Propshop Events files DRHP for ₹16.62 crore SME IPO
Propshop Events & Exhibitions Limited filed its DRHP for a ₹16.62 crore SME IPO to fund working capital. The company reported a revenue CAGR of 41.70% and a PAT CAGR of 157.10% between FY2023 and FY2025. Key risks include geographic revenue concentration and high dependency on subcontractors.
*this image is generated using AI for illustrative purposes only.
Propshop Events & Exhibitions Limited has filed its Draft Red Herring Prospectus (DRHP) with market regulators to launch a Small and Medium Enterprises (SME) Initial Public Offering (IPO). The offering consists entirely of a fresh issue worth ₹16.62 crore, with no Offer for Sale component. The company intends to utilize the net proceeds to fund working capital requirements and for general corporate purposes.
The Mumbai-based company specializes in trade show and exhibition booth solutions, providing custom-built and modular options to B2B and B2C clients. Incorporated in 2019, Propshop Events has executed over 5,000 exhibition stands for more than 1,100 clients across 24 international markets. Its operations span India and key global hubs including the US, UK, Dubai, Germany, Spain, and Singapore.
Financial performance indicates strong growth momentum. Revenue from operations increased at a CAGR of 41.70%, rising from ₹25.91 crore in FY2023 to ₹51.52 crore in FY2025. Profit After Tax (PAT) grew significantly during this period, recording a CAGR of 157.10% to reach ₹6.32 crore in FY2025. PAT margins improved from 3.74% in FY2023 to 12.28% in FY2025. For the 11-month period ended 28-Feb-2026, revenue stood at ₹59.81 crore, surpassing the full-year FY2025 figures, with a PAT of ₹6.46 crore.
Financial Performance
| Period | Revenue from Operations (₹ Cr) | Total Revenue (₹ Cr) | PAT (₹ Cr) | PAT Margin (%) |
|---|---|---|---|---|
| FY2023 | 25.91 | 25.93 | 0.97 | 3.74% |
| FY2024 | 30.51 | 30.57 | 2.19 | 7.17% |
| FY2025 | 51.52 | 51.59 | 6.32 | 12.28% |
| 11M FY2026 | 59.81 | 59.94 | 6.46 | 10.78% |
Issue Structure and Timeline
The IPO is scheduled to open for subscription on 27-Jul-2026 and close on 29-Jul-2026. Basis of allotment is expected on 30-Jul-2026, with listing proposed on 03-Aug-2026. The price band and lot size have not yet been announced in the DRHP.
| Parameter | Details |
|---|---|
| Issue Type | Fresh Issue |
| Fresh Issue Size | ₹16.62 Crore |
| IPO Open Date | 27-Jul-2026 |
| IPO Close Date | 29-Jul-2026 |
| Allotment Date | 30-Jul-2026 |
| Listing Date | 03-Aug-2026 |
Key Risks and Factors
The company highlighted several risk factors in the filing. Revenue is geographically concentrated, with Gujarat, Maharashtra, and Karnataka accounting for 68.21% of revenue for the period ended 28-Feb-2026. Operations are heavily dependent on third-party subcontractors, who handle 90.89% of services, though no formal agreements are currently in place. Additionally, the company faces significant working capital requirements, with net working capital needs rising to ₹1,597.39 lakhs as of Feb-2026, and trade receivables stood at ₹911.22 lakhs as of 28-Feb-2026.
The management team is led by Prathamesh Shantaram Pusalkar as Managing Director and Aarti Prathamesh Pusalkar as Director. The company employs an asset-light business model, outsourcing fabrication while retaining design and project management in-house.
How will the company mitigate the operational risks associated with relying on third-party subcontractors for over 90% of services without formal agreements?
What strategies will management employ to reduce the current geographical revenue concentration within Gujarat, Maharashtra, and Karnataka?
Will the fresh issue proceeds be sufficient to sustain the working capital requirements given the rapid rise in net working capital needs to ₹1,597.39 lakhs?
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