New Delhi-based India Exposition Mart, which operates India Expo Centre and Mart in Greater Noida, has filed draft papers with Sebi to raise funds through an initial public offering. 3 crore equity shares by existing shareholders.

The shares have a face value of Rs 5 each. The offer for sale will be made by individual shareholders including Rakesh Kumar Sharma, Ravinder Kumar Passi and Meenakshi Passi, Vivek Vikas and Asha Ahlawat, Dinesh Kumar Aggarwal, Navratan Samdaria, Asha Goel, Esh Sharma and Raj Kumar Malhotra.

Corporate selling shareholders include Vectra Investments and MIL Vehicles and Technologies. 8 crore from the fresh issue for capital expenditure at India Expo Centre and Mart.

This will include upgrading air handling units, chillers, cooling towers, lifts and escalators, variable frequency drives and other ancillary works. 8 crore will be used for renovation of exhibition halls 4 and 6, and for the build-up of exhibition hall 18 at India Expo Centre and Mart.

The remaining proceeds will be used for general corporate purposes. The issue will be made through the book-building route.

Up to 50% of the issue will be reserved for qualified institutional buyers, at least 15% for non-institutional investors and at least 35% for retail individual investors. Incorporated in 2001, India Exposition Mart is among the top four exhibition and convention venues in India by total area, according to the Crisil report cited in the draft papers.

The company was set up to build infrastructure for exhibitions, trade shows, conferences, promotional events and business events in India. The company operates India Expo Centre and Mart, an integrated exhibition and convention centre in Greater Noida, Uttar Pradesh, on a leasehold basis.

The venue covers 57 acres and provides services across the meetings, incentives, conferences and exhibitions, or MICE, ecosystem. The foundation stone of India Expo Centre and Mart was laid in 2003 by the then Deputy Prime Minister of India.

The centre was inaugurated in 2006 by the then Prime Minister of India and has since developed into one of the country’s largest integrated exhibition and convention centres, according to the Crisil report. The company also operates hospitality assets around the venue.

These include ExpoInn, a guest-house located within the same land parcel as India Expo Centre and Mart and certified as a 5-star property by the Ministry of Tourism. It also operates Plume, a hotel adjacent to the convention centre, on a leasehold basis, and Mor Stays, which is operated on a managed basis under a monthly revenue-share arrangement.