Eventions IPO: GMP, Subscription Status, Review and Allotment Odds
Gurgaon-based organiser of corporate meetings, incentive trips, conferences and exhibitions (MICE) in India and abroad for banking, insurance and FMCG clients.
Profit has more than doubled on flat revenue in a thin-margin, people-driven business. Retail and HNI demand is weak and the GMP is flat.
Our own view, not investment advice.
Subscription by category
Times subscribed, snapshot at 5:55 PM on 1 Oct 2026
Key numbers
FY26, restated
| Revenue | ₹100.62 cr |
| Net profit | ₹7.72 cr |
| EBITDA margin | 10.2% |
| ROE | 55.2% |
| Debt to equity | 0.52 |
| P/E post-issue | 18.6x |
IPO timeline
2 Oct was a market holiday. Monday 5 Oct is the last bidding day.
When a bank flies its top-performing agents to Baku or an FMCG company holds its dealer conference in Singapore, a company like Eventions handles the logistics. The Gurgaon-based firm organises MICE (meetings, incentives, conferences and exhibitions), which made up 91% of its FY26 revenue. It is raising ₹38.12 crore on the NSE SME platform.
Profit has more than doubled in two years, but revenue barely moved until FY26, and margins are thin, as is normal in events. At about 18.6 times post-issue earnings the price is not cheap for this kind of business. Early demand has been weak outside a small QIB portion, and the grey market premium is flat.
Eventions IPO at a glance
| Detail | Eventions IPO |
|---|---|
| Issue size | ₹38.12 crore (32,30,400 shares, entirely fresh issue) |
| Price band | ₹112 to ₹118 per share (face value ₹10) |
| Lot size | 1,200 shares |
| Individual investor minimum | 2 lots, 2,400 shares (₹2,83,200) |
| HNI minimum | 3 lots, 3,600 shares (₹4,24,800) |
| Quota | Retail about 60%, NII about 34%, QIB 1,62,000 shares |
| Anchor round | None |
| Bidding dates | 30 Sep to 5 Oct 2026 |
| Allotment | 6 Oct 2026 |
| Refund and demat credit | 7 Oct 2026 |
| Listing | 8 Oct 2026 on NSE SME |
| Market cap at upper band | About ₹143.77 crore post-issue |
| Promoter holding | 99.96% before, 73.46% after |
| Lead manager | Corporate Professionals Capital |
| Registrar | Mudra RTA Ventures |
| Market maker | Aftertrade Broking |
Individuals must apply for at least two lots, or ₹2,83,200 at the upper band. Monday 5 October is the last day to bid.
What Eventions actually does
Eventions Ltd was incorporated in December 2020 and is promoted by Cristoo Arora, Ravi Rajak and Kirat Ahluwalia. It runs an asset-light, B2B events business: it does not own venues or aircraft, but plans and executes corporate events using hotels, airlines and venue partners.
It works for more than 50 corporate clients, mainly in banking, insurance and FMCG, and has run events in India and in Spain, France, the Netherlands, Switzerland, Hungary, the UAE, Azerbaijan, Singapore and Indonesia. A subsidiary, Gantu Online, is building a B2C travel business. The company had 35 employees as of March 2026.
Of the IPO money, ₹18.8 crore will fund working capital, ₹7 crore will repay loans and ₹1.4 crore will go into the subsidiary. Working capital matters because event companies often pay hotels and airlines in advance and collect from corporate clients later.
The numbers behind the business
Here are the figures from the offer documents, in ₹ crore, as reported by IPO data sites.
| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 87.29 | 88.02 | 100.62 |
| EBITDA | 4.13 | 7.09 | 10.19 |
| Net profit | 3.29 | 5.13 | 7.72 |
| Net worth | 4.73 | 9.86 | 18.13 |
| Borrowings | 2.01 | 3.57 | 9.44 |
| Total assets | 29 | 23.77 | 50.63 |
What these numbers tell us, in plain language:
- Revenue growth has been modest. Revenue was ₹87.3 crore in FY24, ₹88 crore in FY25 and ₹100.6 crore in FY26.
- Margins drove the profit gain. Profit rose from ₹3.3 crore to ₹7.7 crore, and EBITDA margin from about 4.7% to 10.2%. In events, most revenue is pass-through spending on travel and venues, so margins stay thin.
- Debt has risen. Borrowings went from ₹2 crore to ₹9.4 crore in two years, and debt to equity was 0.52 in FY26. Total assets more than doubled in FY26, likely reflecting advances and receivables.
- ROE looks very high because equity is small. ROE of 55% reflects net worth of just ₹18 crore. It will fall sharply after the issue.
How the subscription is playing out, day by day
| Category | Day 2 (1 Oct, 5:55 PM) |
|---|---|
| QIB | 26.18x |
| NII | 0.06x |
| Retail | 0.65x |
| Total | 1.80x |
By 5:55 PM on 1 October the issue was covered 1.80 times overall. That figure is driven by the small QIB portion of 1,62,000 shares, subscribed 26.18 times. Retail stood at 0.65x and NII at 0.06x. Those two portions make up over 90% of the issue, so the final day matters.
The GMP story so far
The grey market premium was flat at ₹0 as of 4 October, pointing to a listing near ₹118.
How to check Eventions IPO allotment status
- Go to the Mudra RTA Ventures IPO allotment page, or the NSE allotment status page.
- Select Eventions from the list of issues.
- Enter your PAN, application number or DP/Client ID.
- Submit to see how many shares you were allotted.
Allotment is expected on 6 Oct 2026, with refunds and demat credit on 7 Oct. Shares are due to list on NSE SME on 8 Oct 2026.
The listing outlook
The grey market is pointing to a flat listing around ₹118. Event businesses rarely get premium valuations because their revenue depends on corporate budgets and is hard to predict year to year. We would not apply for a listing gain here.
What to weigh before you apply
Dependent on corporate budgets
Incentive trips and conferences are among the first costs companies cut in a slowdown. A few large clients in banking and insurance can make or break a year.
Thin margins, people business
With most revenue passed on to hotels and airlines, a single badly priced event can wipe out a quarter’s profit. The company’s value rests largely on its promoters and client relationships.
Strengths and risks
Strengths
- Profit up from ₹3.3 crore to ₹7.7 crore in two years
- Asset-light model with high returns on equity
- More than 50 corporate clients in banking, insurance and FMCG
- Experience running events in nine countries
- Entirely fresh issue; no promoter is selling
Risks
- Net margin of about 7.7%; little room for error
- Revenue was flat in FY25 and growth is modest
- Business depends on discretionary corporate spending
- Borrowings rose to ₹9.4 crore
- Retail at 0.65x and NII at 0.06x on day 2; GMP at ₹0
- Promoter holding drops from 99.96% to 73.46%
Scouter verdict: A lean events business that has improved its margins, but in a sector with thin profits and unpredictable revenue. At 18.6 times earnings with a flat GMP, we see little reason to rush in. This is our own view, not investment advice.
Your chances of getting an allotment
- The retail quota works out to about 1,546 lots. Under SEBI’s SME rules every individual investor applies for the minimum of two lots (2,400 shares, ₹2,83,200), so roughly 773 retail applications can be filled in full.
- Once the retail book is oversubscribed, allotment is decided by a random draw. Every successful applicant gets the minimum application size; nobody gets a partial one.
- Applying for more than the minimum does not improve your retail odds. Separate applications from different PANs in your family do.
What to watch from here
- Retail and NII subscription on 5 October
- Whether the GMP moves off zero
- Allotment status on 6 October through Mudra RTA Ventures
- Listing on 8 October
- After listing: revenue growth and receivables
Eventions IPO: frequently asked questions
The price band is ₹112 to ₹118 per share with a lot size of 1,200 shares. Individual investors must apply for at least 2 lots (2,400 shares), which costs ₹2,83,200 at the upper band.
By 5:55 PM on 1 October 2026 the issue was subscribed 1.80 times overall, with QIB at 26.18x, retail at 0.65x and NII at 0.06x. The issue closes on 5 October 2026.
The grey market premium was ₹0 on 4 October 2026, pointing to a listing near the upper band. GMP is unofficial and can change quickly.
Eventions organises corporate meetings, incentive trips, conferences and exhibitions (MICE) in India and abroad, mainly for banking, insurance and FMCG companies.
Shares are due to list on NSE SME on 8 October 2026, after allotment on 6 October.
Disclaimer: This article is for information and education only and is not investment advice. GMP is unofficial and data may differ between sources. Read the RHP and consult a SEBI-registered adviser before investing. Data as of 4 October 2026.
On this page
Key valuation
| P/E (pre-issue) | 13.7x |
| P/E (post-issue) | 18.6x |
| P/B | 5.6x |
| ROE | 55.2% |
| EBITDA margin | 10.2% |
| Debt to equity | 0.52 |
| Anchor money | Nil |
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