Latest news with #PrestigeHospitalityVentures
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Business Standard
25-04-2025
- Business
- Business Standard
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.
Mint
25-04-2025
- Business
- Mint
IPO Watch: Prestige Hotel Ventures files draft papers with SEBI for ₹2,700 crore IPO
IPO Watch: Prestige Hotel Ventures Limited has filed its draft red herring prospectus (DRHP) with the capital market regulator, Securities and Exchange Board of India (SEBI), for an initial public offering (IPO). Prestige Hospitality Ventures operates as a fully owned subsidiary of Prestige Estates Projects Ltd, encompassing all hospitality-related assets and projects of the Bengaluru-based real estate firm, Prestige Group. The company is the owner of properties including the JW Marriott Prestige Golfshire and Conrad Bengaluru. Recently, Mint reported that Prestige Hospitality Ventures was expected to file its documents with the SEBI this month for a public offering aimed at raising between ₹ 2,000 and 2,500 crore, as per two sources who were directly familiar with its plans for expansion and fundraising. 'The process has started and the DRHP will be filed in two weeks or so,' said a source, as per Mint report. 'The money will be used for funding the growth plans in the hotels and hospitality space.' Prestige Hotel Ventures boosted its operational keys at a compound annual growth rate (CAGR) of 6.89% from FY22 to the nine months concluding on December 31, 2024. The portfolio encompasses prominent metropolitan areas and urban centers across India, including Bengaluru in Karnataka, Delhi-NCR, Mumbai in Maharashtra, Goa, Hyderabad in Telangana, and Chennai in Tamil Nadu. Revenue generated from hospitality services rose to ₹ 662.681 crores in the nine-month period that concluded on December 31, 2024, compared to ₹ 560.343 crores during the same period ending December 31, 2023. The IPO consists of a fresh issue of equity shares with a face value of ₹ 5 each, totaling up to ₹ 1,700 crores, along with an offer for sale of equity shares with a face value of ₹ 5 each amounting to ₹ 1,000 crores. Prestige Hotel Ventures intends to allocate approximately ₹ 1,121.276 crores from the net proceeds for the complete or partial repayment or pre-payment of borrowings that total ₹ 397.248 crores. The company also plans to utilise funds from the net proceeds to pursue growth through unannounced acquisitions, other strategic ventures, and general corporate purposes. JM Financial Limited, CLSA India Private Limited, J.P. Morgan India Private Limited, and Kotak Mahindra Capital Company Limited are the exclusive Book Running Lead Managers for this issue.
Mint
25-04-2025
- Business
- Mint
IPO Watch: Prestige Hotel Ventures files draft papers with SEBI for ₹2,700 crore IPO
IPO Watch: Prestige Hotel Ventures Limited has filed its draft red herring prospectus (DRHP) with the capital market regulator, Securities and Exchange Board of India (SEBI), for an initial public offering (IPO). Prestige Hospitality Ventures operates as a fully owned subsidiary of Prestige Estates Projects Ltd, encompassing all hospitality-related assets and projects of the Bengaluru-based real estate firm, Prestige Group. The company is the owner of properties including the JW Marriott Prestige Golfshire and Conrad Bengaluru. Recently, Mint reported that Prestige Hospitality Ventures was expected to file its documents with the SEBI this month for a public offering aimed at raising between ₹ 2,000 and 2,500 crore, as per two sources who were directly familiar with its plans for expansion and fundraising. 'The process has started and the DRHP will be filed in two weeks or so,' said a source, as per Mint report. 'The money will be used for funding the growth plans in the hotels and hospitality space.' Prestige Hotel Ventures boosted its operational keys at a compound annual growth rate (CAGR) of 6.89% from FY22 to the nine months concluding on December 31, 2024. The portfolio encompasses prominent metropolitan areas and urban centers across India, including Bengaluru in Karnataka, Delhi-NCR, Mumbai in Maharashtra, Goa, Hyderabad in Telangana, and Chennai in Tamil Nadu. Revenue generated from hospitality services rose to ₹ 662.681 crores in the nine-month period that concluded on December 31, 2024, compared to ₹ 560.343 crores during the same period ending December 31, 2023. The IPO consists of a fresh issue of equity shares with a face value of ₹ 5 each, totaling up to ₹ 1,700 crores, along with an offer for sale of equity shares with a face value of ₹ 5 each amounting to ₹ 1,000 crores. Prestige Hotel Ventures intends to allocate approximately ₹ 1,121.276 crores from the net proceeds for the complete or partial repayment or pre-payment of borrowings that total ₹ 397.248 crores. The company also plans to utilise funds from the net proceeds to pursue growth through unannounced acquisitions, other strategic ventures, and general corporate purposes. JM Financial Limited, CLSA India Private Limited, J.P. Morgan India Private Limited, and Kotak Mahindra Capital Company Limited are the exclusive Book Running Lead Managers for this issue. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions. First Published: 25 Apr 2025, 11:16 AM IST
Zawya
25-04-2025
- Business
- Zawya
India's Prestige Hospitality Ventures files for up to Rs27bn IPO: IFR
Indian hotel developer Prestige Hospitality Ventures has filed for an up to Rs27bn (US$317m) IPO comprising a primary portion of Rs17bn and secondary of Rs10bn. 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.
Time of India
24-04-2025
- Business
- Time of India
Prestige Hospitality Ventures files draft papers for Rs 2,700 crore IPO
Prestige Hospitality Ventures Ltd , a wholly owned subsidiary of 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 Rs 2,700 crore through an initial public offering ( IPO ). The proposed public issue comprises a fresh issue of equity shares aggregating up to Rs 1,700 crore and an offer for sale (OFS) of shares worth up to Rs 1,000 crore by the parent company. The company may also consider a pre-IPO placement of up to Rs 340 crore. If undertaken, the size of the fresh issue will be reduced accordingly. The Bengaluru-based company plans to utilise the net proceeds from the IPO towards developing new hospitality assets and retiring debt. The public issue is part of Prestige Group's broader strategy to unlock value from its growing hospitality portfolio amid a revival in domestic and international travel. J.M. Financial , CLSA, J.P. Morgan, and Kotak Mahindra Capital are acting as the lead book-running managers to the issue. Prestige Hospitality Ventures manages the hospitality vertical for the real estate major and operates marquee properties such as JW Marriott Prestige Golfshire and Conrad Bengaluru. The company currently has seven operational hotels comprising 1,445 keys. Live Events In addition to its operational portfolio, the company is developing several high-end properties across key urban centres. This includes a St. Regis in Bengaluru and a convention centre in Delhi's Aerocity, being developed under a partnership with global hospitality major Marriott International. The company has outlined a plan to double its key count over the next three to four years. In the first nine months of FY25, Prestige's hospitality assets reported a robust average room revenue (ARR) of ₹14,393, indicating strong domestic demand for luxury stays. According to industry experts, the segment has seen steady recovery driven by rising disposable incomes and increasing leisure and business travel. Prestige's planned offering follows a string of hospitality IPOs in recent months, including those by Samhi Hotels, Juniper Hotels, and Apeejay Surrendra Park Hotels. Upcoming listings from Brigade Group's hospitality arm and Leela Palaces Hotels & Resorts further underscore the growing investor interest in the sector. With a focus on premium offerings and brand partnerships, Prestige Hospitality Ventures is looking to deepen its presence in India's high-growth hospitality market and strengthen its positioning as a key player in the luxury and business travel segments.
