Company Overview
Propshop Events and Exhibitions Limited is engaged in the trade show and exhibition booth solutions business, offering both custom-built and modular exhibition options. The company provides end-to-end services spanning concept design, 3D visualization, fabrication, logistics, on-site supervision, installation, and post-event dismantling support. Operating across domestic and international markets, the company serves industries including Industrial Machinery & Equipment, Building Materials, Furnishing and Décor, Chemicals, Media & Entertainment, Healthcare and Cosmetics, and Food & Beverages. The company has no subsidiaries.
Offer Details
The Initial Public Offering (IPO) comprises 4,140,000 equity shares at ₹69 per share, aggregating to ₹285.66 crore. The offer includes a fresh issue of 3,340,000 shares to raise ₹230.46 lakhs for working capital and general corporate purposes, and an offer for sale of 800,000 shares by promoters Prathamesh Shantaram Pusalkar (500,000 shares) and Aarti Prathamesh Pusalkar (300,000 shares). The price band is ₹65-69 per share, representing a P/E ratio of 10.67-11.33 times based on weighted average EPS of ₹3.98. The offer opens on July 27, 2026, and closes on July 29, 2026, with listing scheduled on the NSE Emerge platform on August 3, 2026.
Financial Performance
The company has demonstrated strong financial growth with revenue increasing from ₹259.11 lakh in FY23 to ₹598.08 lakh in the 11 months ended February 2026. Profit After Tax showed remarkable improvement from ₹96.84 lakh in FY23 to ₹646.37 lakh in the same period. International revenue growth has been particularly strong at 131.27% in FY25 and 64.62% in FY24, contributing 53.28% of total revenue in FY25. Key financial ratios include Return on Net Worth of 36.35% (11MFY26), Debt to Equity ratio of 0.01, and Current Ratio of 3.28.
Use of Proceeds
The net proceeds from the fresh issue (₹230.46 lakhs) will be utilized primarily for working capital requirements (₹166.20 lakhs) to be deployed over FY2027 and FY2028, with the remainder (₹34.569 lakhs) allocated for general corporate purposes. The working capital intensive business model requires substantial advance payments to vendors while extending credit to clients, with net working capital projected to reach ₹436.88 lakhs by FY28.
Risk Factors
Key business risks include dependence on subcontractors (90.89% of revenue through subcontractors), customer concentration (top 10 customers contributed 22.66% of revenue), and geographic concentration in Gujarat, Maharashtra, and Karnataka (68.21% of domestic sales). Regulatory risks include pending GST audit for FY22-23 involving ₹24.06 lakhs and TDS demands totaling ₹0.41 lakhs. Market risks include competitive industry environment and economic conditions affecting corporate spending on exhibitions.
Management & Promoters
The promoter group consists of Prathamesh Shantaram Pusalkar (Chairman & Managing Director, 75% pre-IPO holding) and Aarti Prathamesh Pusalkar (Non-Executive Director, 19.55% pre-IPO holding). Post-IPO, promoter holding will reduce to 67.50%. The management team includes Shreyas Shrikant Rumade (Whole-time Director), Priyanka Akshat Lad (CFO), and Saloni Priyank Doshi (Company Secretary & Compliance Officer).
Market & Industry Context
The company operates in the global MICE (Meetings, Incentives, Conferences & Exhibitions) industry, projected to grow from $0.87 trillion in CY2025 to over $1.4 trillion by CY2030 (CAGR 9.97%). India's MICE market is estimated at $55.9 billion in CY2025, projected to reach $103.7 billion by CY2030. The company benefits from government initiatives like "Meet in India" campaign and infrastructure development including convention centers like Bharat Mandapam and Yashobhoomi.
Legal & Compliance
The company has received in-principle approval from NSE for listing on the Emerge platform dated December 31, 2025. Contingent liabilities total ₹24.47 lakhs, including direct tax of ₹0.41 lakhs and indirect tax of ₹24.06 lakhs. The prospectus complies with Companies Act, 2013 and SEBI regulations, with all necessary regulatory approvals obtained for business operations. The offer is 100% underwritten by Unistone Capital Private Limited.