Juniper Hotels, operating hotels under the “Hyatt” brand, has unveiled details regarding its inaugural public offering. The offering, valued at INR 1,800 crore, will open for subscriptions on February 21 and conclude on February 23. Priced at INR 10 per share, the IPO consists solely of fresh equity and does not include any offer for sale (OFS) component.
The price range for the public offer will be disclosed shortly.
Approximately 75% of the IPO is earmarked for qualified institutional buyers, with 15% allocated to non-institutional investors, and the remaining 10% designated for retail investors.
The company plans to utilize the net proceeds amounting to INR 1,500 crore for repaying, prepaying, or redeeming certain existing borrowings (including settlement of accrued interest) obtained by the company and its subsidiaries, as well as for general corporate objectives.
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Juniper Hotels is co-owned by Saraf Hotels and Two Seas Holdings, a subsidiary of the globally recognized hospitality giant, Hyatt Hotels Corporation.
Operating as a luxury hotel development and ownership firm, it holds a 20% share of the overall 1836 Hyatt-affiliated rooms in India as of June 2023.
The company oversees a varied collection, including seven hotels and serviced apartments.
The hotels and serviced apartments cover a range of classifications, including luxury, upper upscale, and upscale, situated across six key cities: Mumbai, Delhi, Ahmedabad, Lucknow, Raipur, and Hampi.
Notably, the Grand Hyatt Mumbai Hotel and Residences stands out as the largest hotel in India.
In the fiscal year 2023, operational revenue surged by 116%, reaching INR 667 crore compared to INR 309 crore in the previous year.
At the same time, the net loss decreased to INR 1.5 crore in fiscal 2023 from INR 188.03 crore in fiscal 2022.
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JM Financial, CLSA India, and ICICI Securities serve as the book-running lead managers, while KFin Technologies acts as the registrar for the offering.
The equity shares are slated for listing on both the BSE and NSE.