Luxury hotel developer Juniper Hotels, which runs properties under the Hyatt chain in India, has set the price band for its public issue at INR 342-360 per share of the face value of INR 10 each. The IPO subscription will be open from February 21 to 23.
The INR 1,800-crore IPO comprises solely of a fresh issue, with no offer-for-sale component, and around 10 percent of the issue reserved for retail investors.
Retail investors have the option to bid for a minimum of 40 shares and thereafter in multiples of 40. This means that the minimum investment for retail investors would be INR 13,680. At the upper end, the bidding amount will increase to INR 14,400.
Continue Exploring: Juniper hotels to kick off INR 1,800 Crore IPO on February 21
Juniper Hotels, a luxury hotel development and ownership company, holds the distinction of being the largest owner of ‘Hyatt’ affiliated hotels in India based on the number of keys as of September 30, 2023.
“We operated 1,836 keys across the luxury, upper upscale and upscale category of hotels across various locations in India, namely Mumbai, Delhi, Ahmedabad, Lucknow, Raipur and Hampi. We benefit from a unique partnership between Saraf Hotels (and its affiliates) and affiliates of, Hyatt Hotels Corporation,” the company said in its RHP.
As of September 30, 2023, the company has a portfolio of seven hotels and serviced apartments.
Juniper Hotels will utilize the proceeds to repay a debt of INR 1,500 crore, as stated in the documents. The remaining funds will be allocated for general corporate purposes.
In the fiscal year ending in March FY23, the net loss stood at INR 1.5 crore, marking a significant decrease from INR 188 crore in the preceding year. Revenue from operations surged, more than doubling to INR 666.85 crore from INR 308.7 crore during the same period.
