Published: 25 September 2026 | 6.00 AM
Last Updated: 25 September 2026 | 6.00 AM
IPO Snapshot
| Particular | Details |
|---|---|
| Chanakya View | 🟡 Selective Apply |
| Overall Rating | 3.5/5 — provisional |
| GMP Today | Not verified; update during subscription |
| Issue Size | Rs. 38.12 crore |
| Fresh Issue / OFS | 32,30,400 new shares / No OFS |
| Price Band | Rs. 112–118 per share |
| Lot Size | 1,200 shares |
| Minimum Individual Application | 2,400 shares; Rs. 2,83,200 at Rs. 118 |
| IPO Opens | September 30, 2026 |
| IPO Closes | October 5, 2026 |
| Allotment | October 6, 2026 — tentative |
| Listing | October 8, 2026 — tentative |
| Exchange | NSE SME |
| Market Maker | Aftertrade Broking Pvt. Ltd. |
| Registrar | Mudra RTA Ventures Private Limited |
| Lead Manager | Corporate Professionals Capital Pvt. Ltd. |
Investor Decision Box
| Question | Chanakya View |
|---|---|
| Suitable for listing gain? | 🟡 Assess verified GMP and subscription demand |
| Suitable for long-term investment? | 🟡 Selectively, if cash flow supports growth |
| Risk level | High — SME issue and large minimum application |
| Business quality | ⭐⭐⭐⭐☆ |
| Financial strength | ⭐⭐⭐☆☆ |
| Balance sheet | ⭐⭐⭐☆☆ |
👉 | IPO GMP|IPO Reviews |IPO Subscription|IPO Allotment
Chanakya View
Eventions organises corporate events, conferences, incentive travel and exhibitions through an asset-light B2B model. FY26 total income rose 14% to Rs. 100.62 crore, while profit after tax increased 51% to Rs. 7.72 crore. At the Rs. 118 upper price, the supplied figures indicate a post-issue P/E of 18.61, which merits consideration alongside the company’s earnings growth.
Most identified proceeds are intended for working capital, with another allocation for debt repayment. These uses could support larger assignments and ease financing pressure. However, borrowings rose substantially in FY26, and the MICE business accounts for more than 90% of operating revenue. Investors should also assess cash conversion in a business that pays vendors to execute events.
Chanakya Recommendation: 🟡 Selective Apply. Check the final offer document, verified GMP and subscription response before making a listing-gain decision.
About the Company
Incorporated in 2020, Eventions plans and executes meetings, incentive programmes, conferences and exhibitions, collectively known as MICE. Its services cover venues, travel, accommodation, logistics, production and on-site coordination for corporate and institutional clients.
The company works with hospitality and other vendors rather than owning extensive event infrastructure. It reports assignments in India and destinations across Europe, the Middle East and Asia-Pacific. Its subsidiary, Gantu Online Private Limited, focuses on consumer travel and customised experiences. Eventions had 35 employees as of March 31, 2026, according to the supplied profile.
Why This IPO Stands Out
- ✅ Profitable growth: FY26 PAT rose faster than total income, indicating improved profitability.
- ✅ Established execution record: The supplied profile reports 107 events billed above Rs. 50 lakh each across FY24–FY26.
- ✅ Geographic reach: The company has handled domestic and international assignments.
- ✅ Asset-light operations: Vendor partnerships allow it to coordinate events without owning most venues or transport assets.
- ✅ Fresh issue: All offered shares are newly issued; there is no promoter offer for sale.
Key Risks
- ⚠ Segment concentration: MICE generated 91.29% of FY26 operating revenue.
- ⚠ Rising borrowings: Debt increased from Rs. 3.57 crore in FY25 to Rs. 9.44 crore in FY26.
- ⚠ Execution and collection: Cost overruns, vendor performance or delayed customer payments could affect margins and cash flow.
- ⚠ SME liquidity: The Rs. 2,83,200 minimum application creates a sizeable exposure, while post-listing trading may be thin.
Financial Snapshot (Rs. crore)
| Particular | FY26 | FY25 | FY24 |
|---|---|---|---|
| Total income | 100.62 | 88.02 | 87.29 |
| EBITDA | 10.19 | 7.09 | 4.13 |
| Profit after tax | 7.72 | 5.13 | 3.29 |
| Net worth | 18.13 | 9.86 | 4.73 |
| Borrowings | 9.44 | 3.57 | 2.01 |
Chanakya Interpretation: Profit margins improved in FY26, but borrowings also climbed. The next test is whether larger assignments produce cash after vendor payments and customer collections.
Business Quality Score
| Parameter | Rating |
|---|---|
| Business model | ⭐⭐⭐⭐☆ |
| Industry outlook | ⭐⭐⭐⭐☆ |
| Financial performance | ⭐⭐⭐⭐☆ |
| Management track record | ⭐⭐⭐☆☆ |
| Balance sheet | ⭐⭐⭐☆☆ |
| Growth potential | ⭐⭐⭐⭐☆ |
IPO Proceeds and Why They Matter
| Proposed use | Amount |
|---|---|
| Working capital requirements | Rs. 18.80 crore |
| Repayment or prepayment of borrowings | Rs. 7.00 crore |
| Investment in subsidiary | Rs. 1.40 crore |
| General corporate purposes | Amount not specified in the supplied breakdown |
The largest stated allocation is for working capital. Eventions may need to pay venues, travel providers and production partners before receiving final payment from corporate clients. Additional funds could help it undertake larger or overlapping assignments without relying as heavily on short-term borrowing.
Debt repayment may lower finance costs, while the subsidiary investment could develop its consumer travel business. Investors should assess how much of the remaining proceeds goes to general corporate purposes when reviewing the final offer document.
Business Outlook
Eventions’ prospects depend on winning repeat corporate assignments and delivering them within agreed budgets. Its vendor-led model lets it organise events across locations without owning hotels, venues or transport assets. That flexibility can support expansion, but event quality and cost control depend partly on outside partners.
The company has executed sizeable assignments, yet a larger order book would also increase the need to manage advance payments, receivables and several events at once. After listing, the most useful measures will be repeat-client business, operating cash flow and margins on completed assignments. Growth in reported revenue alone will give an incomplete picture.
Strengths vs Concerns
| 👍 Strengths | ⚠ Concerns |
|---|---|
| Experience executing large events | Payments to vendors may precede client collections |
| Ability to coordinate across destinations | Dependence on outside delivery partners |
| Corporate client relationships | Revenue concentrated in MICE services |
| Debt repayment proposed | SME shares may trade with limited liquidity |
Who Should Apply?
| Investor type | Suitability |
|---|---|
| Listing-gain investors | 🟡 Consider only after checking verified GMP and subscription demand |
| Long-term investors | 🟡 Suitable for selective, higher-risk exposure |
| Conservative investors | 🔴 The application size and SME liquidity warrant caution |
Chanakya Final Verdict
Eventions has demonstrated that it can execute substantial corporate assignments and improve profitability. The IPO could give it greater capacity to finance projects while reducing some borrowings. Its investment case now rests on disciplined execution: collecting from clients promptly, controlling vendor costs and maintaining margins as assignments grow. At the upper band, investors must also judge whether the indicated post-issue valuation adequately reflects those risks. Chanakya Recommendation: 🟡 Selective Apply. Check the final prospectus, verified GMP and subscription response before applying for a listing gain.
Frequently Asked Questions
Should investors apply for the Eventions IPO?
Chanakya’s view is Selective Apply, subject to the final offer details and demand during subscription.
What is the minimum investment in the Eventions IPO?
An individual investor must apply for 2,400 shares, costing Rs. 2,83,200 at Rs. 118 per share.
Where will Eventions shares list?
The proposed listing is on NSE SME, tentatively on October 8, 2026.
Short Summary
Eventions plans to use fresh capital chiefly for working capital and debt repayment. Its opportunity lies in larger corporate assignments; cash collection, execution and SME liquidity are the principal issues to monitor.