Ventive Hospitality Files Draft IPO Papers to Raise Rs 2,000 Crore
Ventive Hospitality, a joint venture between Blackstone Group and Panchshil Realty, has filed preliminary papers with Sebi to raise Rs 2,000 crore through an initial public offering (IPO).
HospitalityIpoVentive HospitalityBlackstone GroupPanchshil RealtyReal Estate PuneSep 10, 2024
The Pune-based company's IPO is completely a fresh issue of equity shares with no offer-for-sale (OFS) component, according to the draft red herring prospectus (DRHP). The company may consider a pre-IPO placement aggregating up to Rs 400 crore. If such placement is undertaken, the issue size will be reduced.
Proceeds of the IPO to the tune of Rs 1,600 crore will be used for debt payment. As per the draft papers, Ventive Hospitality has a borrowing of Rs 412.60 crore as of March 2024.
Ventive Hospitality's portfolio comprised 11 operational hospitality assets comprising 2,036 keys, of which six are operated by or franchised from Marriott, two are operated by or franchised from Hilton and the remaining three are operated by other hotel operators. Some of its hospitality assets are Anantara Maldives, Conrad Maldives, JW Marriott, Pune and The Ritz-Carlton, Pune.
JM Financial, Axis Capital, ICICI Securities, IIFL Securities, Kotak Mahindra Capital Company, SBI Capital Markets and HSBC Securities and Capital Markets(India) Private Ltd are the book running lead managers for the issue.
Information
Ventive Hospitality is a joint venture between Blackstone Group and Panchshil Realty. Panchshil holds a 60 per cent stake in Ventive, while Blackstone owns the remaining 40 per cent stake.Blackstone Group is a global private equity firm, while Panchshil Realty is a leading real estate developer in India.
Frequently Asked Questions
What is the size of Ventive Hospitality's IPO?
The IPO size is Rs 2,000 crore.
What is the purpose of the IPO?
The proceeds of the IPO will be used for debt payment.
Who are the book running lead managers for the issue?
JM Financial, Axis Capital, ICICI Securities, IIFL Securities, Kotak Mahindra Capital Company, SBI Capital Markets and HSBC Securities and Capital Markets(India) Private Ltd.
What is Ventive Hospitality's portfolio comprised of?
11 operational hospitality assets comprising 2,036 keys.
Who are the joint venture partners of Ventive Hospitality?
Blackstone Group and Panchshil Realty.
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