Rs 38 Crore IPO, Rs 50 Crore QIB Bids! Eventions IPO QIB Subscription Sees 26x Demand, IPO Fully Subscribed

Eventions Limited’s initial public offering has seen strong institutional interest in the early stages of bidding. As of 3:47 PM on October 1, 2026, the issue was subscribed approximately 1.70 times, with demand from Qualified Institutional Buyers emerging as the key highlight.

Against 1.62 lakh shares available in the QIB category, investors submitted bids for around 42.40 lakh shares, taking the category subscription to 26.18 times. At the upper end of the price band of Rs 118 per share, these bids are worth roughly Rs 50.04 crore.

The scale of QIB participation becomes clearer when compared with the size of the offer itself. Eventions’ net public issue comprises 30.684 lakh shares, while QIB bids alone have crossed 42 lakh shares. Their value at the upper price band is also higher than the Rs 38.12 crore total IPO size.

The company’s recent financial performance provides some context to the institutional interest. Eventions reported revenue from operations of approximately Rs 99.74 crore in FY26, compared with Rs 87.53 crore in FY25 and Rs 86.57 crore in FY24.

Profit growth has been considerably stronger. Profit after Tax increased from approximately Rs 3.29 crore in FY24 to Rs 5.13 crore in FY25 and Rs 7.72 crore in FY26. This translates into PAT growth of around 50% in FY26 and means that profits have more than doubled in two years.

The improvement has come alongside a change in the type of assignments handled by the company. Eventions completed 27 events with billing above Rs 50 lakh in FY24, which increased to 31 in FY25 and 49 in FY26.

International assignments have also become a larger part of this high-value business. The number of international high-value events increased from 11 in FY24 to 23 in FY26, while long-haul international high-value events rose sharply from just 2 to 17 during the same period. The growing contribution from larger and more complex international assignments has accompanied the improvement in the company’s operating margins.

Eventions operates primarily in the Meetings, Incentives, Conferences and Exhibitions (MICE) segment, along with corporate events and related travel services. Its work covers areas such as venue coordination, travel and accommodation, Logistics, event production and on-ground execution.

The business follows an asset-light model. Instead of owning hotels, venues, transport fleets or substantial event infrastructure, Eventions works with hospitality partners, destination-management companies, production vendors and logistics providers. This allows it to execute assignments across different domestic and international locations without having to build a comparable base of fixed assets.

The IPO structure is also worth noting. The Rs 38.12 crore issue is entirely a fresh issue, with no Offer for Sale component. This means there is no sale of shares by existing shareholders as part of the IPO and the proceeds, after issue-related expenses, will be available to the company for its stated business requirements.

A substantial portion of these funds is earmarked for working capital. Eventions proposes to use approximately Rs 18.80 crore for working-capital requirements, Rs 7 crore for repayment or prepayment of certain borrowings and Rs 1.40 crore for investment in subsidiary Gantu Online, while the balance will be used for general corporate purposes.

Working capital assumes particular importance in the events business because expenditure often has to be incurred well before complete payment is received from clients. Large assignments may require advances to hotels, airlines, venues, destination partners and other vendors. As Eventions takes on bigger-ticket projects, particularly international ones, the amount of capital tied up during execution can also increase.

The fresh capital from the IPO could therefore serve two purposes: provide additional working-capital support for larger assignments and reduce part of the company’s existing borrowings.

Eventions is offering its shares in a price band of Rs 112 to Rs 118 per share. The IPO comprises 32.304 lakh fresh shares, translating into an issue size of Rs 38.12 crore at the upper end of the price band. After excluding the market-maker reservation of 1.62 lakh shares, the net issue stands at 30.684 lakh shares.

The lot size is 1,200 shares, while the minimum application requires 2 lots or 2,400 shares. At the upper price band of Rs 118, the minimum investment works out to approximately Rs 2.83 lakh.

The IPO opened for subscription on September 30, 2026 and is scheduled to close on October 5, 2026. The shares are expected to list on NSE Emerge on October 8, 2026.

Disclaimer: The article is for informational purposes only and not investment advice.