New Delhi: Pride Hotels Limited has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its upcoming initial public offering (Pride Hotels IPO).
Recognized as India’s sixth-largest hotel chain by owned inventory in the upscale, upper midscale, and midscale categories (as per the Horwath Report), the company continues to expand its footprint across the country.
Pride Hotels IPO Structure and Offer Details
The proposed Pride Hotels IPO includes a fresh issue of equity shares worth up to ₹2,600 million (₹260 crore) and an offer for sale (OFS) of up to 39,239,446 equity shares with a face value of ₹5 each.
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The OFS will feature share sales by several promoter and promoter group shareholders, including:
Promoter Selling Shareholders: Sureshchand Premchand Jain, Meena Sureshchand Jain, Satyen Suresh Jain, ASP Enterprises Private Limited, The Executive Inn Limited, Kopra Estate Private Limited, and Pride Plaza (I) Private Limited.
Promoter Group Selling Shareholders: Namrata Garg, Executive Housing Finance Co Limited, Pride Paradise & Development Private Limited, Pride Centre and Development Private Limited, Pride Orchards Private Limited, SP Realtors Private Limited, SP Capital Consultants Private Limited, and SP Capital Financing Limited.
Motilal Oswal Investment Advisors Limited and JM Financial Limited have been appointed as the Book Running Lead Managers (BRLMs) to the issue.
Utilization of Pride Hotels IPO Proceeds
The company plans to allocate the net proceeds from the fresh issue towards:
- Funding capital expenditure for the renovation of existing hotels.
- Repayment or prepayment of certain borrowings.
- General corporate purposes.
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Pride Hotels’ Business Overview
With over 38 years of experience, Pride Hotels Limited is an established Indian hospitality group that owns, develops, and manages a diversified portfolio under the “Pride Hotels and Resorts” brand. The company operates a total of 34 hotels and resorts with 2,723 rooms across India.
The operating portfolio comprises seven owned properties with 1,136 rooms and 27 managed properties with 1,587 rooms.
Listing Plans and Pre-IPO Placement
The equity shares under the Pride Hotels IPO are proposed to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
The company may also consider a pre-IPO placement of up to ₹520 million (₹52 crore), subject to consultation with BRLMs and compliance with SEBI regulations. If executed, the pre-IPO placement will reduce the fresh issue size accordingly.
