Juniper Hotels, a luxury hotel developer operating properties under the Hyatt chain in India, has announced its initial public offering (IPO) with a price band set at Rs 342-360 per share of face value Rs 10 each. The IPO, valued at Rs 1,800 crore, will be open for subscription from February 21 to 23.
This IPO consists solely of a fresh issue, without any offer-for-sale component, with approximately 10 per cent of the issue reserved for retail investors. Retail investors can bid for a minimum of 40 shares and in multiples of 40 thereafter, requiring a minimum investment of Rs 13,680. At the upper end of the price band, the bidding amount increases to Rs 14,400.
Juniper Hotels, as of September 30, 2023, is the largest owner of 'Hyatt' affiliated hotels in India, operating 1,836 keys across various luxury, upper upscale, and upscale hotels in Mumbai, Delhi, Ahmedabad, Lucknow, Raipur, and Hampi. The company benefits from a partnership between Saraf Hotels (and affiliates) and Hyatt Hotels Corporation.
The company's portfolio includes seven hotels and serviced apartments. The proceeds from the IPO, primarily aimed at repaying a debt of Rs 1,500 crore, will also be utilised for general corporate purposes. Despite a net loss of Rs 1.5 crore for the fiscal year ended March FY23, down significantly from Rs 188 crore in the previous year, the revenue from operations more than doubled to Rs 666.85 crore from Rs 308.7 crore during the same period.
