IIM Udaipur organised "Theme Reveal Fiesta", in association with Suzuki Motorcycles India (Srajan Automotors Pvt. Ltd.) on 9 October 2021 at IIMU Balicha Campus to reveal the theme for Audacity '22.

The event consisted of live performances by Sukoon, a 5-piece boy band based in Udaipur, and Bhartiya Lok Kala Mandal, Udaipur a renowned folk art institute. As a precursor to the performances, recreational booths for fun games such as Bull's Eye, Seven-Up Seven-Down, Smash Hit and Maze Runner were set up to entertain the community.

During the performances, the 'Theme Unraveling Video' was shown to the audience to reveal Audacity '22's theme – "Island of Dreams",  with the winners of the theme guessing competition held also being felicitated.

Audacity is annually held at the Indian Institute of Management, Udaipur (IIM U), and aims to give an outlet to the students' creative side as well as provide a platform to showcase their diverse culture.