E Factor Experiences
Book Building issueSME₹25.92 Cr issue
+53.33%
Listing gain over issue price
Issue size
₹25.92 Cr
1 lot at cut-off
₹1,20,000
Lot size
1,600shares
Open
27 Sep 2023
Close
03 Oct 2023
Allotment
06 Oct 2023
Listing
09 Oct 2023
Listing performance
Issue price
₹75
Listed at
₹115
Listing-day close
₹120.75
Latest price
₹193.35
Close on 23 Oct 2026
Listing gain
+53.33%
Return since issue
+157.80%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 27 Sep 2023 – 03 Oct 2023
- Listing date
- 09 Oct 2023
- Face value
- ₹10 per share
- Issue price
- ₹75 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Total issue size
- ₹25.92 Cr
- Market cap at offer price
- ₹98.16 Cr
- Promoter holding
- 99.99% → 73.59% pre-issue → post-issue
- ISIN
- INE0KFF01017
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- 101-A, Kundan Kutir Hari Nagar Ashram, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 9,84,000 | — | — |
| Market maker | 1,74,400 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹75
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,20,000 |
| S-HNI (min) | 2 | 3,200 | ₹2,40,000 |
| S-HNI (max) | 8 | 12,800 | ₹9,60,000 |
| B-HNI (min) | 9 | 14,400 | ₹10,80,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
9,84,000
Anchor portion
₹7.38 Cr
at ₹75 per share
Valuation and performance
Valuation at offer price
₹75 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.82 | — |
| P/E (×) | 9.59 | — |
| Market cap | — | ₹98.16 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 68.35%
- ROCE
- 54.85%
- Debt / equity
- 0.83
- PAT margin
- 6.38%
- NAV per share
- ₹11.44
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About E Factor Experiences
Incorporated in 2003 and originally named E Factor Entertainment Private Limited, E Factor Experiences Limited operates in India's event management and experiential marketing industry. The company provides comprehensive event services including government-commissioned tourism events and festivals, techno-cultural light and sound shows, sporting events and contests, conferences, mega ground concerts, televised events, and private social events like weddings and anniversaries. The portfolio encompasses both event experiences and technology-based permanent and semi-permanent multimedia installations. The company has evolved through name changes and was converted to a public limited company in 2021. Historically dependent on government authorities for approximately 79-93% of revenue, the business model involves project-based revenue generation through competitive bidding processes.
Company Analysis
from RHPE Factor Experiences Limited is an award-winning Indian event management company providing event experiences, technology-based multimedia installations, and specialized turnkey event assignments across government tourism events, conferences, sporting events, and social celebrations.
Incorporated in 2003 and originally named E Factor Entertainment Private Limited, E Factor Experiences Limited operates in India's event management and experiential marketing industry. The company provides comprehensive event services including government-commissioned tourism events and festivals, techno-cultural light and sound shows, sporting events and contests, conferences, mega ground concerts, televised events, and private social events like weddings and anniversaries. The portfolio encompasses both event experiences and technology-based permanent and semi-permanent multimedia installations. The company has evolved through name changes and was converted to a public limited company in 2021. Historically dependent on government authorities for approximately 79-93% of revenue, the business model involves project-based revenue generation through competitive bidding processes.
event managementexperiential marketingtourismentertainmentmultimedia installations
Objects of the Issue
- Investment in Subsidiary ₹ 200.00 Lakhs p.21
- Funding working capital requirements ₹ 1,300.00 Lakhs p.21
- Repayment and/or pre-payment, in full or part, of certain borrowings availed by our Company ₹ 350.00 Lakhs p.21
- General Corporate Purpose ₹ 478.54 Lakhs p.21
- Investment in Subsidiary ₹200.00 lakhs p.65
- To meet Working Capital requirements ₹1,300.00 lakhs p.65
- Repayment and/or pre-payment, in full or part, of certain borrowings availed by our Company ₹350.00 lakhs p.65
- General Corporate Purpose ₹478.54 lakhs p.65
- Repayment of borrowings ₹350 lakhs p.167
Issue Structure
- Total Issue
- ₹ 2,592.00 Lakhs
- Fresh Issue
- 34,56,000 Equity Shares aggregating to ₹ 2,592.00 Lakhs
- Offer for Sale
- Nil
- Price Band
- ₹ 71 (Floor Price) to ₹ 75 (Cap Price)
- Lot Size
- 1,600 Equity Shares
- Face Value
- ₹ 10
Business Model
The company earns revenue primarily through event management services delivered on a project-by-project basis, predominantly from government authorities and tourism departments. Revenue is generated through turnkey event assignments, service delivery for festivals and celebrations, installation services for multimedia systems, and specialized event management solutions. The business model involves bid-based contract awards where the company qualifies through prequalification criteria, concept/design approval, technical bidding, and price bidding stages.
Business Segments
Turnkey assignments for government-commissioned tourism events and festivals
Technology-based permanent and semi-permanent multimedia light and sound installations and specialized turnkey event assignments
Private and social events including destination weddings, anniversary celebrations, and other personal milestone celebrations, with turnkey execution covering planning, vendor coordination, décor, entertainment, food and beverage management
Government-commissioned tourism events and festivals, sporting events and contests, techno-cultural light and sound shows, mega ground concerts, and televised events
Permanent and semi-permanent multimedia light and sound installations including digital museums, water fountain shows, and techno-cultural displays
Corporate conferences, exhibitions, launches, and corporate celebrations
Hot air ballooning and yachting operations managed through subsidiary E Factor Adventure Tourism Private Limited, operating as 'Sky Waltz', with government approval as commercial hot air balloon operator for 12 years
Organizes government-commissioned tourism events, festivals, techno-cultural light & sound shows, sporting events & contests, corporate events & conferences, mega ground concerts
Operates hot air balloon adventure tourism under the brand name SkyWaltz through subsidiary E Factor Adventure Tourism Private Limited
Provides event management and hospitality services through associate Untamed Leisure And Hospitality Private Limited
Turnkey event assignments including government-commissioned tourism events, festivals, techno-cultural light & sound shows, sporting events, conferences, mega ground concerts, televised events, and private/social events like weddings and anniversary celebrations
Hot air ballooning and yachting activities through subsidiary E-Factor Adventure Tourism Private Limited operating the brand 'Sky Waltz' in multiple locations across India
Excursion tour services
SWOT Analysis
Strengths
- • Incorporated and operating for 20+ years with established presence in event management sector(p.21)
- • Diversified portfolio of event services across government, corporate and private segments(p.21)
- • Strong revenue growth from government sector which provides stable, recurring business(p.28)
- • Award-winning status and recognition in the events industry(p.21)
- • Established track record in event management for over two decades(p.101)
- • One-stop solution offering comprehensive event services across multiple categories(p.100)
- • Strong relationships with hospitality and event partners(p.101)
- • Established relationships with government bodies enabling tender access(p.101)
- • Experienced management team with 15+ years in events industry(p.101)
- • Diversification into experiential tourism with Sky Waltz subsidiary(p.92)
- • Strong revenue growth trajectory with 111% increase FY21-FY23(p.93)
- • Industry awards and recognition for event quality(p.93)
- • Established event management company with 20+ years of operational history since 2003(p.113)
- • Significant revenue growth, crossing ₹100 crores in FY 2022-23(p.114)
- • Experienced promoter leadership with 15-22 years of industry experience(p.135)
- • Strong cash position with ₹1,028.69 lakhs in cash and equivalents as of April 30, 2023(p.141)
- • Subsidiary in adventure tourism (SkyWaltz hot air balloon operations)(p.115)
- • Award-winning event management company with strong track record(p.172)
- • Diversified portfolio of high-value event services across multiple segments(p.172)
- • Established experiential tourism brand with government-approved commercial hot air balloon operations(p.172)
- • Geographic expansion across multiple regions with established offices(p.172)
- • Experienced and stable management team enabling successful execution(p.172)
- • Strong revenue growth trajectory with demonstrated profitability(p.172)
Weaknesses
- • Company and subsidiary have history of non-compliance with statutory filing requirements(p.30)
- • Subsidiary company was operationally unprofitable with negative net worth as of March 31, 2022(p.30)
- • Significant outstanding litigation and regulatory issues including tax assessments and GST demands(p.23)
- • High debt burden with total outstanding borrowings of ₹881.96 Lakhs as of April 30, 2023(p.35)
- • Company operates with significant working capital constraints and high trade receivables(p.35)
- • Promoters have provided personal guarantees against company borrowings(p.38)
- • High dependence on third-party vendors for critical event components(p.103)
- • Small employee base of only 32 team members limiting scalability(p.103)
- • Limited geographic presence with offices only in Delhi, Noida, Jaipur and Odisha(p.92)
- • High financial leverage with ₹912.74 lakhs indebtedness as of March 31, 2023(p.67)
- • Significant negative operational results in first month of FY24 with PAT loss of ₹109.58 lakhs(p.93)
- • High debt burden with total borrowings of ₹881.96 lakhs as of April 30, 2023(p.141)
- • Significant trade payables of ₹1,908.06 lakhs indicating payment delays to suppliers(p.141)
- • Operating loss of ₹102.01 lakhs for the period ended April 30, 2023(p.142)
- • Negative consolidated reserves of ₹(247.04) lakhs as of March 31, 2021, indicating historical accumulated losses(p.150)
- • Subsidiary E Factor Adventure Tourism Private Limited has negative net worth of ₹(494.02) lakhs(p.116)
- • Limited trademark registrations (only 6 in company name and 5 in subsidiary name)(p.104)
- • High dependence on few key promoter-directors who hold 99.99% of pre-issue shareholding(p.132)
- • Significant receivables aging with substantial overdue amounts(p.162)
- • High leverage with multiple unsecured business loans and intercorporate deposits(p.166)
- • Significant loss in recent period indicating operational challenges(p.174)
- • High concentration of trade receivables in older vintages(p.161)
- • GST liability dispute with potential material exposure(p.180)
Opportunities
- • Expansion into new geographies beyond current concentration in Odisha, Delhi, Madhya Pradesh and Uttar Pradesh(p.29)
- • Significant growth in organized events and experiential marketing industry with 1000+ entities but also large unorganized sector(p.21)
- • Investment and expansion of subsidiary company E Factor Adventure Tourism and associate company Untamed Leisure and Hospitality(p.31)
- • Intellectual property development and exploitation with only few companies currently operating in this space(p.21)
- • Funding for working capital and business expansion from IPO proceeds of ₹2328.54 Lakhs(p.21)
- • Indian events industry growing at 15% CAGR with organized players accounting for 40% of revenues(p.84)
- • Rising disposable income and growing middle class spending on personal events(p.84)
- • Expansion of tourism sector with travel and tourism to reach US$512 billion by 2028(p.85)
- • Government initiatives boosting event and experiential tourism with major capital allocation(p.90)
- • Opportunity to create intellectual property-based event franchises with higher margins(p.85)
- • Growth in international experiential tourism with international expansion visible through Barcelona weddings(p.92)
- • Emerging opportunities in niche tourism segments including cruise, wellness, and adventure tourism(p.91)
- • Expansion into hospitality services through associate company Untamed Leisure And Hospitality(p.114)
- • 360-degree event management services covering diverse event categories(p.105)
- • Adventure tourism business expansion through SkyWaltz hot air balloon operations(p.115)
- • Geographic expansion with offices in Delhi, Noida, and Odisha(p.104)
- • Strategic expansion potential through owned land holdings in Jaypee Greens, Noida for future development(p.104)
- • Expansion of experiential tourism brand across India(p.172)
- • Growth in government-commissioned event and tourism segment(p.172)
- • Association with Untamed Hospitality for leisure and entertainment expansion(p.172)
- • Strong historical growth in event business following COVID recovery(p.176)
Threats
- • Heavy dependence on government authorities for 89.55% of FY2023 revenue creates concentration risk(p.28)
- • Business is highly seasonal with events concentrated in specific periods each year(p.27)
- • COVID-19 pandemic has severely impacted event management business with uncertain future recovery(p.27)
- • Tender process delays or cancellations could significantly reduce ability to undertake new projects(p.28)
- • Weather and natural disasters could disrupt event operations and cause significant losses(p.27)
- • Competition from organized and large unorganized event management sector(p.35)
- • Fixed-price contracts without escalation clauses expose company to input cost inflation risks(p.29)
- • Payment delays by government customers increase working capital requirements(p.30)
- • Dependence on third-party vendors for critical event logistics and services(p.32)
- • Highly competitive event industry with low entry barriers attracting new competitors(p.103)
- • Dependence on government contracts vulnerable to regulatory and policy changes(p.84)
- • Economic slowdown and global growth deceleration impacting discretionary spending(p.79)
- • Vulnerability to external shocks including weather, pandemics, and geopolitical events(p.85)
- • Seasonality and non-negotiable event dates creating operational pressure(p.85)
- • Rupee depreciation and currency volatility affecting international event operations(p.81)
- • Regulatory compliance burden across multiple jurisdictions with central and state legislation(p.105)
- • Complex regulatory requirements for hot air balloon operations under DGCA(p.106)
- • Event and entertainment industry cyclicality and dependence on discretionary spending(p.105)
- • Noise pollution regulations limiting event operations in certain zones(p.107)
- • Taxation complexity with GST, income tax, professional tax, and stamp duty compliance requirements(p.105)
- • Employee benefits obligations under multiple labor codes including gratuity and provident fund(p.109)
- • Dependence on government authorities and tourism department for revenue(p.178)
- • Potential adverse impact from COVID-19 pandemic continuation(p.173)
- • Vulnerability to natural calamities affecting event operations(p.173)
- • Risk from changing government policies and regulatory requirements(p.173)
- • Litigation risk including writ petition challenging tender award(p.181)
- • Economic cyclicality and seasonality of events business(p.173)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Jai Thakore | Promoter | 40.00% | 29.44% |
| Samit Garg | Promoter | 30.00% | 22.08% |
| Manika Garg | Promoter | 15.00% | 11.04% |
| Aruna Garg | Promoter | 15.00% | 11.04% |
| Jai Thakore | Promoter | 40.00% | 29.44% |
| Samit Garg | Promoter | 30.00% | 22.08% |
| Aruna Garg | Promoter | 15.00% | 11.04% |
| Manika Garg | Promoter | 15.00% | 11.04% |
| Sonali Thakore | Promoters Group | Negligible | Negligible |
| Aryamaan Thakore | Promoters Group | Negligible | Negligible |
| Jai Thakore | Promoter | 40.00% | — |
| Samit Garg | Promoter | 30.00% | — |
| Aruna Garg | Promoter | 15.00% | — |
| Manika Garg | Promoter | 15.00% | — |
| Jai Kumar Thakore | Promoter/Director | — | — |
| Samit Garg | Promoter/Director | — | — |
Leadership
Jai Thakore · Chairman & Whole-time Director
Samit Garg · Managing Director
Aruna Garg · Whole-time Director
Mukesh Agarwal · Chief Financial Officer
Anushka Chauhan · Company Secretary & Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
E Factor Experiences IPO FAQs
What is the lot size of E Factor Experiences IPO?
The minimum lot size of E Factor Experiences IPO is 1,600 shares. One lot costs ₹1,20,000 at the cut-off price.
When does E Factor Experiences IPO open and close?
E Factor Experiences IPO opened for subscription on 27 Sep 2023 and closed on 03 Oct 2023.
What is the listing date of E Factor Experiences IPO?
E Factor Experiences IPO listed on 09 Oct 2023.