Juniper Hotels IPO ends with decent subscription

Published on Feb 24, 2024 17:12

The initial public offer (IPO) of Juniper Hotels received 6,01,14,160 bids for shares as against 2,89,47,367 shares on offer. The issue was subscribed 2.08 times.

The Non Institutional Investors (NIIs) category was subscribed 0.85 times. The Retail Individual Investors (RIIs) category was subscribed 1.28 times. The Qualified Institutional Buyers (QIBs) category was subscribed 2.96 times.

The issue opened for bidding on 21 February 2024 and it closed on 23 February 2024. The price band of the IPO is fixed at Rs 342 to 360 per share.

The offer comprises only of fresh issue of equity shares aggregating up to Rs 1,800 crore.

The company proposes to utilize Rs 1,500 crore towards repayment, prepayment, or redemption, in full or in part, of certain outstanding borrowings (including payment of the interest accrued) availed by the company and its subsidiaries, and the balance towards general corporate purposes.

Ahead of the IPO, Juniper Hotels on Tuesday, 20 February 2024 raised Rs 810 crore from anchor investors. The board allotted 2.25 crore shares at Rs 360 each to 43 anchor investors.

Juniper Hotels operates a luxury hotel chain under the Hyatt brand. The company�s portfolio includes seven luxury hotels and serviced properties and operates a total of 1,836 keys as of 30 September 2023.

The company�s hotels and serviced apartments are classified under three distinct segments: the Grand Hyatt Mumbai Hotel and Residences and Andaz Delhi; upper upscale the Hyatt Delhi Residences, Hyatt Regency Ahmedabad, Hyatt Regency Lucknow and Hyatt Raipur; and upscale Hyatt Place Hampi.

The firm reported a net loss of Rs 26.50 crore and sales of Rs 336.11 crore for the six months ended on 30 September 2023.