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IPO Alert! Prestige Hotel Ventures files draft papers with Sebi; details

Prestige Hotel Ventures IPO: Hospitality asset owner and developer Prestige Hotel Ventures is planning to go public as the company has filed its Draft Red Herring Prospectus (DRHP) with the market regulator Securities and Exchange Board of India (Sebi), to raise funds through the initial public offering (IPO). Prestige Hotel Ventures IPO details According to the DRHP, Prestige Hotel Ventures IPO comprises a fresh issue of equity shares of face value of ₹5 each aggregating up to ₹1,700 crore, and an offer for sale (OFS), with promoters Prestige Estates Projects divesting equity shares of face value of ₹5 each aggregating up to ₹1,000 crore. Prestige Hotel Ventures IPO registrar, lead managers KFin Technologies is the registrar of the public offering. The book running lead managers include JM Financial, CLSA India, JP Morgan India, and Kotak Mahindra Capital Company. Prestige Hotel Ventures IPO objective Prestige Hotel Ventures will not receive the proceeds from the OFS, as it will be given to the promoter divesting the stake. The company, however, proposes to utilise ₹1,121.276 crore from the fresh issue towards full or partial repayment or pre-payment of borrowings amounting to ₹397.248 crore availed by the company and material subsidiaries, namely, Sai Chakra Hotels and Northland Holding Company, through investment in such subsidiaries amounting to ₹724.028 crore. The company also proposes to utilise funds from the fresh issue towards pursuing inorganic growth through unidentified acquisitions and other strategic initiatives, and for general corporate purposes. About Prestige Hotel Ventures Prestige Hotel Ventures is a hospitality asset owner and developer focused on luxury, upper-upscale, and upper midscale hospitality assets in India for both business and leisure travellers. The company is a part of the Prestige Group, and the promoter, Prestige Estates Projects, has 38 years of experience in real estate development and had a market cap of ₹72,966 crore as of December 31, 2024. The company, in its DRHP, has stated that its revenue from the sale of hospitality services increased to ₹662.681 crore in the nine months ended December 31, 2024, from ₹560.343 crore in the nine months ended December 31, 2023. Further, the revenue from the sale of hospitality services increased to ₹795.695 crore in FY24 from ₹636.169 crore in FY23 and ₹191.715 crore in FY22, reflecting a CAGR of 103.73 per cent between FY22 and FY24.