Juniper Hotels Unveils INR 1,800 Crore IPO Opening February 21

Juniper Hotels, operating hotels under the "Hyatt" brand, revealed the schedule for its inaugural public offering.

The INR 1,800-crore offering is set to begin accepting subscriptions on February 21 and will conclude on February 23.

The IPO, valued at Rs 10 per share, 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 allocated for qualified institutional buyers, while 15% is designated for non-institutional investors, with the remaining 10% allotted to 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.

Juniper Hotels is jointly owned by Saraf Hotels and Two Seas Holdings, a subsidiary of the renowned international hospitality group, 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 comprising 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.

Concurrently, the net loss reduced to INR 1.5 crore in fiscal 2023 from INR 188.03 crore in fiscal 2022.

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.