Eventions Limited, a Haryana-based MICE and event management company, has filed its Draft Red Herring Prospectus (DRHP) for an initial public offering. The company is raising approximately ₹27.20 crore through a fresh issue to fund working capital requirements, repay borrowings, and invest in its subsidiary.

About the Company

Incorporated in December 2020, Eventions Limited operates under an asset-light model, providing end-to-end corporate event planning, coordination, and execution services. The company serves B2B corporate and institutional clients across domestic and international destinations. Its core services include corporate events, incentive travel programs, brand activations, and Free Independent Travel (FIT) services. Through its subsidiary, Gantu Online Private Limited, the company is also diversifying into B2C experiential travel.

The company executed over 200 events between FY2024 and FY2026, with 107 events having a ticket size of ₹50 lakh and above. In FY2026, 49 high-value events were conducted, split between 26 domestic and 23 international engagements. The MICE segment contributed approximately 91.29% of total revenue in FY2026, while geographic revenue concentration remained high, with about 71.15% of operations generated from Haryana.

Financial Performance

Eventions Limited has demonstrated consistent top-line growth and improved profitability over the last three financial years. Revenue from operations increased from ₹86.57 crore in FY2024 to ₹99.74 crore in FY2026. Concurrently, Profit After Tax (PAT) surged from ₹3.29 crore to ₹7.72 crore, expanding the PAT margin from 3.77% to 7.67%.

Despite the profit growth, the company reported negative cash flow from operations in FY2025 (₹-2.89 crore) and FY2026 (₹-4.52 crore). This divergence is attributed to high unbilled revenue, which constituted 20.55% of revenue in FY2026, and upfront vendor payments. Total assets nearly doubled in FY2026 to ₹50.63 crore, driven by increased current assets reflecting higher working capital deployment.

Why the Company Is Raising Funds

The proceeds from the fresh issue are allocated as follows:

• Working Capital Requirements: ₹18.80 crore will be used to fund incremental working capital needs arising from business growth, larger event assignments, and advance payments to vendors.
• Repayment of Borrowings: ₹7.00 crore is earmarked for the repayment or pre-payment of term loans and working capital facilities to reduce indebtedness and interest outgo.
• Subsidiary Investment: ₹1.40 crore will be invested in Gantu Online Private Limited to support technology development, including AI tooling and mobile app development.
• General Corporate Purposes: An amount subject to a cap of 15% of gross proceeds or ₹10 crore, whichever is lower, is reserved for general corporate purposes such as strategic alliances and capital expenditure.

Business Strengths

• Integrated Service Model: The company offers end-to-end event management, reducing the need for clients to engage multiple providers.
• Asset-Light Structure: Operations are executed through a network of hospitality partners and destination management companies, minimizing capital expenditure.
• Repeat Client Base: Repeat clients accounted for 66.67% of total clients served in FY2025, indicating strong relationship stickiness.
• Experienced Management: The promoter team brings approximately 20 years of collective experience in the MICE industry.

Key Risks

• Customer Concentration: The top one customer accounted for 42.72% of revenue from operations in FY2026, while the top ten customers contributed 84.59%. Loss of key clients could materially impact revenues.
• Negative Operating Cash Flows: The company has reported negative operating cash flows in two consecutive years, driven by working capital intensity and unbilled revenue.
• Employee Attrition: The employee attrition rate rose sharply from 20.69% in FY2024 to 48.57% in FY2026, posing operational continuity risks.
• Regulatory Compliance: The company disclosed 19 instances of delayed filings with the Registrar of Companies and delays in statutory dues payments totaling ₹76.69 lakh.
• Conflict of Interest: A promoter group entity operates in a similar line of business, although a non-compete agreement effective June 1, 2026, has been executed.

Important IPO Dates

• IPO Open Date: 30-Sep-2026
• IPO Close Date: 05-Oct-2026
• Allotment Date: 06-Oct-2026
• Listing Date: 08-Oct-2026

Offer Details

The issue comprises a fresh issue only, with no offer for sale component. The indicative issue size is approximately ₹27.20 crore based on stated objects. Price band, lot size, and listing exchange details are not yet disclosed in the DRHP data provided.

Bottom Line

Eventions Limited presents a growth story marked by strong PAT expansion and a scalable asset-light model in the MICE sector. However, significant customer concentration, persistent negative operating cash flows, and rising employee attrition remain critical factors influencing the company's operational stability.