Juniper Hotels has fixed a price band Rs 342 to Rs 360 per equity share for its forthcoming initial public offering (IPO) which is set to hit the primary markets on February 21 for subscription.
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Investors can bid for a minimum of 40 equity shares and in multiples of 40 equity shares thereafter. The public issue will close on February 23. The issue is entirely a fresh issue of up to Rs 1,800 crore with no offer-for-sale component. Shares of the company are proposed to be listed on the BSE and NSE.
Of the total net proceeds to be raised through the issue, the company proposes to utilise up to Rs 1,500 core towards repayment, prepayment and redemption, in full or in part, of certain outstanding borrowings availed by the company and subsidiaries, namely Chartered Hotels Private Limited and Chartered Hampi Hotels Private Limited along with general corporate purposes.
Juniper Hotels is promoted by Saraf Hotels and its affiliate, Juniper Investments and Two Seas Holdings Limited, an indirect subsidiary of a global hospitality company, Hyatt Hotels Corporation.
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The company owns and manages a portfolio consisting of seven hotels and serviced apartments and operates a total of 1,836 keys of “Hyatt” affiliated hotel keys in India as of September 30, 2023.
Its hotels and serviced apartments are classified under three distinct segments luxury – the Grand Hyatt Mumbai Hotel and Residences and Andaz Delhi; upper upscale – the Hyatt Delhi Residences, Hyatt Regency Ahmedabad, Hyatt Regency Lucknow and Hyatt Raipur; and upscale – Hyatt Place Hampi.
For the financial year 2023, the revenue from operations of the company increased by 116.03% to Rs 666.85 crore against Rs 308.69 crore for the financial year ended March 2022. The restated loss for the year narrowed to Rs 1.50 crore in FY23 against Rs 188 crore in FY2022. For the six months ended September 30, 2023 revenue from operations of the company stood at Rs 336.11 crore.
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JM Financial Limited, CLSA India Private Limited and ICICI Securities Limited are the book-running lead managers to the Issue and KFin Technologies Limited is the registrar to the Issue.
