Expression 360 Services India IPO
Expression 360 Services India IPO — date, issue size, SEBI status & DRHP details 2026
Expression 360 Services India filed its draft red herring prospectus (DRHP) with SEBI on 10 Apr 2026 for an IPO of an offer for sale of up to 1,50,00,000 shares. The draft is no longer on SEBI's list of pending offer documents. The price band, lot size and IPO dates are not announced yet.
Expression 360 Services India is a Kolkata-based marketing communications and events company that serves government departments, ministries and PSUs. Revenue from operations grew from Rs 115.49 crore in FY2023 to Rs 280.23 crore in FY2025.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the DRHP filed with SEBI
Where the Expression 360 Services India IPO stands
From draft to listing. Today is 11 November 2026.
- DRHP filed 10 Apr 2026
- SEBI observations Done
- RHP & price band TBA
- Bidding TBA
- Listing TBA
| DRHP filed with SEBI | 10 Apr 2026 |
|---|---|
| SEBI status | SEBI review completed |
| RHP, price band & dates | Not announced |
Expression 360 Services India IPO details
The offer as the DRHP describes it. Terms can change in the RHP.
| Issue type | Offer for sale only |
|---|---|
| Fresh issue | None |
| Offer for sale | Up to 1,50,00,000 shares |
| Total issue size | Depends on the price band |
| Face value | ₹5 per share |
| Proposed listing | BSE, NSE |
| Price band | Not announced (comes with the RHP) |
| Lot size | Not announced |
| IPO dates | Not announced |
| Book running lead managers | Smart Horizon Capital Advisors Private Limited, Swaraj Shares & Securities Private Limited |
| Registrar | MUFG Intime India Private Limited |
Who is selling in the offer for sale
| Selling shareholder | Type | Offering | Avg. cost / share |
|---|---|---|---|
| Mohit Gupta | Promoter | Up to 1,50,00,000 shares | Rs 0.12 |
The promoter selling shareholder's weighted average cost of acquisition is Rs 0.12 per share, and the promoters' cost in the last one year, 18 months and three years is Nil.
Strengths & risks
The case for and against, from the DRHP's own numbers and risk factors.
Strengths · 7
- 01Revenue from operations grew from Rs 115.49 crore in FY2023 to Rs 280.23 crore in FY2025.
- 02Profit after tax rose from Rs 7.57 crore in FY2023 to Rs 27.20 crore in FY2025.
- 03Adjusted EBITDA margin improved from 8.33% in FY2023 to 13.90% in FY2025 and 17.24% in the six months to September 2025.
- 04Borrowings are low at Rs 3.26 crore on 31 March 2025, with a debt to equity ratio of 0.06 times.
- 05Return on capital employed was 68.07% and return on equity 68.05% in FY2025.
- 06It served 235 clients in FY2025, up from 172 in FY2023, across many industries.
- 07The current ratio improved from 1.15 times in FY2023 to 1.72 times in FY2025.
Risks · 10
- 01Top 5 customers gave 76.81% of revenue in the six months to September 2025 and 40.89% in FY2025; top 10 gave 84.19% and 60.47%.
- 02Government and PSU clients gave 97.37% of revenue in the six months to September 2025, so the business depends on public spending and procurement.
- 03Tender-based contracts gave 51.25% of revenue in FY2025 and 20.53% in the six months to September 2025, so profit depends on winning and costing bids.
- 04The company has no long-term contracts; revenue comes from non-binding work orders, which limits visibility.
- 05Maharashtra, Delhi and West Bengal gave 76.53% of FY2025 revenue and 87.20% in the six months to September 2025.
- 06The out-of-home advertising business gave 32.66% of revenue in the six months to September 2025 and depends on media inventory and its pricing.
- 07The whole offer is a sale of up to 1,50,00,000 shares by promoter Mohit Gupta; the company receives no money from it.
- 08The restated financials were prepared by chartered accountants who are not the statutory auditors, which the document lists as a risk.
- 09The company has 11 tax proceedings against it and 1 other material matter, with Rs 181.11 million involved in the matters against the company.
- 10Revenue from the six months to September 2025 is not annualised, so it cannot be compared directly with full years.
Expression 360 Services India financials
Restated figures in ₹ crore, as reported in the DRHP.
| ₹ crore | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Revenue from Operations | 161.60 | 280.23 | 223.44 | 115.49 |
| Total Income | 162.41 | 283.02 | 224.15 | 118.44 |
| EBITDA | 27.86 | 38.95 | 21.94 | 9.62 |
| Profit After Tax | 19.29 | 27.20 | 14.73 | 7.57 |
| Net Worth | 72.83 | 53.55 | 26.40 | 11.65 |
| Total Borrowing | 2.63 | 3.26 | 2.00 | 7.31 |
Key ratios (FY25)
P/E and market capitalisation need the price band and are added when the RHP is out.
Where the IPO money goes
How Expression 360 Services India plans to use the fresh issue proceeds.
About Expression 360 Services India
The company groups its work into two lines: Marketing and Communication, and Events and Exhibitions. Catering, consultancy, printing and production are reported as ancillary services. It does not report separate business segments.
Most of its customers are government bodies. Government departments, ministries and public sector undertakings gave 97.37% of revenue from operations in the six months ended 30 September 2025, 83.71% in FY2025, 97.53% in FY2024 and 93.38% in FY2023. The company served 235 clients in FY2025 and 126 in the six months to September 2025. Its clients span sectors such as defence, banking and financial services, pharma, energy, IT and retail.
Revenue comes from 25 states and 5 union territories. Maharashtra, Delhi and West Bengal together gave 87.20% of revenue in the six months ended 30 September 2025 and 76.53% in FY2025.
The business is asset-light. It relies on third-party vendors and media suppliers rather than owning production assets. The registered office is in Kolkata and the corporate office is in New Delhi. It also has six branch offices in Chennai, Patna, Bhubaneswar, Guwahati, Thane and Mumbai, all on leasehold or leave and license basis. Mohit Gupta is the Chairman and Managing Director and has been with the company since incorporation.
The industry
The Indian events and exhibitions market was valued at USD 18.5 billion in CY20 and is estimated at USD 55.9 billion in CY25, a CAGR of 25%. It is projected to reach USD 103.7 billion by CY30 at a CAGR of 13.2%. The advertising and creative services sector is estimated at USD 14.9 billion in CY25, after growing at a CAGR of 12% between CY20 and CY25, and is projected to reach USD 28.2 billion by CY30. The source is the CareEdge report cited in the offer document.
Customer concentration: Top 5 customers gave 76.81% of revenue in the six months to 30 September 2025 and 40.89% in FY2025 (58.21% in FY2024).
Promoters & management
The four promoters hold 5,98,50,900 shares, or 99.99% of the pre-offer capital, and there is no other promoter group member; Mohit Gupta alone holds 71.43%.
| Name | Role |
|---|---|
| Mohit Gupta | Chairman and Managing Director |
| Kanupriya Gupta | Whole Time Director |
| Vinaya Sudhir Chougule | Independent Director |
| Manoj Kumar Agarwal | Independent Director |
| Shivani Marda | Independent Director |
| Mamta R. Gautam | Chief Financial Officer |
| Sweta Agarwal | Company Secretary and Compliance Officer |
The bankers & the filings
Who is running the issue, and the SEBI documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Smart Horizon Capital Advisors
15 issues handled (3 mainboard, 12 SME)Best listing: Carver Roboweld (+12.5%). Weakest: Om Freight Forwarders (-39.6%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Expression 360 Services India IPO: frequently asked
When will the Expression 360 Services India IPO open?
The Expression 360 Services India IPO dates are not announced yet. The draft is no longer on SEBI's list of pending offer documents. The company announces the dates and price band after it files its red herring prospectus (RHP) with the Registrar of Companies, usually a week or two before bidding opens. This page switches to the full IPO page with dates, price band and lot size as soon as that happens.
What is the Expression 360 Services India IPO price band?
The price band is not announced yet. It is set by the company and its lead managers and published with the RHP, a few days before the issue opens. The DRHP fixes only the face value of ₹5 per share.
How big is the Expression 360 Services India IPO?
Expression 360 Services India filed its draft red herring prospectus (DRHP) with SEBI on 10 Apr 2026 for an IPO of an offer for sale of up to 1,50,00,000 shares. The final size in rupees depends on the price band.
Has SEBI approved the Expression 360 Services India IPO?
The draft is no longer on SEBI's list of pending offer documents. SEBI observations are valid for 12 months; the IPO has to open within that window or the company must file again.
What is the Expression 360 Services India IPO GMP?
There is no grey market premium to report before the price band is announced. IPO Guru starts tracking the Expression 360 Services India IPO GMP once the RHP and price band are out.
What will Expression 360 Services India do with the IPO money?
As per the DRHP: Offer for sale of up to 1,50,00,000 shares by the promoter selling shareholder; no money goes to the company; Achieve the benefits of listing the equity shares on the stock exchanges.
Who are the lead managers of the Expression 360 Services India IPO?
The book running lead managers are Smart Horizon Capital Advisors Private Limited, Swaraj Shares & Securities Private Limited. MUFG Intime India Private Limited is the registrar.
Will Expression 360 Services India get any money from the IPO?
No. The IPO is an offer for sale of up to 1,50,00,000 shares by promoter Mohit Gupta, so the proceeds go to the seller.
Who owns Expression 360 Services India?
Promoters hold 99.99% before the IPO. Mohit Gupta holds 71.43%, Kanupriya Gupta 15.02%, Ramesh Kumar Gupta HUF 9.02% and Ramesh Kumar Gupta 4.51%.
How dependent is Expression 360 on government clients?
Government, ministry and PSU clients gave 97.37% of revenue in the six months to 30 September 2025 and 83.71% in FY2025.
Other companies in the IPO pipeline
Mainboard companies with drafts filed with SEBI, same bankers first.
Know the day the price band is out.
We track every mainboard draft from SEBI filing to listing. When Expression 360 Services India files its RHP, this page becomes the full IPO page with dates, price band, lot size, GMP and subscription.
Not investment advice. Figures are from the company's draft offer document filed with SEBI and may change in the RHP.
