Propshop Events & Exhibitions coming with IPO to raise up to Rs 28.57 crore

Propshop Events & Exhibitions 

• Propshop Events & Exhibitions is coming out with an initial public offering (IPO) of 41,40,000 shares in a price band of Rs 65-69 per equity share.
• The issue will open on July 27, 2026 and will close on July 29, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 6.50 times of its face value on the lower side and 6.90 times on the higher side.
• Book running lead manager to the issue is Unistone Capital.
• Compliance officer for the issue is Saloni Priyank Doshi.

Profile of the company

Propshop Events & Exhibitions is engaged in the business of trade show and exhibition booth solutions, offering both custom-built and modular exhibition options. It outsources booth fabrication and related services which are carried out under the supervision of it, while design and conceptualization are handled in-house and through project-based collaborations with professionals. Its services extend from concept design and 3D visualization to project management, logistics, on-site supervision, fabrication, installation, and post-event dismantling support. Its clientele consists of a wide range of industries, including Industrial Machinery & Equipment, Building Materials, Furnishing and Decor, Chemicals, Media & Entertainment, Healthcare and Cosmetics, Food & Beverages, and more. With a physical presence in India and working relationships with local teams across other key global markets hosting major exhibition hubs such as the United States (US), the United Kingdom (UK), Dubai, Germany, Spain, Singapore, etc., it brings over 12 years of experience in executing both B2B and B2C-focused events, providing end-to-end booth services adapted to the specific needs, branding goals, and regional regulations of its clients. 

It engages subcontractors based on the specific needs of each project, with both partial and full subcontracting models employed as required. All subcontractors are directly hired and managed by it, and all subcontracted work is carried out under its active guidance and on-ground supervision, ensuring accountability, consistent quality and strict adherence to client specifications. It also takes on subcontracted work from other firms. 

To ensure reliable and consistent delivery across its global operations, it maintains comprehensive control over the entire process-from design through build by leveraging its in-house production capabilities alongside a global network of trusted sub-contractors. Its local collaborators help it better blend with cultural diversities and regional preferences, enabling more tailored execution. Its strength lies in delivering turnkey solutions that align with international standards while also being adaptable to local event formats and client preferences. It works closely with marketing and brand teams to translate vision into functional and aesthetically compelling spaces that enhance visibility and engagement at trade fairs and expos.

Proceed is being used for:

• Funding working capital requirements of the company
• General Corporate Purposes 

Industry overview

India’s MICE (Meetings, Incentives, Conferences, and Exhibitions) industry is emerging as a vital segment within the country’s tourism and business ecosystem. With a strong and growing economy, increased global integration, and rising corporate activities, India is becoming a preferred destination for domestic and international business events. The country offers a unique blend of modern convention infrastructure, diverse cultural experiences, and cost-effective services, making it attractive for event organisers. Government initiatives such as ‘Incredible India’ and ‘Dekho Apna Desh’ are actively promoting MICE tourism as a high-potential contributor to economic growth. 

Major cities such as Delhi NCR, Mumbai, Bengaluru, Hyderabad, and Goa have established themselves as key MICE hubs, supported by world-class convention centres, strong hospitality infrastructure, and robust domestic and international connectivity. The development of large-scale venues such as Bharat Mandapam and the India International Convention and Expo Centre (Yashobhoomi) in New Delhi, along with facilities such as Jio World Centre and HICC, reflects India’s growing focus on strengthening its position as a global MICE destination. In addition, emerging cities, including Jaipur, Kochi, Ahmedabad, Varanasi, Udaipur, and Bhubaneswar, are gradually gaining prominence through infrastructure expansion, tourism promotion initiatives, and improved connectivity. India’s cultural diversity, heritage appeal, and expanding digital ecosystem further support the growing demand for experiential, destination-led, and hybrid MICE events.

India’s MICE market generated an estimated revenue of around $55.9 billion in CY 2025 and is projected to reach $103.7 billion by CY 2030, driven by the rapid emergence of new MICE ready destinations such as Varanasi, Khajuraho, Kochi, Ahmedabad, and Bhubaneswar. These cities are being actively developed to cater to the growing demand for culturally rich yet professionally equipped business event destinations. India continues to witness significant infrastructure expansion, strengthening the country’s capability to support large-scale conferences, exhibitions, and corporate events. During FY 2025, around 7,71,950 km of roads were completed, alongside continued modernization of railway stations, expansion of semi high-speed rail connectivity, development of inland waterways, and growth in airport infrastructure with more than 150 operational airports across the country. India also maintains a large hospitality base with hotel inventory exceeding 2.48 million rooms, supporting the increasing demand for MICE tourism.

Pros and strengths

Established track record in a fragmented industry: Operating in the traditionally unorganised and fragmented sector of exhibition & trade show services, it has established itself as a structured and process-driven service provider by offering consistently high-quality, full-stack booth solutions. It has differentiated itself by offering structured, professional, and end-to-end services. It has successfully executed over 5,000 exhibition stands for more than 1,100 clients. Its in-house team of 100 plus professionals supports a full-service model encompassing design conceptualization, fabrication, pre-builds, quality checks, and post event dismantling. While most players in the industry operate regionally with limited-service scope, it provides integrated offerings that span design, fabrication, logistics, installation, and post-event dismantling support - delivered under a unified project management framework.

Agile, asset-light business model enabling scalable growth: Its business is intentionally structured to be asset-light, focusing on flexibility and scalability without the need for heavy capital investment. Instead of owning fixed assets such as fabrication machinery, or permanent event spaces, it strategically rent godowns, fabrication equipment, raw materials, and temporary project sites on a project-by-project basis. This keeps its fixed costs low and helps optimize working capital, which is essential given the seasonal and location-specific nature of trade show and exhibition events.

Global execution framework enabled by established practices and local integration: Its execution is built on a structured, process-driven framework guided by tried-and-tested methods, ensuring uniform quality, operational efficiency, and on-time delivery across geographies. With over 100 trained professionals on its payroll and specialised teams dedicated to design, execution, vendor management, and marketing, it maintains firm control over every stage of the project lifecycle - from concept to dismantling. It operates a hybrid delivery model that combines in-house capabilities such as fabrication, warehousing, and project management, with a curated network of local teams in global markets, all functioning under its direct on-ground supervision to ensure consistency and control. Its Vendor Management Team has established long-term relationships with trusted subcontractors and suppliers across key markets, including the US, UK, Dubai, Germany, Singapore, and Spain.

Risks and concerns

Dependence on third-party subcontractors: It is engaged in the business of trade show and exhibition booth solutions, offering both custom-built and modular exhibition options. It outsources booth fabrication and related services which are carried out under the supervision of the company, while design and conceptualization are handled in-house and through project-based collaborations with professionals. It does not have any executed registered formal arrangements with such outsourced subcontractors, which govern various matters such as, specification of products, quality standards to be maintained, sales estimates, packaging of products etc. While this approach provides flexibility and helps it manage varying levels of demand, it also exposes it to risks relating to dependency on third-party subcontractors. Any failure or delay on the part of such subcontractors to meet its quality standards, cost expectations, or delivery timelines may adversely affect its ability to service clients, which could lead to reputational damage, loss of repeat business, and financial claims.

Counterparty credit risk:  Due to the nature of, and the inherent risks in, the informal arrangements with its clients’, it is subject to counterparty credit risk and a significant delay in receiving large payments or non-receipt of large payments may adversely impact its results of operations. Its operations involve extending credit to its clients in respect of the sale of its products and consequently, it faces the risk of uncertainty regarding the receipt of these outstanding amounts. For the period ended February 28, 2026 and for the Fiscals 2025, 2024, and 2023, its trade receivables were Rs 911.22 lakh, Rs 604.82 lakh, Rs 174.37 lakh, and Rs 273.52 lakh, respectively. There is no instance of amount written-off in relation to non- collection of payment from clients since the financial year 2025, 2024 and 2023. There is no assurance that it will accurately assess the creditworthiness of its clients. Further, macroeconomic conditions which are beyond its control, such as a potential credit crisis in the global financial system, could also result in financial difficulties for its business associates, including limited access to the credit markets, insolvency, or bankruptcy.

Exposure to fluctuations in global trade policies: The company’s operations are exposed to fluctuations in global trade policies, particularly those originating from the United States. The United States is its major export destination, and such tariff escalations could reduce the competitiveness of its services in international markets and adversely impact demand from downstream industries. A prolonged decline in Indian exports as a result of these measures could adversely affect its cost structures, procurement strategies, and operational efficiency. The company derives 32.26%, 47.04%, 69.03%, and nil of its export revenue from the United States for the period ended February 28, 2026, and for the Financial Years 2025, 2024, and 2023, respectively, making it particularly vulnerable to such developments.

Outlook

Propshop Events & Exhibitions carries business in Event Management and Exhibitions services. Its in-house marketing and branding team collaborates closely with clients’ brand, communications, and product teams to understand their core messaging, positioning strategy, visual identity, and target audience expectations. On the concern side, it has significant working capital requirements for its smooth day to day operations of business and discontinuance or its inability to acquire adequate working capital timely and on favourable terms may have an adverse effect on its operations, profitability and growth prospects.

The company is coming out with a maiden IPO of 41,40,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 65-69 per equity share. The aggregate size of the offer is around Rs 26.91 crore to Rs 28.57 crore based on lower and upper price band respectively. On performance front, the revenue from operations of the company for FY24-25 was Rs 5,151.82 lakh as against Rs 3,051.48 lakh for FY23-24, an increase of 68.83%. Profit after tax for the FY24-25 was at Rs 632.30 lakh against profit after tax of Rs 219.46 lakh in FY23-24, a surge of 188.12%.

Meanwhile, it plans to broaden its service portfolio by entering into complementary verticals, with event organisation being a strategic and operationally synergistic extension of its existing expertise in exhibitions, brand activations, and spatial planning. Its strong foundation in logistics, vendor coordination, on-ground execution, and project management aligns closely with the core requirements of successful event organisation. Going forward, it is actively investing in the expansion of its international operations by undertaking on-ground market development initiatives led directly by its Promoter and senior professionals. These efforts include frequent international travel to key markets such as the United States, the United Kingdom, the United Arab Emirates, Germany, and Singapore to assess local market conditions, evaluate operational infrastructure, and identify potential workshop facilities for rental or long-term partnership.