India's Prestige Hospitality Ventures files for up to Rs27bn IPO: IFR
Controlling shareholder Prestige Estates Projects is the vendor, according to the draft prospectus.
The company is also planning a pre-IPO placement of up to Rs3.4bn and, when completed, will reduce the primary component of the IPO.
PHV operates hotels under brands such as Conrad, Sheraton Grand, JW Marriott and Angsana.
Revenue in the nine months ended December was Rs10.1bn, up 47% from Rs6.89bn in the same period of 2023. Net profit was Rs679.8m, down 18% from Rs825.9m.
CLSA, JM Financial, JP Morgan and Kotak are the lead managers.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
2 hours ago
- Zawya
Agriculture on South African farmers United States (US) exports performance for second quarter
The South African agricultural sector has demonstrated remarkable growth and resilience in the face of significant global trade headwinds, Agriculture Minister John Steenhuisen notes as recent data show South Africa's exports have not only remained competitive, but have increased in the second quarter of 2025 to US$161 million, up by 26% from the same period in 2024. 'However, it is important to examine this performance with a forward-looking perspective. The recent imposition of a 30% tariff on our exports by the United States (US) has brought to light the urgent need to diversify our export markets and enhance our competitiveness to mitigate the economic impact of losing preferential trade access.' Minister Steenhuisen says the results of the second quarter of 2025 also highlight how urgent it is to resolve the ongoing tariff talks with the US. 'Our capacity to gain steady, long-term access to this important market continues to be a top priority,' he adds. The figures speak for themselves. In the first quarter of 2025, South African agricultural exports to the US were US$118 million, up by 19% year-on-year. 'This growth is not merely a statistical anomaly, but a reflection of a bountiful harvest, a surge in high-quality produce, and the efficient operation of our ports. The products leading this charge include a variety of fruits such as citrus, grapes, apples and pears, as well as nuts and wine. As we continue to engage in diplomatic negotiations and work towards a more favourable trade agreement, the focus remains on ensuring that our farmers and exporters can continue to thrive in the global marketplace, securing the future of our agricultural sector,' Minister Steenhuisen emphasised. Distributed by APO Group on behalf of South African Government.
Al Etihad
3 hours ago
- Al Etihad
Kotak Mahindra gets SCA licence to launch fund management activities in UAE
18 Aug 2025 20:26 ABU DHABI (ALETIHAD)Kotak Mahindra (International) Limited (KMIL), a wholly owned subsidiary of Kotak Mahindra Bank Limited, has secured a licence from the UAE Securities and Commodities Authority (SCA) to conduct Investment Fund Management and Portfolio Management this approval, KMIL has become the first Indian firm to receive such a licence from the SCA, a press release announcing the decision said. It marks a significant milestone in cross-border financial services and sets the stage for the launch of UAE-domiciled funds for retail investors.'We are honoured to receive this licence from the UAE regulator. It is a testament to our enduring commitment to the UAE and our vision of fostering globally integrated, transparent capital markets,' said Shyam Kumar, President and Head of Kotak International. 'India's economic momentum continues to attract global interest, and through this licence, we are excited to offer UAE retail investors access to our India-focused investment strategies – enabling them to participate in one of the world's dynamic and resilient markets. We will offer India-centric investment options to help investors diversify their portfolios.'The company said it plans to leverage the licence by launching retail-focused solutions in the UAE aligned with its successful UCITS (Luxembourg-domiciled) and India-domiciled strategies. Subscriptions for these funds are expected to open by the final quarter of approval underscores Kotak Group's approach of working with regulators worldwide to expand access to capital markets. Alongside India, the group holds regulatory approvals in the USA, UK, Singapore, Mauritius and now the UAE. Kotak International, the global business arm of the Kotak Group, connects investors with India's growth story through a range of asset management, advisory and investment offerings. With more than three decades of experience and $6.08 billion assets under management, the firm operates across key financial hubs including Singapore, London, New York, Dubai and Mauritius.
The National
5 hours ago
- The National
The Trump-Putin summit shows why Europe needs to continue re-arming itself
Much store has been placed over the past eight months in how foreign leaders prepare to interact with US President Donald Trump. From a European point of view, there has been a carousel of winners and losers. Take, for example, a write-up in The Wall Street Journal of the golfing prowess of Finnish President Alexander Stubb and how that was key to the relationship between the two men. UK Prime Minister Keir Starmer would have enjoyed the headline on Monday that said he was hoping to 'exploit his curious relationship' with the US leader to the benefit of Ukraine. Mr Trump appears to enjoy it all. Going back to his first term and the notorious handshaking with French President Emmanuel Macron, Mr Trump sees meeting European leaders as a kind of vaudeville performance. At the start of this week, he was boasting that Monday's White House gathering on Ukraine was a big day in history. 'Never had so many European Leaders at one time. My great honour to host them!!!' Step back from all the stage management, and the reality is that Mr Trump and the new American political establishment see the Europeans as all one, not the individual performers that the news reports highlight. The war in Ukraine appears to have reached the moment of truth. By abandoning demands for a ceasefire as a gateway to peace talks during his Alaska summit with Russian President Vladimir Putin, Mr Trump has established how the conflict can now end. For the Europeans, this means the transactional basis of US foreign policy going forward is a fundamental reality that cannot be wished away anymore. Nor even blunted by the kind of summit theatrics we have seen over recent months. The Europeans must now follow through on the generational change the continent's leaders have promised on its collective defence. This means all nations need to match the kind of uplift that Germany has promised. German Chancellor Friedrich Merz arrived at the White House on Monday having promised to raise defence spending to 3.5 per cent of national gross domestic product by 2029. It also means that leaders must be more ruthless in the dollars versus euros choices that the Europeans are making when buying defence equipment. Put simply, to defend itself Europe must now more aggressively buy European as a long-term strategic play. The third aspect of this is that the Europeans must show they are prepared to join in delivering what it takes to be robust in their own self-defence. That is why I describe this as a generational choice. It is surely true that the defence spending must go back to levels last seen during the Cold War. But it is also true that the population must be mobilised in civil defence and formal security roles in new and wider ways. The war in Ukraine has already changed the trajectory of the European story. A decade that started with the Covid-19 pandemic has seen its growth and prosperity derailed by the subsequent decoupling from Russia. This isn't just in terms of the cost of living, which was severely hit by the resources shock following the war. The wider outlook for the continent is also one of beleaguered choices between welfare and warfare with no real prospect of an economic revival. It is not just Ukraine that is a frontline state. The Baltics and Scandinavians have that mentality, too. Alliances have been formed such as the 10-nation Joint Expeditionary Force, which stretches from Iceland through the UK to those northern frontline states. Most European countries are on a trajectory to higher government spending, but the reforms in the security mentality are not yet as real as the scale of the challenge that the continent is facing. The retired British general Richard Barrons observed last week that no one was talking about a Russian invasion of the UK as a credible prospect, but he queried the readiness for a more wholistic threat landscape. This includes strengthening the digital sphere in the information age. A society mobilised to take on these challenges is clearly just as vital as strong defences in Finland or elsewhere. For now, the Europeans will seek to eke out as much of a security blanket from the US as they can feasibly obtain. That is why the cast at the White House on Monday was not just Ukrainian President Volodymyr Zelenskyy but also included Mr Starmer, Mr Macron, Mr Merz, Mr Stubb, plus Italian Prime Minister Giorgia Meloni and European Commission President Ursula von der Leyen. It would be a fool's paradise, however, to not see the writing on the wall. When the Signal chat involving American leaders was leaked during Washington's confrontation with Yemen's Houthis, Vice President JD Vance was shown asking why the US was bailing out European security. The intervention across the Red Sea was quickly curtailed. France has long argued that at least two thirds of the coming European military build-up should be manufactured at home. Vulnerabilities of ordering from the US include long lead times and a de-prioritisation of the European inventory rebuild in areas such as ammunition. Other European countries openly push for the high-capability requirements on offer from the US. This pushes the longer-term restructuring of the continent's defence industries into the long grass. So while orders are flowing from a top-line increase in defence budgets, it is hard to shake the questions around adequacy. Not only is the spending rising as fast as pledged but also can Europe become strong enough, faster? The answer to that question won't be found in this week's trip to Washington.
