the offering involves 2.3 crore shares for sale, reflecting differences in how the number is presented across reporting. The company says fresh issuance proceeds of about Rs 63.8 crore will be used for capital expenditure at its India Expo Centre and Mart site in Greater Noida, Uttar Pradesh.
Free Press Journal further specifies that the IPO proceeds are earmarked for upgrades and improvements across air handling units, chillers, cooling towers, lifts and escalators, and other related works, as well as renovation of exhibition halls and general corporate purposes. Both outlets identify Choice Capital Advisors as the book-running lead manager and KFin Technologies as the registrar to the issue.
