A Mumbai-based exhibition booth solutions and trade show services company plans to raise Rs 28.57 crore via the NSE SME platform.
Propshop Events & Exhibitions Ltd., an asset-light trade show and exhibition booth solutions provider serving B2B and B2C clients, opens for subscription on July 27 with the issue closing on July 29. The company is listing on the NSE SME Emerge platform.
What the Company Does
Propshop Events designs, builds, and manages exhibition booths for trade fairs, business expos, and corporate events. Its model is asset-light — the company provides design and creative direction in-house, and then manages third-party vendors and contractors for construction and execution while supervising quality.
As of June 30, 2026, it had 125 employees. The company serves both domestic and international exhibitions. An important structural characteristic: the company is heavily dependent on third-party contractors for execution, meaning quality control and delivery timelines are contingent on the performance of its vendor base.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | July 27, 2026 |
| Issue Closes | July 29, 2026 |
| Listing | NSE SME Emerge (August 3, 2026) |
| Price Band | Rs 65 – Rs 69 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 28.57 crore |
| Fresh Issue | Rs 23.05 crore |
| OFS | Rs 5.52 crore (8 lakh shares) |
| Lot Size | 2,000 shares (min 2 lots = 4,000 shares) |
| Min. Retail Investment | Rs 2,76,000 |
| BRLM | Unistone Capital Pvt. Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Market Maker | Bullpulse Marketedge Pvt. Ltd. |
Financial Performance
| Particulars (Rs cr) | FY23 | FY24 | FY25 | 11M FY26 |
|---|---|---|---|---|
| Revenue | 25.93 | 30.57 | 51.59 | 59.94 |
| PAT | 0.97 | 2.19 | 6.32 | 6.46 |
| PAT Margin | 3.74% | 7.19% | 12.27% | 10.81% |
Revenue nearly doubled from FY24 to FY25 and 11M FY26 revenue of Rs 59.94 crore already exceeds the full FY25 figure. PAT margins expanded from 3.74% in FY23 to 12.27% in FY25. Average EPS is Rs 3.98 and average RoNW is 60.84%.
At the upper band of Rs 69, the P/BV is 4.38x on pre-IPO NAV of Rs 15.75 — post-IPO NAV data is absent from the offer documents. P/E works out to 14.32x on annualised FY26 earnings and 15.97x on FY25 earnings — relatively modest multiples. The FY25 revenue jump of 69% and margin expansion are striking, and the 11M FY26 trajectory suggests momentum is continuing.
Risks to Consider
The heavy reliance on third-party contractors is the central operational risk — any contractor failure, cost overrun, or quality issue directly reflects on Propshop’s client relationships. Exhibition and event-related revenues are discretionary for corporate clients and can be cut rapidly during economic downturns or uncertainty, making this a cyclically sensitive business. Revenue for FY23 and FY24 was modest, and the trajectory is still short — just two years of material performance to evaluate. The OFS component means some proceeds exit with existing shareholders.
Analyst View
Analysts note that Propshop posted growth in its top and bottom lines for the reported period and operates on an asset-light model. However, the major dependency on third-party contractors raises concern. Analysts note that the issue appears fully priced based on recent financial data.