Eventions IPO closed its first day of bidding with an overall subscription of 0.70x, propelled by a sharp surge in Qualified Institutional Buyer (QIB) demand which hit 13.09x.

Subscription Status

The issue opened on September 30, 2026, and witnessed divergent trends across investor categories. While institutional appetite strengthened significantly throughout the day, retail and non-institutional participation remained minimal.

Intra-day Timeline

The following table details the subscription progress throughout the trading hours of Day 1 (September 30, 2026). QIB demand accelerated notably between the morning and mid-day snapshots.

Category-wise Breakdown

Qualified Institutional Buyers (QIB): The QIB category emerged as the primary driver of demand, with subscriptions reaching 13.09x the offered portion. This represents a 25% increase from the 11:15 AM snapshot, indicating strong institutional confidence in the company's business model.

Retail Investors: Retail subscription stood at a negligible 0.01x, showing no significant change from the morning update and suggesting cautious sentiment among individual investors.

Non-Institutional Investors: Both Big High Net-worth Individuals (bHNI) and Small High Net-worth Individuals (sHNI) recorded minimal demand, with bHNI at 0.01x and sHNI at 0.00x.

Offer Details

The Eventions IPO offers equity shares at a price band of ₹112.00 to ₹118.00 per share. The minimum bid quantity is set at 2400 shares. The issue size ranges from ₹403200 crore to ₹500000 crore based on the price band. The bidding window opened on September 30, 2026, at 10:00 AM IST and will close on October 5, 2026, at 4:00 PM IST.

About the Company

Eventions Limited is a Haryana-based company incorporated in December 2020, operating in the Meetings, Incentives, Conferences and Exhibitions (MICE) and Event Management segment. The company provides end-to-end planning, coordination, and execution of corporate events, conferences, incentive travel programs, brand activations, and Free Independent Travel (FIT) services to B2B corporate and institutional clients across domestic and international locations. Operating through an asset-light model, the company leverages a network of hospitality providers, destination management companies, and logistics partners, with MICE contributing ~91% of revenue in FY2026. The company also operates a B2C travel subsidiary, Gantu Online Private Limited, to diversify into experiential and leisure travel segments.

Financial Highlights

The company has shown growth in revenue and profitability over the last three financial years.

Objects of the Issue

The company intends to utilize the net proceeds from the IPO for the following purposes:

• Repayment and/or Pre-payment of Borrowings: ₹7.00 crore towards full or partial repayment or pre-payment of certain borrowings availed from lenders, including term loans and working capital facilities, to reduce outstanding indebtedness, lower interest outgo, and improve the debt-equity ratio.
• Investment in Subsidiary: ₹1.40 crore in its subsidiary, Gantu Online Private Limited, in the form of debt, to support the development, enhancement, and scaling of its technology-driven travel and experiential platform, including backend/frontend engineering, mobile app development, AI tooling, and third-party integrations.
• To Meet Working Capital Requirements: ₹18.80 crore to fund incremental working capital requirements arising from anticipated growth in scale of operations, larger event assignments, and advance payments to vendors and service providers, with the balance to be met through internal accruals and existing facilities.
• General Corporate Purposes: A portion of the Net Proceeds towards general corporate purposes, including acquisition/hiring of land/property, strategic alliances, capital expenditure, funding growth opportunities, working capital, and other business exigencies, subject to a cap of 15% of Gross Proceeds or INR 10 Crore, whichever is lower.

Risk Factors

Investors should note the following material risks disclosed by the company:

• High Customer Concentration Risk: The top 1 customer contributed 42.72% and top 10 customers accounted for 84.59% of total revenue from operations as of March 31, 2026. Engagements are project-based with no long-term contractual commitments.
• Heavy Dependence on MICE Segment: Approximately 91.29% of the company's total revenue in FY2026 was derived from MICE services, creating significant concentration risk in a single service segment.
• Significant Working Capital Requirements and Negative Cash Flows: The company reported negative operating cash flows of INR 451.75 lakhs in FY2026. Delays in receivable collection and high unbilled revenue create persistent liquidity pressure.
• Rising Attrition and Dependence on Key Personnel: The employee attrition rate increased sharply from 20.69% in FY2024 to 48.57% in FY2026. The business is heavily dependent on the experience and client relationships of its promoters and key managerial personnel.
• Regulatory Non-Compliance and Statutory Filing Delays: The company has a history of multiple delayed filings with the Registrar of Companies (19 instances) and delays in payment of statutory dues including EPF, ESIC, TDS, and GST.