Propshop Events IPO

Propshop Events and Exhibitions Limitedthepropshopindia.com

ListedSMEIndustrialsNSE Emerge

Price band: ₹65 – ₹69
Issue size: ₹28.57 Cr
Lot size: 2000 sh
Bidding: 27 – 29 Jul
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Propshop Events and Exhibitions designs and builds exhibition stands for exhibiting companies; the record states that fabrication is outsourced to subcontractors the company hires and supervises itself. Revenue was Rs 25.91 Cr in FY23, Rs 30.51 Cr in FY24 (up 17.75%) and Rs 51.52 Cr in FY25 (up 68.86%), with EBITDA of Rs 1.28 Cr, Rs 2.95 Cr and Rs 8.55 Cr on those revenues — margins of 4.94%, 9.67% and 16.60%. The Rs 28.57 Cr issue, Rs 23.05 Cr fresh and Rs 5.52 Cr offer for sale at a band of Rs 65 to Rs 69, was subscribed 1.53 times on day three, the only subscription day the record carries. It listed on NSE Emerge at Rs 55.20 against the Rs 69 band top on 3 August 2026, closed the first day at Rs 57.15, and last traded at Rs 68 on 21 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

84Exceptional

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Propshop Events, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2019 · Mumbai, Maharashtra, India · 125 employees

Propshop Events and Exhibitions designs and builds exhibition stands — the booths companies occupy at trade fairs. It supplies both custom-built stands and reusable modular systems, and its work runs from concept design and 3D visualisation through fabrication, logistics, on-site installation and supervision, and dismantling once the show closes. Its customers are exhibiting companies rather than show organisers, drawn from industrial machinery and equipment, building materials, furnishing and decor, chemicals, media and entertainment, healthcare and cosmetics, and food and beverages. The company works from a registered office in Mumbai and rented godowns in Vasai, Maharashtra and Bengaluru, and executes overseas jobs through local teams in the United States, United Kingdom, Germany, Dubai, Spain and Singapore. It had 125 employees as of 30 June 2026.

Revenue is project fees per stand. Fabrication is outsourced to subcontractors the company hires and supervises itself, so bought-in work dominates the cost base: operating expense was Rs 4,269.20 lakh against Rs 5,980.78 lakh of revenue from operations in the eleven months to 28 February 2026, and the top ten suppliers accounted for 65.94% of that operating expense. Owning no factory keeps fixed assets tiny — Rs 38.37 lakh of property, plant and equipment at the same date — but moves the constraint into working capital: trade receivables stood at Rs 911.22 lakh and other current assets at Rs 1,187.71 lakh, and Rs 1,662.00 lakh of the fresh issue was earmarked for working capital.

The company on paper

Legal name: Propshop Events and Exhibitions Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 22 Aug 2019
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U92490MH2019PLC329470
Sector: Industrials · Custom and modular exhibition booth design, build and installation for trade shows
Employees: 125
Registered office: Mumbai, Maharashtra, India
Promoters: Prathamesh Shantaram Pusalkar, Aarti Prathamesh Pusalkar
Promoter holding, pre-issue: 94.5%
Promoter holding, post-issue: 67.5%
Website: thepropshopindia.com

The numbers

Financial performance

Revenue has compounded at 41.0% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

81% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹23.05 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹5.52 Cr
Total issue size: ₹28.57 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 2,16,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 27.0% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription1.53×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹69.00
Listed at: ₹55.20
Listing gain: down 20.0%
Since listing: up 20.5%
Against the issue price: down 3.6%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 4,000
At cut-off price: ₹69.00
Amount blocked: ₹2,76,000

One lot is 2000 shares at ₹1,38,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,76,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~56%

chance of one lot, per application

Retail subscription: 1.77×
Applicants per share available: 1.8× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹55.20

listed at, −20.0% against the issue price

Issue price: ₹69.00
Premium said: —
If allotted 2000 shares: −₹27,600

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

EBITDA margin rose across all three years on record: 4.94% in FY23 (Rs 1.28 Cr on Rs 25.91 Cr), 9.67% in FY24 (Rs 2.95 Cr on Rs 30.51 Cr) and 16.60% in FY25 (Rs 8.55 Cr on Rs 51.52 Cr). Profit after tax over the same three years was Rs 0.97 Cr, Rs 2.19 Cr and Rs 6.32 Cr — margins of 3.74%, 7.18% and 12.27%.
Net worth was Rs 1.05 Cr at FY23, Rs 4.17 Cr at FY24 and Rs 11.32 Cr at FY25. Total borrowings were nil at FY23, Rs 0.43 Cr at FY24 and Rs 0.63 Cr at FY25; the FY25 borrowing is 0.06 times the FY25 net worth of Rs 11.32 Cr.
Fixed assets are small beside the cost base: property, plant and equipment stood at Rs 38.37 lakh at 28 February 2026, against operating expense of Rs 4,269.20 lakh over the eleven months to that date.

What to weigh against it

Supplier concentration is stated in the record: the top ten suppliers accounted for 65.94% of the Rs 4,269.20 lakh of operating expense in the eleven months to 28 February 2026, and that operating expense was 71.38% of the Rs 5,980.78 lakh of revenue from operations in the same eleven months.
Working capital is large relative to the money raised. Trade receivables were Rs 911.22 lakh and other current assets Rs 1,187.71 lakh at 28 February 2026, receivables alone being 15.24% of the Rs 5,980.78 lakh of eleven-month revenue from operations. Rs 1,662.00 lakh of the Rs 23.05 Cr (Rs 2,305 lakh) fresh issue — 72.10% of it — was earmarked for working capital.
The shares listed at Rs 55.20 against the Rs 69 band top, a fall of 20.00%, and closed the first day at Rs 57.15. At Rs 68 on 21 October 2026 the price was 1.45% below the band top, and 23.19% above the Rs 55.20 listing price.
The record carries no expense line, no total assets and no cash flow from operations for FY23, FY24 or FY25 — all three fields are null in every year — so the cash behind the reported profit after tax of Rs 0.97 Cr, Rs 2.19 Cr and Rs 6.32 Cr cannot be checked against it.

Easy to miss in the prospectus

Only one subscription day is on record: day three, 29 July 2026, at 1.53 times overall, with QIB 1.37 times, NII 1.38 times and retail 1.77 times. The day-wise build of the book is not in the record.
The record holds no valuation block, no peer set, no allocation split and no anchor book, so the Rs 65 to Rs 69 band cannot be placed against earnings or against comparable issues from the record alone.
The annual financial series ends at FY25. The only later operating figures on record are the eleven months to 28 February 2026 quoted in the business description — revenue from operations of Rs 5,980.78 lakh, i.e. Rs 59.81 Cr, against the full-year FY25 figure of Rs 51.52 Cr, periods of unequal length — and the latest price on record is Rs 68 as at 21 October 2026.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Propshop Events — Red Herring Prospectus dated 2026-07-2121 Jul 2026The document the issue was bid on. Carries the price band and the dates.Opens on thepropshopindia.com

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Unistone Capital Private Limited
RegistrarAllotment status is checked on the registrar's own site: MUFG Intime India Private Limited

How these figures were checked

Reconciled to Propshop Events's own prospectus and to exchange disclosures, then cross-checked against 8 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

Red Herring Prospectus dated 21 July 2026 (company website, 442pp) · read 16 Oct 2026
NSE Emerge SME equity list (symbol, series, listing date, ISIN) · read 16 Oct 2026
NSE cash-market bhavcopy, 3 August 2026 (listing-day OHLC, prev close, NewBrdLotQty) · read 16 Oct 2026
NSE public-issue detail for PROPSHOP (issue terms, lot size, final bid details by category) · read 16 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 27 Jul 2026
Closes: 29 Jul 2026
Allotment: 30 Jul 2026
Lists: 3 Aug 2026
Revenue (FY25): ₹51.52 Cr
Profit (FY25): ₹6.32 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.