Goldman Sachs-backed Samhi Hotels’ IPO will also have an offer for sale (OFS) of up to 90 lakh equity shares by existing shareholders.
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Samhi Hotels Ltd – the operator of Marriott Hotels in India – has refiled its IPO draft red herring prospectus (DRHP) with the Securities and Exchange Board of India to raise funds including Rs 1,000 crore in a fresh issue of shares. Goldman Sachs-backed Samhi Hotels’ IPO will also have an offer for sale (OFS) of up to 90 lakh equity shares by existing shareholders. The OFS will comprise sale of 42.36 lakh equity shares by Blue Chandra Pte Ltd, up to 24.78 lakh equity shares by Goldman Sachs Investments Holdings (Asia) Limited, up to 15.47 lakh equity shares by GTI Capital Alpha Pvt Ltd, and up to 7.39 lakh equity shares by International Finance Corporation.
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The book-running lead managers for the issue are JM Financial Ltd and Kotak Mahindra Capital Company Ltd and the registrar is KFin Technologies Ltd. The company had earlier filed its IPO papers in September 2019 and had obtained the approval from SEBI in November 2019. However, Samhi Hotels did not go ahead with the launch. The company was planning to raise about Rs 1,800-2,000 crore through the IPO, per reports.
The operator of the largest number of Marriott and IHG-operated hotels in India may also consider a private placement of equity shares aggregating up to Rs 200 crore in pre-IPO placement, according to a PTI report. If this is completed, the size of the fresh public issue will be reduced. Samhi Hotels has a portfolio of 3,839 keys spread across 25 operating hotels in 12 major urban consumer hubs, including Benagluru, Hyderabad, National Capital Region (NCR), Pune, Chennai, and Ahmedabad as of February 28, 2023.
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The company last week entered into a binding share subscription and purchase agreement with Asiya Capital and ACIC SPVs to acquire 962 keys across six operating hotels and land to build a 350-key hotel in Navi Mumbai. This will give it access to cities like Jaipur and will also add to its inventory in Hyderabad, Pune, Chennai, and Ahmedabad. It also plans to add two additional hotels in existing cities as well as two new cities, Kolkata and Navi Mumbai. Samhi Hotels is the largest operator of the Fairfield by Marriott and Holiday Inn Express brands in India.
