Eventions IPO Day 3: Subscribed 1.85x; QIB demand leads at 26.18x
- Eventions IPO subscribed 1.85x overall by Day 3
- QIB category led demand with 26.18x subscription
- Retail and NII categories remained under-subscribed
- Issue closes on October 5, 2026
*this image is generated using AI for illustrative purposes only.
Eventions IPO closed Day 3 with a cumulative subscription of 1.85x, driven entirely by strong institutional interest. Qualified Institutional Buyers (QIB) subscribed 26.18 times their quota, while Retail and Non-Institutional categories remained under-subscribed.
Subscription Status
The issue has maintained steady momentum since the opening day, with total subscriptions rising from 1.12x on Day 1 to 1.85x by Day 3. The surge in institutional appetite contrasts sharply with tepid retail response.
| 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 | 26.18x | 0.13x | 0.26x | 0.65x | 1.85x |
| Day 3 | 02-10-2026 | 26.18x | 0.13x | 0.26x | 0.65x | 1.85x |
Intra-day Timeline on 02-10-2026
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 26.18x | 0.13x | 0.65x | 1.85x |
| 12:15 | 26.18x | 0.13x | 0.65x | 1.85x |
Category-wise Breakdown
QIB: Institutional investors have shown robust confidence, subscribing 26.18x of their allocated portion. This category saw significant growth from Day 1 (19.89x) to Day 2 (26.18x), with no further increase recorded in the Day 3 snapshot provided.
Retail: Retail individual investors subscribed only 0.65x of their quota, indicating limited retail participation despite the institutional rush.
Non-Institutional (NII): Both big HNI (bHNI) and small HNI (sHNI) categories remain under-subscribed at 0.13x and 0.26x respectively, mirroring the retail trend.
Employees: The employee reservation category received zero bids as of the latest update.
Offer Details
The Eventions IPO is priced between ₹112.00000 and ₹118.00000 per share. The minimum bid quantity is set at 2400 shares. The issue size ranges from ₹403200 crore to ₹500000 crore based on the final price band allocation.
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. It provides end-to-end planning and execution of corporate events, conferences, and incentive travel programs. The company operates through an asset-light model, leveraging a network of hospitality providers and logistics partners. MICE contributes approximately 91% of its revenue. It also operates a B2C travel subsidiary, Gantu Online Private Limited.
Financial Highlights
The company has demonstrated consistent revenue growth and improved profitability over the last three fiscal years.
| Metric (₹ crore) | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Total Revenue | 100.62 | 88.02 | 87.29 |
| Profit Before Tax | 10.22 | 7.02 | 4.42 |
| Profit After Tax | 7.72 | 5.13 | 3.29 |
| Total Equity | 18.13 | 9.86 | 4.73 |
Objects of the Issue
- Repayment/Pre-payment of Borrowings: ₹7.00 crore towards reducing outstanding indebtedness and lowering interest outgo.
- Investment in Subsidiary: ₹1.40 crore for technology development in Gantu Online Private Limited.
- Working Capital: ₹18.80 crore to fund incremental working capital requirements for larger event assignments.
- General Corporate Purposes: Deployment subject to a cap of 15% of Gross Proceeds or ₹10 crore, whichever is lower.
Risk Factors
- High Customer Concentration: Top 1 customer contributed 42.72% and top 10 customers accounted for 84.59% of total revenue from operations in FY2026.
- MICE Segment Dependence: Approximately 91.29% of total revenue in FY2026 was derived from MICE services.
- Negative Cash Flows: Reported negative operating cash flows of ₹451.75 lakhs in FY2026.
- Rising Attrition: Employee attrition rate increased sharply from 20.69% in FY2024 to 48.57% in FY2026.
What's Next
The Eventions IPO closes on October 5, 2026. Allotment is scheduled for October 6, 2026, with shares expected to list on stock exchanges on October 8, 2026.
How might the extreme disparity between QIB and retail subscription levels influence Eventions' stock price volatility and liquidity during its October 8 listing?
Given the 48.57% employee attrition rate, what specific retention strategies will management implement to maintain service quality in the asset-light MICE model post-IPO?
Will the heavy reliance on top 10 customers (84.59% of revenue) pose a significant risk to the sustainability of the projected working capital expansion funded by IPO proceeds?
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