Grand Continent Hotels IPO booked 1.14x on Day 3 so far, QIBs lead with 2.16x subscription; check GMP, other key details

Grand Continent Hotels IPO has opened for subscription on Thursday, March 20, and will close on Monday, March 24. Grand Continent Hotels IPO price band has been fixed in the range of ₹107 to ₹113 per equity share of face value of ₹10 each. Bids can be made for a minimum of 1,200 equity shares and in multiples of 1,200 equity shares thereafter.

Founded in 2011, Grand Continent Hotels Limited is a hotel chain located in India. The organization concentrates on the mid-market sector, overseeing 19 establishments across six major Indian cities, offering a total of more than 900 rooms. Each hotel is strategically situated in prominent urban areas, designed to meet the diverse needs of both business and leisure guests.

Grand Continent Hotels improves the customer experience by providing straightforward service interactions, user-friendly infrastructure, and a commitment to delivering value for money. They prioritize consistent service quality, availability, and frequently evaluate and update their services to keep pace with evolving guest expectations.

According to the Red Herring Prospectus (RHP), the company's publicly listed competitors include Lemon Tree Hotels Ltd (with a P/E ratio of 67.79), Sayaji Hotels Ltd (with a P/E ratio of 32.38), and Royal Orchids Hotels Ltd (with a P/E ratio of 21.99).

Grand Continent Hotels IPO subscription status

Grand Continent Hotels IPO subscription status is 1.14 times, on day 3, so far. The retail portion was subscribed 86%, and NII portion was booked 45%. Qualified Institutions Buyers were subscribed 2.16 times.

At 14:19 IST, the company has received bids for 50,06,400 shares against 43,86,000 shares on offer, according to data on chittorgarh.com

Grand Continent Hotels IPO subscription status was 39%, on day 1, and the issue was booked 45% on the second bidding day.

Grand Continent Hotels IPO details

Grand Continent Hotels IPO consists of fresh issue of shares of up to ₹70.74 crore and an offer for sale (OFS) of up 3,28,800 equity shares of face value of ₹10 each by a promoter selling shareholder.

The company plans to use the net proceeds, which are the gross proceeds from the new issue minus the expenses related to the offer, to pursue various goals, including the repayment or early repayment, either fully or partially, of certain existing loans taken by the company; the expansion of their hotel properties within India; and for general corporate purposes.

Additionally, the company expects to gain advantages from the listing of equity shares on the NSE Emerge, which will improve their visibility and brand reputation among both existing and prospective customers, as well as establish a public market for their equity shares in India.

Grand Continent Hotels IPO GMP today

Grand Continent Hotels IPO GMP today or grey market premium was ₹0, which meant shares were trading at their issue price of ₹113 with no premium or discount in the grey market according to investorgain.com

'Grey market premium' indicates investors' readiness to pay more than the issue price.

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