7 months ago
Pride Hotels Gets SEBI Nod for Rs 1,000 Crore IPO
Pride Hotels, a well-known Indian hotel company, has received permission from SEBI to raise Rs 1,000 crore through an IPO.
This money will be used to renovate some of their hotels, pay off debts, and for general business needs.
The company currently has 34 hotels in 32 cities and plans to open 21 more hotels by FY29.
The IPO will be listed on both the BSE and NSE exchanges.
The company operates different types of hotels under brands like Pride Plaza and Pride Premier, catering to both business and leisure travelers.
Pride Hotels received SEBI approval for a Rs 1,000 crore IPO.
The IPO includes a fresh issue of Rs 260 crore and an offer for sale of 39.24 million equity shares.
Funds will be used for renovating hotels, repaying debts, and general corporate purposes.
The company operates 34 hotels across 32 cities and plans to add 21 more hotels by FY29.
The IPO will be listed on both the BSE and NSE exchanges.
- Who
- Pride Hotels, an Indian hospitality brand
- What
- Received SEBI approval for a Rs 1,000 crore IPO
- Where
- India, with hotels across 32 cities
- When
- SEBI approval received, exact IPO date not specified
- Why
- To renovate hotels, repay borrowings, and use for general corporate purposes
Key facts
- IPO Size
- Rs 1,000 crore
- Fresh Issue
- Rs 260 crore
- Offer for Sale
- 39.24 million equity shares
- Listing Exchanges
- BSE and NSE
- Book Runners
- Motilal Oswal Investment Advisors, JM Financial
- Renovation Funds
- Rs 159.68 crore
- Debt Repayment
- Rs 40 crore
- Current Hotels
- 34 hotels across 32 cities
- Future Pipeline
- 21 hotels under development
- Additional Letters of Intent
- 11 properties with 841 keys
Quotes
PTI
Press Trust of India, a news agency
“The IPO size is estimated to be around Rs 1,000 crore and comprises a fresh issue of equity shares aggregating up to Rs 260 crore, along with an offer for sale (OFS) of up to 39.24 million equity shares by promoter selling shareholders, each with a face value of Rs 5.”
financialexpress.com
Sources
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