NEW DELHI: Blackstone-backed Ventive Hospitality’s, a hospitality asset owner, initial public offering (IPO) will open on Friday, December 20, 2024 and close on December 24, 2024.
The company’s IPO comprises of a fresh issue of equity shares of face value of Re 1 each aggregating up to Rs 1,600 crore. The total offer size comprises of up to equity shares of face value of Re 1 each aggregating up to Rs 1,600 crore.
About 75% of the net issue will be available for allocation on a proportionate basis to qualified institutional buyers, 15% to non-institutional bidders and 10% to retail individual bidders. The company in consultation with the BRLMs, may allocate up to 60% of the QIB Portion to anchor investors on a discretionary basis in accordance with the SEBI ICDR Regulations.
The net proceeds will be used towards the repayment/prepayment, in part or full, of certain of borrowings availed by our company including payment of interest accrued thereon; our step- down subsidiaries namely SS & L Beach and Maldives Property Holdings including payment of interest accrued thereon through investment in such step-down subsidiaries amounting to Rs 1,600 crores.
Ventive Hospitality, formerly known as ICC Realty (India) was founded as the hospitality division of Panchshil Realty. In 2017, pursuant to the acquisition of a 50% stake in the company, BRE Asia (formerly known as Xander Investment Holding XVI), an affiliate of Blackstone, became 50% shareholder in the company.
The portfolio comprises 11 operational hospitality assets in India and Maldives, totaling 2,036 keys across the luxury, upper upscale and upscale segments as at September 30, 2024.
JM Financial, Axis Capital, HSBC Securities and Capital Markets (India), ICICI Securities, IIFL Securities, Kotak Mahindra Capital Company, SBI Capital Markets are the book running lead managers to the issue.
Source Homevior.in
