Propshop Events & Exhibitions IPO is a sme IPO raising ₹29 Cr at ₹65 – ₹69 a share. The smallest application you can make is 2000 shares, costing ₹1,38,000 at the top of the band. Bidding closes on 29 Jul 2026 and the shares list on 3 Aug 2026. So far it has been subscribed 0.00× in total.
populated partly populated we hold nothing here — the tab says why
What the prospectus says could go wrong
Read from the 442-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 339 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Severeoperationalpage 31
90%+ revenue via subcontractors, no formal contracts
We do not have any executed registered formal arrangements with such outsourced subcontractors, which govern various matters such as, specification of products, quality standards to be maintained, sales estimates, packaging of products etc.
Severeconcentrationpage 53
Top 10 suppliers = 51% of supply costs
Our top 10 suppliers contribute 51.05% of our total supply costs for Fiscal Year ended March 31, 2025
Severepromoterpage 61
Promoters/Group hold 94.55% pre-offer
As on the date of this Red Herring Prospectus, our Promoters and Promoter Group hold 94.55% of the issued and outstanding paid-up share capital of our Company.
Severeregulatorypage 48
Pervasive GST return delays, up to 139 days late
Instances of delay in filing GSTR-1 returns ... June 2025 - July 20, 2025 December 06, 2025 139 Due To Administrative Convenes
Highregulatorypage 42
RoC filings delayed up to 2,107 days
There was a delay in filing by 528 days... There was a delay in filing by 2107 days
Highmarketpage 38
US was 69% of exports in FY24, tariff-vulnerable
Our Company derives 32.26%, 47.04%, 69.03%, and nil of its export revenue from the United States for the period ended February 28, 2026, and for the Financial Years 2025, 2024, and 2023, respectively, making us particularly vulnerable to such developments.
Highfinancialpage 50
Trade receivables balloon; turnover ratio fell from 18.46x to 7.89x
Trade receivables turnover ratio (in times) (C) = (A)/(B) 7.89 13.22 13.63 18.46
Highoperationalpage 41
Core brand 'Propshop Worldwide Expo' unregistered
Our Company has developed its presence in both Indian and international markets under the brand 'Propshop Worldwide Expo'. However, this brand is currently unregistered, and accordingly, our Company does not enjoy the statutory protection conferred upon registration under applicable laws.
Highoperationalpage 51
No insurance cover in FY23 and FY24; current cover only 0.26x net assets
Our Company did not maintain any insurance coverage during Fiscal Years 2023 and 2024
Highpromoterpage 56
Promoters were directors in struck-off companies
Our promoters Prathamesh Shantaram Pusalkar and Aarti Prathamesh Pusalkar were previously Directors in companies that has been struck off
Highconcentrationpage 38
No firm long-term agreements with customers
We do not have firm commitment long-term supply agreements with our customers and instead rely on purchase orders for our operations.
Highconcentrationpage 31
Domestic sales concentrated in Gujarat, Maharashtra, Karnataka
The sale is majorly concentrated in the states of Gujarat, Maharashtra and Karnataka.
Highregulatorypage 45
EPF/ESIC registered only March 2024; delays up to 196 days
The company completed its registration with EPF on March 29, 2024 and Employees' State Insurance Corporation (ESIC) on March 29, 2024. There is no prior data available
Highfinancialpage 62
Company receives no proceeds from OFS portion
The entire proceeds (net of offer expenses) from the Offer for Sale will be paid to the Promoter Selling Shareholders and our Company will not receive any such proceeds.
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
What’s in court
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed; the disclosed aggregate at stake is ₹0.5 Cr.
Against
Criminal
Tax
Other material
Amount at stake
The company
0
1
0
₹0.2 Cr
Promoters
0
2
0
₹0.3 Cr
Directors
0
0
0
—
case₹0.3 Crpage 290
GST Show Cause Notice (Form DRC-01) to promoter Mr. Prathamesh Shantaram Pusalkar under Section 73(1) CGST/MGST for FY 2019-20; original demand ₹99.34 lakhs revised and reduced to ₹27.13 lakhs (incl. interest and penalty) via Rectification Order (Form GST DRC-08) dated 25.03.2025
case₹0.2 Crpage 289
GST audit under Section 65 of the CGST Act against the Company for FY 2022-23 re alleged Input Tax Credit mismatch of ₹24.06 lakhs; ASMT-10 superseded, Form ADT-02 audit findings not yet issued
case₹0.0 Crpage 290
TDS demand of ₹0.66 lakhs on TRACES portal against promoter Mr. Prathmesh Shantaram Pusalkar; documentation under compilation, payment in process
case₹0.0 Crpage 289
Aggregate TDS defaults of ₹0.41 lakhs against the Company (₹2,420 for FY 2024-25, ₹26,920 for FY 2022-23, ₹11,800 for FY 2021-22); number of cases stated as Nil; matter under review
Amounts converted from ₹ lakhs to ₹ crore (1 crore = 100 lakhs). Company tax aggregate: ₹24.06 lakhs (1 GST case) + ₹0.41 lakhs (TDS defaults, 0 case count) = ₹24.47 lakhs = 0.2447 crore. Promoter tax aggregate: ₹0.66 lakhs (TDS) + ₹27.13 lakhs (GST, post-rectification; original ₹99.34 lakhs) = ₹27.79 lakhs = 0.2779 crore. Grand total: ₹52.26 lakhs = 0.5226 crore. The Company has no subsidiary and no group company. All criminal, regulatory/statutory and civil proceedings are explicitly stated as Nil across Company, Directors/Promoters, KMP/Senior Management, Subsidiaries and Group Companies.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
Source documents
What the issuer and the exchanges published. Everything else on this tab is read out of these.