A Gurugram-based events company, opened its IPO on September 30, 2026, and the response so far is encouraging. The issue was about 1.07 times subscribed in the latest snapshot, and Investorgain website later showed 1.67 times. The highlight is the Qualified Institutional Buyer (QIB) portion, which was subscribed 19.89 times. The book-build issue is worth Rs. 38.12 crore and consists entirely of 32.30 lakh fresh equity shares with a face value of Rs. 10. There is no offer-for-sale component, so every rupee raised goes to the company. The subscription window closes on October 5, and the price band is Rs. 112 to Rs. 118 per share.
Institutions Show Up in Force
Only 1.62 lakh shares are reserved for QIBs, but bids came in for about 32.22 lakh shares. That is more than the entire net public issue of 30.68 lakh shares, which excludes the market-maker portion. At the upper band, those QIB bids are worth about Rs. 38.02 crore, almost the size of the whole IPO. For an SME issue, this kind of early institutional participation is a notable vote of confidence. The NII and retail books are still building, with the issue open until October 5.
Dates, Price and Who Gets What
Allotment is likely to be finalised on October 6, with refunds and share credit expected on October 7. The shares are expected to list on the NSE SME platform on October 8. Corporate Professionals Capital is the lead manager, Mudra RTA Ventures is the registrar, and After Trade Broking is the market maker for the issue.
Of the total issue, 1.62 lakh shares are set aside for the market maker and another 1.62 lakh for QIBs. Non-institutional investors get 10.51 lakh shares and retail investors get 18.55 lakh, the largest share at about 57% of the total issue.
How Much You Need to Apply
Retail investors must bid for exactly two lots of 1,200 shares each, or 2,400 shares. At the upper price band that comes to Rs. 2,83,200, which is also the maximum a retail applicant can bid. Small HNIs start at three lots, which is 3,600 shares or Rs. 4,24,800, and can go up to seven lots, which is 8,400 shares or about Rs. 9.91 lakh. Big HNI bids begin at eight lots, which is 9,600 shares or roughly Rs. 11.33 lakh.
An Asset-Light Model That Scales
Eventions was incorporated in December 2020 and works mainly in MICE, which stands for meetings, incentives, conferences and exhibitions. Its clients are mostly corporates and event agencies. It handles venue coordination, travel and stays, logistics and on-site execution. It owns no hotels or venues and works with hospitality partners, destination management companies and production vendors instead. That lets it run events in many locations without a matching rise in fixed assets. Its subsidiary, Gantu Online, handles travel for individual customers.
MICE contributed about 91.3% of revenue in FY26. Across FY24 to FY26, the company ran 107 events with individual billings above Rs. 50 lakh and served over 50 corporate clients. It also won the “India’s Leading MICE & Event Brand of the Year” award for 2024-25.
The business is moving up the value chain. The number of events with billing above Rs. 50 lakh rose from 27 in FY24 to 31 in FY25 and 49 in FY26. International high-value events grew from 11 to 23, and long-haul international ones jumped from 2 to 17. The company has worked in Spain, France, the Netherlands, Switzerland, Hungary, the UAE, Azerbaijan, Singapore and Indonesia.
What the Money Will Do
Of the Rs. 38.12 crore raised, Rs. 27.20 crore has been allocated to specific purposes. The largest portion, Rs. 18.80 crore, is for working capital. This fits the business well, because large corporate events often need advance payments to hotels, airlines and vendors, and a bigger working capital base lets the company take on bigger assignments. Another Rs. 7 crore will repay borrowings, and Rs. 1.40 crore will go into the subsidiary. The rest is meant for general corporate purposes and issue expenses.
Borrowings rose from Rs. 3.57 crore in FY25 to Rs. 9.44 crore in FY26, but the debt-to-equity ratio of about 52.07 times, and part of the proceeds will bring it down further.
Profits Are Growing Faster Than Sales
Revenue from operations rose from Rs. 87.53 crore in FY25 to Rs. 99.74 crore in FY26. Total income rose from Rs. 88.02 crore to Rs. 100.62 crore, an increase of about 14%. Profit after tax climbed 51% to Rs. 7.72 crore over the same period. EBITDA reached Rs. 10.19 crore, up from Rs. 7.09 crore in FY25, a margin of about 10.2%. PAT margin was 7.67%. Return on equity came in at an impressive 55.16% and return on capital employed at 48.76%.
The two-year view is just as encouraging. Profit after tax has more than doubled, from Rs. 3.29 crore in FY24 to Rs. 7.72 crore in FY26, while net worth has grown from Rs. 4.73 crore to Rs. 18.13 crore. Most of the gain has come from better margins and larger-ticket events, which points to good cost control and a stronger business mix.
A Reasonable Valuation
At Rs. 118, the issue values the company at about Rs. 105.65 crore before the IPO and Rs. 143.77 crore after it. The price-to-earnings ratio works out to 13.69 times on pre-issue earnings and 18.61 times on a post-issue basis. Price-to-book value is 5.64.
Things to Keep in Mind
Event spending is discretionary, so the business can be affected when corporate budgets tighten. International events also carry currency and travel-cost factors, and delivery depends on outside vendors. The company runs lean with 35 employees. Promoters will hold 73.46% after the issue, down from 99.96%, which keeps them well invested in the company. No broker reviews had been posted on Chittorgarh at the time of writing.
The Takeaway
Eventions brings together several positives: a QIB book at 19.89 times, institutional bids that alone exceeded the net public issue, an entirely fresh issue, profits that have more than doubled in two years, strong return ratios, and funds earmarked for working capital and debt reduction. The valuation looks reasonable against the growth on offer. With the NII and retail books still open until October 5, investors can follow the subscription numbers and the GMP over the coming days. As always, read the RHP carefully and consider your own risk appetite before applying.