Eventions Ltd. IPO

Eventions

• Eventions is coming out with an initial public offering (IPO) of 32,30,400 equity shares in a price band of Rs 112-118 per equity share.
• The issue will open on September 30, 2026 and will close on October 05, 2026.
• The shares will be listed on Emerge Platform of NSE.
• The face value of the share is Rs 10 and is priced 11.20 times of its face value on the lower side and 11.80 times on the higher side.
• Book running lead manager to the issue is Corporate Professionals Capital.
• Compliance Officer for the issue is Misha Dhawan.

Profile of the company

Eventions operates in the Meetings, Incentives, Conferences and Exhibitions (MICE) and Event Management segment and is engaged in providing services relating to the planning, coordination and execution of corporate events, conferences and related activities. These services are generally provided to corporate clients and institutions and involve coordination of venues, travel arrangements, accommodation, logistics management and on-site event execution support depending on the scope of the engagement. The company’s services are typically delivered on a project-specific basis, wherein clients engage the company for the planning and execution of particular programs or events. A portion of the company’s assignments are received through repeat engagements from existing corporate clients, where organisations periodically organise meetings, conferences and corporate events.

The company undertakes assignments of varying scale which may be organised at domestic locations across India as well as at international destinations, depending on the requirements of the client. The company operates through an asset-light execution model, coordinating with hospitality providers, destination management companies, logistics partners and event production vendors for the delivery of corporate programs across multiple locations. This operating structure enables the company to manage assignments of varying scale while maintaining operational flexibility.

During the financial Year ended March 31, 2026, 2025 and 2024 the company executed 107 successful events, individual billing value exceeding Rs 50 lakh, which represent large-scale and high-value assignments undertaken by it conducted across multiple domestic and international locations industries and has served more than 50 corporate clients. These high-value engagements demonstrate its capability to conceptualize and execute large-scale, complex events involving multi-location coordination, vendor management and customized client requirements.

Proceed is being used for:

• Repayment and/or pre-payment, in full or part, of certain borrowings availed by the company
• Investment in subsidiary
• Meeting working capital requirements
• General corporate purposes

Industry Overview

MICE is an acronym for Meetings, Incentives, Conferences and Exhibitions. The main purpose of MICE events is to create a networking platform for business, industry, government, and academic communities and engage in meaningful conversations. Generally, they bring large groups together for a specific purpose. MICE is also known as the ‘Meetings industry’ or ‘Events industry’. Established nations are mature MICE markets, hence their growth rate has stabilized but the number of conferences and exhibitions being organized by them to date is still staggering. New destinations, especially Asia-Pacific is showing tremendous growth potential. Currently, India is ranked 28 out of 94 countries with 158 meetings in the 2019 ICCA ranking of countries. To increase the share of the Indian MICE industry in the estimated global MICE business and capitalize on its natural and cultural advantages as well as its growing economy, in the year 2022 the Ministry of Tourism formulated a National Strategy for the MICE Industry.

The event management industry’s popularity in the country is growing in recent years, driven by the increasing demand for well-organised events. The rising popularity suggest that people are willing to shift from traditional ways of managing events by themselves to invest in hiring event managers. The event management industry in India is attracting foreign investment as the number of international events held in the country, such as, conferences, exhibitions and live music events, increased. The industry also receives support from the Government of India’s initiatives such as hosting meeting and events during the G20 presidency as well as from ministry of tourism initiatives in promoting MICE.

MICE infrastructure plays an important role in promoting a city/ region as a MICE destination. These are capital intensive investments and require the availability of funds at reasonable rates and a longer tenor. The Government maintains a harmonized master list of sectors, which have been recognized as infrastructure, which enables them to get financing at reasonable rates. Currently Infrastructure status has been accorded to the construction of 3 star and above Hotels located outside the cities with a population of one million and above. Ministry of Tourism will pursue to expand the list of cities for grant of infrastructure to MICE infrastructure projects such as Hotels and Resorts, Exhibition and Convention Centres etc. This will facilitate investment into MICE infrastructure, which will contribute to the growth of MICE business in the country.

Pros and strengths

Integrated service model for MICE and corporate events: The company operates across multiple segments of the events and travel services ecosystem, including Meetings, Incentives, Conferences and Exhibitions (MICE), corporate events and brand activation. This enables the company to undertake assignments involving both destination-based programs and venue-based corporate events. Corporate clients may require a combination of services such as event conceptualization, travel coordination, venue management, hospitality arrangements, logistics planning and on-site execution. The Company’s operating model enables coordination of these components within a single engagement framework, allowing clients to engage the company for multiple aspects of corporate programs. The ability to undertake different types of corporate programs under a coordinated service structure allows the company to address varied client requirements and support the execution of assignments of different scales and complexity.

End-to-end event management capabilities: The company provides services across multiple stages of the event lifecycle, including planning, coordination and execution of corporate programs. Depending on the scope of engagement, assignments undertaken by the company may involve event planning, venue identification, travel arrangements, accommodation coordination, logistics planning, vendor coordination and on-site event management. Such services enable clients to engage the company for various operational components of event execution, reducing the need to coordinate with multiple service providers. The company’s role in such assignments typically involves coordinating multiple stakeholders including hospitality providers, transport vendors, event production agencies and destination partners.

Asset-light business model: The company follows an asset-light operating structure, under which it undertakes event assignments primarily through a network of hospitality partners, destination management companies, event production vendors and logistics service providers. This operating model enables the company to execute assignments across multiple locations without maintaining significant fixed infrastructure or owning event production assets. Instead, the company engages vendors and service partners depending on the requirements, scale and location of each assignment.

Risks and concerns

Significant revenue concentration among key customers: A significant portion of the company’s revenue is derived from a limited number of customers, many of whom engage it on a repeat basis for event management services, MICE programs, conferences, exhibitions and corporate activations. As of March 31, 2026, its top 1 customer contributed approximately 42.72%, top 3 customer contributed approximately 54.40%, top 5 customers together contributed around 64.57%, and top 10 customers accounted for about 84.59% of its total revenue from operations in FY26. Any reduction, delay, or discontinuation of business from such customers could materially affect its revenues and profitability.

Significant revenue concentration in MICE Segment: The company offers a range of services including Meetings, Incentives, Conferences and Exhibitions (MICE), corporate events, and Free Independent Traveller (FIT) services. However, a substantial portion of its revenue in recent periods has been derived from the MICE segment. For the financial years ended March 31, 2026, 2025 and 2024, revenue from MICE services contributed approximately 91.29%, 91.77% and 87.39% of its total revenue, respectively. Any adverse changes in demand for such services may impact its business, results of operations and financial condition.

High working capital requirements: The company has significant working capital requirements for its smooth day to day operations of business. Any delay in realisation of receivables, failure of clients to make timely payments, or inability to recover advances from vendors may result in liquidity constraints. Additionally, if it is unable to arrange additional working capital through internal accruals, bank facilities or other sources of funding on commercially acceptable terms, it may affect its ability to meet operational expenses, honour its obligations and pursue growth opportunities. Further, any significant increase in working capital requirements, deterioration in receivables cycle, or constraints in availability of funds may adversely affect its business operations, cash flows, financial condition and results of operations.

Outlook

Eventions is engaged in the Meetings, Incentives, Conferences and Exhibitions (MICE) and event management segment. The company provides services for planning, coordination and execution of corporate events, conferences and related activities, primarily for corporate and institutional clients. The company has asset-light business model. It has end-to-end event management capabilities. On the concern side, the company derives a significant portion of its revenues from a limited number of customers, a substantial proportion of which comprises repeat engagements, and any reduction, delay, or discontinuation of business from such customers could materially affect its revenues and profitability. Moreover, the company’s revenue is significantly derived from its MICE services, and any adverse changes in demand for such services may impact its business, results of operations and financial condition.

The company is coming out with a maiden IPO of 32,30,400 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 112-118 per equity share. The aggregate size of the offer is around Rs 36.18 crore to Rs 38.12 crore based on lower and upper price band respectively. On performance front, net revenue from operations of the company for the financial year 2025-26 amounted to Rs 9,973.96 lakh, compared to Rs 8,752.97 lakh in the financial year 2024-25, representing an increase of 13.95%. Moreover, profit after tax for the financial year 2025-26 was Rs 772.01 lakh, compared to Rs 512.59 lakh in the financial year 2024-25, reflecting an increase of 45.29%.

Meanwhile, the company intends to continue strengthening its MICE (Meetings, Incentives, Conferences and Exhibitions) segment by increasing the number of destination-based corporate programs undertaken for existing and new corporate clients. Corporate organisations typically conduct periodic meetings, annual conferences, dealer or distributor meets, employee incentive travel programs and internal training events, which require coordinated arrangements relating to venues, travel, accommodation and on-site event management. These recurring business requirements provide opportunities for event management and destination travel coordination. Further, the company intends to expand the scale of such programs across domestic destinations as well as international locations. The company’s experience in coordinating destination-based events, vendor network comprising hospitality providers and logistics partners, and operational capabilities in managing travel and event logistics may support the expansion of such assignments.

BLS Polymers

• BLS Polymers is coming out with a 100% book building; initial public offering (IPO) of 1,70,00,000 shares of face value Rs 10 each in a price band Rs 142-150 per equity share.
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on October 27, 2026 and will close on October 29, 2026.
• The shares will be listed on both BSE and NSE.
• The face value of the share is Rs 10 and is priced 14.20 times of its face value on the lower side and 15.00 on the higher side.
• Book running lead manager to the issue is Unistone Capital.
• Compliance officer for the issue is Neha Kumar Sunit. 

Profile of the company

BLS Polymers is a polymer compounding firm in India with over two decades of market experience, specializing in a wide range of high-performance compounds tailored for various industrial applications. The company is manufacturer of multiple grades of custom formulated polymer compounds, catering to diversified critical industries such as telecommunication, power, railways, water, oil and gas distribution, among others. With expertise in producing co-polymers such as High Density Polyethylene (HDPE), Low Density Polyethylene (LDPE), Medium Density Polyethylene (MDPE), Cross Linked Polyethylene (XLPE), Polyvinyl Chloride (PVC), Cable Filling Compounds, and Masterbatches, the company demonstrates technical excellence, operational efficiency, and innovation-driven growth. The company was established in 1991 and has grown to become one of India's largest polymer compounders. BLS Polymers has a head office in Delhi and manufacturing facilities in Goa, with more than 35,000 MTPA installed capacity.

The company’s product portfolio is well diversified to offer varied solutions in the wire and cables and infrastructure industry, and included products such as, HDPE, MDPE, Linear Low-Density Polyethylene (LLDPE), XLPE, Halogen-Free Flame Retardant (HFFR), PVC, CFC and adhesive coating compounds which are utilized in power, control, data, instrumentation, and telecom cables and advanced pipeline coating systems widely used in water and oil & gas pipelines for corrosion protection and mechanical damage resistance. The company also produce specialty additive masterbatches, as well as black and white masterbatches to meet diverse client requirements. The company offers a range of additives designed to enhance the surface and bulk properties of polymers, such as scratch resistance, surface smoothness, and flame retardancy. These compounds and masterbatches are classified based on different functionalities and end-uses.

Proceed is being used for:

• Financing the capital expenditure requirement towards expansion of its existing manufacturing facility at Goa (Manufacturing Facility) by increasing the manufacturing capacity of certain of its existing products
• Funding working capital requirements of the company
• General corporate purposes

Industry overview

The polymer industry in India stands as one of the most significant sectors in the country's manufacturing landscape, playing a crucial role in economic development. India's polymer industry has demonstrated consistent growth over the years, primarily driven by increasing demand across various sectors. The industry is broadly categorized into two main segments: commodity polymers and engineering polymers. Commodity polymers, including HDPE, MDPE, XLPE, LDPE, LLDPE, HFFR and PVC, which are commonly known as co-polymers, form the backbone of the industry and find widespread use in everyday applications. Engineering polymers, such as Acrylonitrile Butadiene Styrene (ABS), Nylon, Polycarbonate, and Polyethylene Terephthalate (PET), cater to more specialized and technical applications, commanding higher value in the market.

Polymer compounding in India represents a crucial segment of the polymer industry, serving as a vital link between raw polymer manufacturers and end-product manufacturers. This specialized sector involves the process of combining base polymers with additives, fillers, and reinforcements to create customized materials that meet specific performance requirements for various applications. The Indian polymer compounding market has experienced consistent growth over the past few years, driven by increasing demand across various end-use industries. The market expanded from $5,967 million in 2019 to $9,934 million in 2025. This growth was fueled by rapid industrialization, rising demand from the automotive, construction and infrastructure, packaging, telecommunications, electrical & electronics, wires & cables, and an increasing shift toward lightweight and high-performance polymer materials.

The global polymer compounding market stood at $75,526 million in 2025, growing with a CAGR of 6.5% from 2019. The market is expected to grow with a CAGR of 6.7% till 2031, reaching a value of $109,801 million. The growth is driven by technological advancements, rising demand for polymers in key end use sectors including automotive, construction, electrical appliances, wire & cables and electrical & electronics. Because of their great performance, light weight, cost effectiveness, polymers are frequently employed as alternatives to items made of metal and mineral material. 

Pros and strengths 

Enlisted with prominent government agencies with pre-approved product portfolio: The company is engaged in the manufacturing of multiple grades of polymer compounds, serving a wide range of critical industries including telecommunications, power, railways, water supply, and oil and gas distribution. Consequently, entry into the polymer compound industry requires a measured approach, significant resources, and deep expertise to successfully overcome these multifaceted obstacles. In industries such as power transmission, telecommunications, and coatings, polymer compounders must have their products, manufacturing processes, and standard operating procedures rigorously tested and approved by regulatory bodies or public sector enterprises. Accordingly, it has enlisted its products with a Maharatna CPSE power transmission company, a Navratna CPSE engineering consultancy company, a Miniratna CPSE telecommunication company and Government of Gujarat. The company have also applied to various other government and private agencies for enlisting its product finding application in the oil and gas industry.

Diversified industry applications with differentiated product portfolio: Its business model is diversified by a mix of products, end use industries and customer base. As on August 31, 2026, the company has manufactured 06 products in 127 grades across its product segments. The bouquet of products offered by it serves various end-user industries including but not limited to railways, telecommunication, among others. In addition to its diversified product categories, it has also developed multiple grades depending on application and customer requirements. Its constant efforts are focused towards continuously identifying market demands and introducing relevant products with high quality. It diversifies its product portfolio in such a manner that its products are customised for its customers and are commensurate with the scale for each of the geographies it serves. Its diversified product portfolio helps it retains its customers and strengthen its cross-selling efforts across product portfolios.

PAN-India market presence: The company is a manufacturer of various grades of polymer compounds primarily used in manufacturing of wire and cables and coating of industrial pipelines. It primarily derives majority of its revenue from its domestic operations and as of June 30, 2026, 94.68% of its revenue from operations was generated from the domestic operations undertaken by the company. In the three months period ended June 30, 2026 and the last 3 fiscals, it sold its products in 23 states/union territories. Through its strategic geographic presence, it can effectively serve a broad customer base, encompass manufacturers of all sizes, and pursue growth opportunities in various markets. This expansive reach allows it to establish a market presence, nurture customer relationships, and drive sustainable growth.

Integrated product development capabilities: The company has invested in an in-house product development team for developing new polymer compositions to suit its customer needs and market demand. As on August 31, 2026, its product development team comprised 7 employees. It has in the past, strategically diversified its product portfolio to either offer additional product applications or inculcate enhanced properties such as, smoke-free flame retardance, anti-tracking, etc. For instance, it has in the recent past developed pipe coating adhesive which is primarily applied on underground pipelines used for distribution of oil, gas and water. Its product development team in consultation with third party consultants developed pipe coating adhesives by developing the composition of the product, modifying the manufacturing infrastructure, undertaking in-house and third party quality tests and obtaining a certification in respect of the efficacy of the product. These third party consultants offer advisory services to public sector units engaged in the oil and gas industry and hold extensive experience in the field of pipeline coating, field joint coating and cathodic protection.

Risks and concerns

High revenue concentration in wire and cable polymer compounds: The company relies heavily on revenue generated from the sale of polymer compounds used in the wire and cable industries. During the three months period ended June 30, 2026 and the Fiscals 2026, 2025 and 2024, it derived 73.20%, 80.93%, 81.59% and 80.49% of its revenue from the sale of wire and cable polymer compounds. Any loss of sales due to reduction in demand for such products would have a material adverse effect on its business, financial condition, results of operations and cash flows.

Significant dependence on the top 10 customers: Its business largely depends upon its top 10 customers which contributed 61.34%, 66.81%, 64.44% and 50.52% in the three months period ended June 30, 2026 and for the Fiscals 2026, 2025 and 2024. Loss of all or a substantial portion of sales to any of its top 10 customers, in particular for any reason including, due to loss of business or failure to negotiate acceptable terms, loss of market share of these customers in their industries, disputes with these customers, adverse change in the financial condition of these customers, decline in their sales, plant shutdowns, labour strikes or other work stoppages affecting production of these customers, could have an adverse impact on its business, results of operations, financial condition and cash flows.

Fluctuations in average selling prices and raw material: The average selling prices of its products may be subject to fluctuations depending on the market conditions. The average selling prices of its products are affected by the general market conditions, such as pricing by competition and raw material costs, which could have an impact on the businesses of its distributors and, in turn, their demand for its products. Further, it also sells its raw materials to take advantage of arbitrage opportunities, without affecting its normal operations. During the three months period ended June 30, 2026 and the Fiscal 2026, Fiscal 2025 and Fiscal 2024, revenue from procurement and supply of various grades of HDPE resin and LLDPE resin accounted for Rs 1,885.49 lakh, Rs 11,132.00 lakh, Rs 8,572.30 lakh and Rs 4,100.00 lakh, representing 17.62%, 31.86%, 26.10% and 13.83% of its total revenue from operations. A decline in the average selling prices for its products could adversely affect its business and financial condition, operating results, and cash flows.

Dependence on raw material suppliers: The company highly depends on a few key suppliers who help it procures raw materials for manufacturing its products. For Fiscal 2026, Fiscal 2025 and Fiscal 2024, the expenses incurred from the top 10 suppliers stood at Rs 26,100.16 lakh, Rs 22,210.65 lakh and Rs 18,901.79 lakh, accounting for 93.52%, 83.52% and 75.34% of the total procurement cost, respectively. The company has not entered into long-term agreements with most of its suppliers for supply of raw materials. In the event it is unable to procure adequate amounts of raw materials, at competitive prices its business, results of operations and financial condition may be adversely affected. Any fluctuation in prices of its raw materials, may have a material adverse effect on its business, results of operations, prospects and financial condition.

Outlook

BLS Polymers is engaged in compounding of Polyethylene and PVC compounds. The company is also engaged in the Trading of polymers. Further the company operates as a Del Credere Associate (DCA) cum Consignment Stockist (CS) of Indian Oil Corporation (IOCL) for the Polymer Business. The company is manufacturer of multiple grades of custom formulated polymer compounds, catering to diversified critical industries such as telecommunication, power, railways, water, oil and gas distribution, among others. On the concern side, it does not enter into formal agreements or arrangements with its customers and typically relies on blanket purchase orders issued by its customers from time to time that set out the price per unit of the products that are to be supplied to/ purchased by them from the company. If its customers choose not to source their requirements from the company, there may be a material adverse effect on its business, financial condition, cash flows and results of operations. Further, if there are any fluctuations in the demand for its products, it could affect its inventory levels, operations, financial condition and cash flow.

The issue has been offering 1,70,00,000 shares in a price band of Rs 142-150 per equity share. The aggregate size of the offer is around Rs 241.40 crore to Rs 255.00 crore based on lower and upper price band respectively. Minimum application is to be made for 100 shares and in multiples thereof thereafter. On performance front, the company’s revenue from operations increased by 6.39% to Rs 34,942.83 lakh in the financial year 2025-26 from Rs 32,843.59 lakh in financial year 2024-25. The Profit After Tax (PAT) for the financial year 2025-26 reached Rs 2,700.94 lakh, marking an increase from Rs 2,113.60 lakh in the financial year 2024-25.

Meanwhile, it intends to strengthen its relationships with its existing customers and explore opportunities to grow along the value chain by expanding the array of its existing products and solutions that it supplies to its customers across geographies, and to add new customers by developing products and solutions aligned with their needs. As part of its growth strategy, it seeks to pursue emerging opportunities in its existing product categories. Currently, its portfolio caters to wire & cables and infrastructure industries. It intends to diversify its product base to cater to other end-use industries as well. The company has already manufactured and tested some new products which will help it to cater to wider end-applications.

CarTrade Tech has informed that the Company’s conference call with Analysts and Investors to discuss the Unaudited Financial Results (Standalone and Consolidated) for the second quarter and half year ended September 30, 2026 is scheduled to be held on Wednesday, October 28, 2026 at 12.30 pm (IST). The company has enclosed the link to access Dial in details and other details. 

The above information is a part of company’s filings submitted to BSE.