Luxury hotel developer Juniper Hotels Limited the largest owner of Hyatt-affiliated hotels in India goes public.
MUMBAI, Feb 16 (The CONNECT) – Luxury hotel developer Juniper Hotels Limited the largest owner of Hyatt-affiliated hotels in India will launch its Rs 1,800 cr IPO on Wednesday at a price band of ₹342-₹360 per equity share.
Investors can bid for a minimum of 40 equity shares and in multiples of 40 thereafter in the IPO thaty will close on Friday next. The Issue is entirely of a fresh issue with no offer for sale component.
The company proposes to utilise up to ₹1,500 crore to settle some of the loans raised by it and ots subsidiaries such as Chartered Hotels Private Limited and Chartered Hampi Hotels Private Limited.
The Company is promoted by Saraf Hotels Limited and its affiliate, Juniper Investments Limited and Two Seas Holdings Limited an indirect subsidiary of a global hospitality company, Hyatt Hotels Corporation.
The Company owns and manages a portfolio consisting of seven hotels and serviced apartments and operates a total 1,836 keys of Hyatt-affiliated hotels in India as of September 30, 2023.
Juniper’s 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 (source: Horwath Report). It has the largest aggregate inventory of upper tier branded serviced apartments in Mumbai and New Delhi among hotels owned by major private investors (source: Horwath Report).
As of September 30, 2023, the Grand Hyatt Mumbai Hotel and Residences had 665 keys, which represents approximately 12% of the total supply of 5.4k luxury room inventory in Mumbai; Andaz Delhi had 401 keys, which represents approximately 12% of the total supply of 3.3k luxury room inventory in New Delhi; the Hyatt Regency Ahmedabad had 211 keys, which represents approximately 26% of the total supply of 0.8k upper upscale inventory in Ahmedabad; and the Hyatt Regency Lucknow had 206 keys, which represents approximately 52% of the total supply of 0.4k upper upscale inventory in Lucknow, per Horwath Report.
For the Fiscal Year 2023, the revenue from operations of the Company increased by 116.03% to ₹ 666.8 crore against ₹ 308 crore in Fiscal Year 2022.
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. The Equity Shares are proposed to be listed on the BSE and NSE.
