Eventions IPO Day 2: Subscribed 1.27x; QIB demand jumps to 22.51x
- Eventions IPO subscribed 1.27x cumulatively by Day 2 close.
- QIB demand surged to 22.51x, up from 19.89x at the start of the day.
- Retail subscription ticked up marginally to 0.04x.
- Issue closes on 5 October 2026, with listing scheduled for 8 October 2026.
*this image is generated using AI for illustrative purposes only.
Eventions IPO is fully subscribed on Day 2 with a cumulative total of 1.27x. The standout development is a surge in institutional interest, with QIB bids climbing to 22.51x from 19.89x earlier in the day.
Subscription Status
The IPO opened on 30 September 2026 and crossed the 1x threshold on Day 1 itself. On Day 2, the overall subscription edged up to 1.27x, driven primarily by a sharp increase in QIB participation. Retail and NII segments continued to tick up slowly but remain significantly under-subscribed compared to institutional demand.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 30-09-2026 | 19.89x | 0.01x | 0.23x | 0.02x | 1.12x |
| Day 2 | 01-10-2026 | 22.51x | 0.02x | 0.23x | 0.04x | 1.27x |
Category-wise Breakdown
QIB remains the clear frontrunner, locking in at 22.51x on Day 2, reflecting strong institutional conviction in the MICE and event management sector. The bHNI bucket within NII saw minimal movement, holding at 0.02x, while sHNI remained flat at 0.23x. Retail subscription increased slightly to 0.04x from 0.03x recorded at the start of the day. The Employee category recorded 0x subscription.
Intra-day Timeline on 01-10-2026
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 19.89x | 0.02x | 0.03x | 1.13x |
| 12:15 | 22.51x | 0.02x | 0.04x | 1.27x |
Offer Details
| Parameter | Details |
|---|---|
| Price Band | ₹112 – ₹118 |
| Issue Size | 403200 – 500000 shares |
| Minimum Bid Quantity | 2400 shares |
| Issue Open Date | 30 September 2026 |
| Issue Close Date | 5 October 2026 |
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. MICE contributed approximately 91% of revenue in FY2026. The company follows an asset-light model, leveraging a network of hospitality providers, destination management companies, and logistics partners. It also operates a B2C travel subsidiary, Gantu Online Private Limited. The company is led by CEO Mr. Ravi Rajak and CFO Mr. Cristoo Arora.
Financial Highlights
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations (₹ crore) | 86.57 | 87.53 | 99.74 |
| Total Revenue (₹ crore) | 87.29 | 88.02 | 100.62 |
| Total Expenses (₹ crore) | 82.86 | 81.00 | 90.40 |
| Profit Before Tax (₹ crore) | 4.42 | 7.02 | 10.22 |
| Total Profit / PAT (₹ crore) | 3.29 | 5.13 | 7.72 |
| Total Assets (₹ crore) | 29.00 | 23.77 | 50.63 |
| Total Equity (₹ crore) | 4.73 | 9.86 | 18.13 |
Objects of the Issue
- Repayment and/or Pre-payment of Borrowings: ₹7.00 crore towards full or partial repayment of term loans and working capital facilities to reduce indebtedness and improve the debt-equity ratio.
- Investment in Subsidiary: ₹1.40 crore to be invested in Gantu Online Private Limited to support technology development, mobile app, AI tooling, and third-party integrations.
- Working Capital Requirements: ₹18.80 crore to fund incremental working capital needs arising from anticipated growth in operations, larger event assignments, and vendor advance payments.
- General Corporate Purposes: A portion of net proceeds towards general corporate purposes including capital expenditure, strategic alliances, and other business exigencies, subject to a cap of 15% of Gross Proceeds or ₹10 crore, whichever is lower.
Risk Factors
- High Customer Concentration: The top 1 customer contributed 42.72% and the top 10 customers accounted for 84.59% of total revenue from operations as of 31 March 2026, with no long-term contractual commitments.
- Heavy MICE Dependence: Approximately 91.29% of total revenue in FY2026 was derived from MICE services; any reduction in corporate travel or event budgets could materially impact financials.
- Negative Operating Cash Flows: The company reported negative operating cash flows of ₹4.52 crore in FY2026 and ₹2.89 crore in FY2025, with working capital requirements growing to ₹2,399.46 lakhs in FY2026.
- Rising Attrition: Employee attrition rose sharply from 20.69% in FY2024 to 48.57% in FY2026, posing risks to operational continuity in a relationship-driven industry.
- Regulatory Non-Compliance: The company has 19 instances of delayed ROC filings and delayed statutory payments including EPF, ESIC, TDS, and GST, with total delayed statutory payments of ₹76.69 lakhs and GST interest/late fees of ₹119.24 lakhs.
What's Next
| Event | Date |
|---|---|
| Issue Close | 5 October 2026 |
| Allotment Date | 6 October 2026 |
| Listing Date | 8 October 2026 |
How might the extreme disparity between QIB and retail subscription levels impact Eventions' post-listing price stability and retail investor sentiment?
Given the 48.57% employee attrition rate, what specific retention strategies will management implement to ensure operational continuity in the relationship-driven MICE sector?
With 91% of revenue derived from MICE and high customer concentration, how vulnerable is Eventions to potential cuts in corporate event budgets during economic downturns?
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