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Business News/ Markets / Ipo/  Juniper Hotels gets SEBI approval to raise 1,800 crore via IPO

Juniper Hotels gets SEBI approval to raise ₹1,800 crore via IPO

The IPO with a face value of ₹10 is entirely through a fresh issue of equity shares with no offer for sale component.

Juniper Hotels gets SEBI nod for IPO. Photo: iStock (iStock)Premium
Juniper Hotels gets SEBI nod for IPO. Photo: iStock (iStock)

Juniper Hotels, which run under the brand name of ‘Hyatt’, announced on Monday that it has received final observation from the capital markets regulator, Securities and Exchange Board of India (SEBI), to raise 1800 crore through an initial public offering (IPO).The company had filed preliminary IPO papers with the markets regulator on September 28, 2023.

The IPO with a face value of 10 is entirely through a fresh issue of equity shares with no Offer for Sale (OFS) component, according to the company's exchange filing.

Also read: Hyundai Motors India reportedly targets November IPO, valuing company at $22-28 billion

The company may consider a further issue of equity shares on a private placement for cash consideration aggregating up to 350 crore. If such placement is completed, the fresh issue size will be reduced.

The company proposes to use the net proceeds of 1,500 crore towards repayment, prepayment, or redemption, in full or in part, of certain outstanding borrowings (including payment of the interest accrued thereon) availed by the company and its subsidiaries and for general corporate purposes.

JM Financial Limited, CLSA India Private Limited, and ICICI Securities Limited are the book-running lead managers, and KFin Technologies Limited is the registrar of the offer. The equity shares are proposed to be listed on the BSE and NSE.

Also read: Apeejay Surrendra Park Hotels IPO: 10 key risks investors should consider before investing in Park IPO

About the company

Juniper Hotels is co-owned by Saraf Hotels Limited and Two Seas Holdings Limited, an affiliate of the prominent global hospitality entity, Hyatt Hotels Corporation. It functions as a luxury hotel development and ownership enterprise, and owns 20 percent of the total 1836 "Hyatt" affiliated hotel keys in India as of June 30, 2023, as outlined in the Horwath Report cited in the DRHP. The company manages a diverse portfolio consisting of seven hotels and serviced apartments.

Their hotels and serviced apartments span across various categories including luxury, upper upscale, and upscale, located across six strategic cities in Mumbai, Delhi, Ahmedabad, Lucknow, Raipur, and Hampi. Notably, the Grand Hyatt Mumbai Hotel and Residences holds the distinction of being the largest hotel in India.

For the fiscal year 2023, revenue from operations increased by 116.03% to 666.85 crore against 308.69 crore a year ago. Net loss narrowed to 1.5 crore in fiscal 2023 over 188.03 crore in fiscal 2022.

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Published: 05 Feb 2024, 05:39 PM IST
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