Eventions Limited IPO: price band, dates, issue size, business model, financials, use of proceeds and risks

Eventions Limited, a corporate-focused MICE (Meetings, Incentives, Conferences and Exhibitions) and event management services provider, is launching an SME IPO with a price band of ₹112 to ₹118 per equity share. The issue opens on September 30, 2026 and closes on October 5, 2026, with listing scheduled for October 8, 2026. The IPO is a ₹38.12 crore issue and is entirely a fresh issue with no offer for sale (OFS), so proceeds (net of issue expenses) are intended for company purposes rather than for selling shareholders. The issue comprises up to 32,30,400 equity shares of face value ₹10 each, and the lot size is 1,200 shares.

What Eventions does: corporate MICE delivery on an asset-light partner model

Eventions Limited plans, coordinates and executes corporate events covering meetings, incentive travel programmes, conferences, exhibitions and related corporate activations. The company positions itself as a one-stop execution partner across planning, travel and logistics coordination, vendor management and on-ground delivery.

A key operating feature is its asset-light model. Instead of owning heavy event infrastructure, Eventions partners with hotels, destination management companies (DMCs), logistics providers and production vendors to deliver projects. The company undertakes assignments across India and overseas destinations, with execution depending on a network of third-party partners.

The company’s revenue profile is described as concentrated in MICE, with MICE contributing over about 87%+ of operating revenue across FY2024 to FY2026 in the provided context. That concentration shapes how investors typically read the business: performance can depend on corporate event calendars, client budgets and the project mix across smaller engagements versus premium, large-ticket programmes.

Alongside corporate MICE, Eventions is pursuing FIT (Free Independent Traveller) travel offerings largely through its subsidiary, Gantu Online Private Limited, expanding the group’s footprint into travel and experiences.

Milestones and group expansion: conversion to a public company and the Gantu acquisition

Eventions was incorporated in 2020 as Eventions Private Limited. In 2026, it converted from a private limited company to a public limited company and was renamed Eventions Limited, a step that precedes the IPO.

The company also cites a scale milestone of surpassing the ₹75 crore revenue mark in FY2024–25.

A material corporate development highlighted in the context is the 2026 acquisition of a 70% stake in Gantu Online Private Limited, making it a subsidiary. This matters for IPO readers because part of the proposed use of fresh issue proceeds includes investment in the subsidiary, linking the IPO to a growth initiative beyond the core corporate MICE business.

Financial trajectory: revenue growth, profitability and asset movement across FY2024–FY2026

Across the reported periods, Eventions shows an upward trajectory in revenue and profit after tax (PAT). Total revenue increased from ₹87.29 crore in FY2024 to ₹100.62 crore in FY2026, while PAT rose from ₹3.29 crore to ₹7.72 crore over the same span. Reported PAT margin expanded from 3.77% in FY2024 to 7.67% in FY2026.

Total assets moved from ₹29.00 crore in FY2024 to ₹50.63 crore in FY2026, with FY2025 at ₹23.77 crore. The context does not provide a breakdown of what drove these changes; investors typically pair such trends with close tracking of working capital needs, especially in project-driven service models.

The offer document metrics also include an EBITDA margin (reported as a margin percentage) of 10.22%.

Issue structure and proposed use of proceeds: fresh issue only, with working capital as a key stated objective

The Eventions IPO is fully a fresh issue, with no OFS component. This structure means there is no secondary sale by existing shareholders in the offer, and the intended benefit of capital raised is for the company’s stated objectives.

In the stated objects of the issue, the company proposes to use proceeds for:

Repayment and/or pre-payment, in full or part, of certain borrowings availed by the company.

Investment in the subsidiary (Gantu Online Private Limited).

Working capital requirements.

General corporate purposes.

The context provides proposed allocations of ₹7.00 crore for repayment/pre-payment of borrowings, ₹1.40 crore for investment in the subsidiary, and ₹18.80 crore for working capital requirements, while the amount for general corporate purposes is not specified in the provided details.

For readers evaluating a project-led services business, the presence of a specific working-capital objective is a practical marker: it signals that the company is explicitly raising funds to support day-to-day operating needs and execution capacity rather than only long-gestation capital expenditure.

Valuation and KPI context: offer-period ratios and what they describe

The offer context includes the following reported valuation and performance metrics: EPS of ₹8.62, a pre-IPO P/E of 13.69 times, and a price-to-book ratio of 5.64 times. Return metrics provided include ROE (return on equity) of 55.16% and ROCE (return on capital employed) of 48.76%, with RoNW (return on net worth) also stated at 55.16%. The debt-to-equity ratio is stated as 52.07 times.

These metrics are best read as point-in-time indicators as presented in the offer materials. For SME listings, investors also generally factor in how liquidity and price discovery can differ from mainboard companies, independent of operating performance.

Key risks from the offer context, and monitoring points after the issue opens

The risk frame in the provided context clusters around concentration, partner dependence and execution across a competitive ecosystem.

Customer concentration risk is explicitly highlighted: the company notes very high customer concentration, and that losing a major client can affect revenue, bargaining power and cash collection timing.

Revenue concentration is another stated feature. With MICE accounting for over about 87%+ of operating revenue across FY2024–FY2026, results remain tied to MICE demand cycles and the project-based nature of engagements.

Third-party dependence is inherent to the asset-light model. Since execution relies on hotels, DMCs, logistics and production vendors, outcomes can be influenced by partner performance and coordination across multiple stakeholders.

The context also flags that recent profitability depends on more premium, large-ticket events, and that a shift in event mix or pricing pressure can affect margins.

On the subsidiary side, part of the fresh issue is proposed to be invested in Gantu Online Private Limited, described in the context as an early-stage travel subsidiary with limited history; execution and cash utilisation in the subsidiary therefore becomes a distinct area to track.

The broader threat set described includes a competitive and fragmented market (with organised, unorganised and tech-enabled entrants), competition from established MICE destinations such as Singapore, the UAE, Thailand, China, Malaysia and Macau, and sensitivity to perceptions around safety/security as well as ecosystem costs including GST on hotels.

Monitoring points to track through the subscription window and after listing:

Customer concentration should be watched for changes over time, given the stated reliance on a small set of large clients.

Working capital intensity and cash collection timing should be monitored, since working capital is a stated use of proceeds.

The scale-up and cash needs of Gantu Online Private Limited should be tracked, as the IPO includes a proposed subsidiary investment.

Vendor and destination network execution should remain in focus, because delivery depends on multiple third-party partners under an asset-light approach.

Separately, the latest available grey market premium (GMP) observation in the provided context is ₹0 (dated September 26, 2026, referenced to an issue price of ₹118). GMP is an unofficial indicator and can change, and bidding data becomes meaningful once the issue opens on September 30, 2026.

Complete numeric snapshot

IPO terms and schedule

Key performance indicators and valuation

Category reservations and anchor allocation

Proposed use of fresh issue proceeds

Subscription status (26 Sep 2026)

Grey market premium (GMP) trend

GMP is an unofficial market indicator and can change; these are dated snapshot observations, not a listing forecast.