Propshop Events & Exhibitions IPO
Propshop Events & Exhibitions IPO is an SME IPO raising ₹29 Cr at ₹65 – ₹69 a share. It listed on 3 Aug 2026 at ₹55, −20.0% against its issue price of ₹69, and trades at ₹75 today (+8.4% since issue). It was subscribed 1.97× in total.
Just covered — bids slightly exceed the shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Propshop Events And Exhibitions designs and delivers trade show and exhibition booths for B2B and B2C clients across multiple industries. Its services span concept design, 3D visualization, project management, logistics, on-site supervision, fabrication, installation, and post-event dismantling. Booth fabrication and execution are largely outsourced to subcontractors under the company's supervision, while design and conceptualisation are handled in-house. Founded in 2019 in Mumbai, the company operates in India and works with local teams in the US, UK, Dubai, Germany, Spain, Singapore, and other exhibition hubs.
How it earns
Project-based service fees for end-to-end booth design, fabrication (mostly subcontracted), on-site installation, and post-event dismantling for trade shows and exhibitions.
Who buys
Customers are not individually named in the prospectus; listed only as 'Customer 1' through 'Customer 10'. For the period ended Feb 28, 2026, the top customer contributed 3.28% of revenue from operations (₹ 196.37 lakhs = ~₹ 2.0 crore), and the top 10 customers together contributed 22.66% (₹ 1,355.06 lakhs = ~₹ 13.55 crore). Customer concentration has trended down from FY23 (top 10 = 46.42%) to the latest period (22.66%). Client industries span Industrial Machinery & Equipment, Building Materials, Furnishing & Décor, Chemicals, Media & Entertainment, Healthcare & Cosmetics, Food & Beverages, and others. Note: all figures from the prospectus are in lakhs; 1 crore = 100 lakhs.
Scale
100+ in-house professionals; 53 active subcontractors globally (Feb 2026); 3 facilities in India (registered office in Mumbai plus 2 rented godowns in Vasai, Maharashtra and Bengaluru, Karnataka); operating presence in 24 international markets; served 309 clients and participated in 174 trade shows/exhibitions in the period ended Feb 28, 2026.
What it says sets it apart
- Asset-light operating model: rents godowns, fabrication equipment, raw materials, and event-site premises on a project basis instead of owning capital assets, keeping fixed costs low.
- Hybrid execution with in-house design plus a subcontractor network of 53 active subcontractors (Feb 2026), with supervisors on-site full-time for every project.
- Track record of over 5,000 exhibition stands executed for more than 1,100 clients across 12+ years, with an in-house team of 100+ professionals.
- Five ISO certifications held: ISO 9001:2015 (Quality), ISO 14001:2015 (Environment), ISO 45001:2018 (OHS), ISO/IEC 27001:2022 (Info Security), and SA 8000:2014 (Social Accountability).
- International client base grew 245% over the last three years (from 20 to 69 international clients), now serving 24 international markets (Feb 2026) including the US, UK, UAE, Germany, Singapore, and Spain.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs69 / stated EPS Rs6.09 (Fiscal 2025 basic/diluted EPS (Rs per share), based on Restated Financial Statements. Period ended Feb 2026 EPS of 5.72 also stated but not annualized; figures as stated on p121.). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (Restated Standalone). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| Period ended 28-02-2026 | ₹60 Cr | ₹6 Cr | 10.8% | ₹18 Cr | ₹0 Cr |
| FY2025 (Year ended 31-03-2025) | ₹52 Cr | ₹6 Cr | 12.3% | ₹11 Cr | ₹1 Cr |
| FY2024 (Year ended 31-03-2024) | ₹31 Cr | ₹2 Cr | 7.2% | ₹4 Cr | ₹0 Cr |
| FY2023 (Year ended 31-03-2023) | ₹26 Cr | ₹1 Cr | 3.7% | ₹1 Cr | ₹0 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
131 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 14risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
Led by Unistone Capital Private Limited — median +8.4% across the 31 of its issues we can price. All lead managers →
What happens when
What to watch
- Priced at 11.3× earnings — 59% below the median of the peers the issuer itself names.
- The register's top risk: 90%+ revenue via subcontractors, no formal contracts (prospectus page 31).
- Its cohort's record: median +8.4% since issue price, 46.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track PROPSHOP EVENTS AND EXH L
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.