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Prestige Hospitality Ventures files DRHP to raise ₹2,700 cr through IPO
Prestige Hospitality Ventures Ltd, the hospitality arm of real estate developer Prestige Estates Projects Ltd, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) to raise up to ₹2,700 crore through an initial public offering (IPO).
The proposed IPO comprises a fresh issue of equity shares aggregating up to ₹1,700 crore and an offer for sale (OFS) of shares worth up to ₹1,000 crore by Prestige Estates Projects.
The company may also consider a pre-IPO placement of up to ₹340 crore. If undertaken, it would reduce the size of the fresh issue.
Prestige Estates' hospitality portfolio in Bengaluru includes marquee properties such as The Oberoi, Radisson Blu (ORR), and The Leela at Bhartiya City. Its subsidiary, Prestige Hotel Ventures, develops and owns luxury to upper-midscale hotels catering to both business and leisure travellers.
Prestige Hospitality Ventures intends to use ₹1,121.276 crore from the net proceeds of the fresh issue to fully or partially repay borrowings of the company and its material subsidiaries, Sai Chakra Hotels Private Ltd and Northland Holding Company Private Ltd.
The remaining proceeds will be allocated to inorganic growth via unidentified acquisitions and other strategic initiatives, as well as for general corporate purposes. Proceeds from the OFS will go to Prestige Estates Projects.
As of December 31, 2024, Prestige Hospitality Ventures had seven operational hotels with 1,445 keys, including 1,255 operating keys and one property under renovation with 190 keys.
The company also has three ongoing hospitality projects with an expected 951 keys and nine upcoming projects with a potential 1,558 keys.
It has established operating arrangements with prominent brands owned by Marriott International, including St. Regis, JW Marriott Hotels, and Sheraton Hotels.
Revenue from hospitality services rose to ₹662.68 crore in the nine months ending December 31, 2024, from ₹560.34 crore a year earlier. Full-year revenue grew to ₹795.70 crore in FY24 from ₹636.17 crore in FY23, reflecting a 103.73 per cent compound annual growth rate (CAGR) since FY22.
JM Financial Ltd, CLSA India Private Ltd, J P Morgan India Private Ltd and Kotak Mahindra Capital Company Ltd are the sole book running lead managers to the issue.
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