Juniper Hotels, an affiliate of global hospitality entity, Hyatt Hotels Corporation, received final observation from the Securities and Exchange Board of India (SEBI), to raise ₹1,800 crore through an initial public offering (IPO). Juniper Hotels is co-owned by Saraf Hotels Limited and Two Seas Holdings Limited.
The company had filed preliminary IPO papers with Sebi in September last year. The IPO will entirely be a fresh issue of equity shares with no Offer for Sale (OFS) component.
The majority of the funds will be used towards repayment, prepayment, or redemption, in full or in part, of certain outstanding borrowings availed by the company and its subsidiaries and for general corporate purposes.
The company, in consultation with the lead bankers to the issue, may consider a further issue of equity shares on a private placement for cash consideration aggregating up to ₹350 crore. The fresh issue size will be reduced in case of pre-IPO placement.
Juniper Hotels functions as a luxury hotel development and ownership enterprise, and owns 20% of the total 1,836 "Hyatt" affiliated hotel keys in India as of June 30, 2023, as per the DRHP. The company manages a diverse portfolio consisting of seven hotels and serviced apartments. Their hotels and serviced apartments span across various categories including luxury, upper upscale, and upscale, located across six strategic cities in Mumbai, Delhi, Ahmedabad, Lucknow, Raipur, and Hampi.
For the fiscal year 2023, revenue from operations increased by 116% to ₹666.85 crore against ₹308.69 crore a year ago. Meanwhile, then net loss narrowed to ₹1.5 crore in fiscal 2023 over ₹188.03 crore in fiscal 2022.
JM Financial Limited, CLSA India Private Limited, and ICICI Securities Limited are the book-running lead managers.
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