Samhi Hotels, on Wednesday, disclosed that it secured INR 616.54 crore from anchor investors in preparation for its forthcoming initial share sale. As per information published in a circular on the BSE website, the company allocated 4,89,32,143 equity shares to 35 entities at an average price of INR 126 apiece.
Anchor investors in the offering include SBI Mutual Fund (MF), Aditya Birla Sun Life MF, ICICI Prudential MF, Tata MF, Elara India Opportunities Fund, Singapore Government, Monetary Authority of Singapore, Societe Generale, Segantii India Mauritius, D E Shaw Valence International (SPV) LLC, Lion Global Asia Pacific Fund, and Citigroup Global Markets Mauritius Pvt Ltd.
On Monday, Samhi Hotels, headquartered in Gurugram, announced the pricing range for its upcoming primary share sale of INR 1,370 crore. The share sale is scheduled to commence on Thursday, with a price band set between INR 119 and INR 126 per share.
The Initial Public Offering (IPO) consists of a new issuance of equity shares valued at a maximum of INR 1,200 crore, along with an Offer For Sale (OFS) of up to 1.35 crore shares.
Prior to the IPO, external investor Blue Chandra divested 10.32 million shares, equivalent to 8.4 percent of its holdings, to prominent investor Madhusudan Kela’s spouse, Madhuri Kela, in addition to Nuvama Crossover Opportunities Fund and TIMF Holdings. The total transaction amount for this sale amounted to INR 130 crore.
JM Financial and Kotak Mahindra Capital Company have been appointed as the book-running lead managers for the offering.
Samhi specializes in acquiring or constructing primary hotels, followed by renovation, rebranding, and upgrading of the property, which it then manages. With 13 years of experience in the industry, Samhi has successfully added 369 keys in FY23, making it the third-largest hotel owner by the number of keys. This brings their total key count to 4,800 across 31 operational hotels, including their most recent acquisition of ACIC last month.
The company possesses land for the construction of a 350-key hotel located in MIDC, Navi Mumbai.