The Rs 1,600-crore Ventive Hospitality IPO price band has been fixed at Rs 610-643 per share, with a face value of Rs 1 each. The issue opens on December 20 and closes on December 24. It consists entirely of a new issue.
Pune-based Ventive Hospitality is a joint venture between the Panchshil Group and Blackstone Group. It comprises branded luxury hotel assets and office parks, part of hotel projects. Panchshil owns two-thirds, while Blackstone owns one-third of the JV company, which was created to acquire and manage hotel assets. The JV partners took the pure-play hotel asset company public to raise growth capital. They will hold 90% of the company post-listing.
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Asheesh Mohta, head of real estate acquisitions – India, Blackstone, said this was their 11th IPO in the country and their third IPO in 2024. Blackstone had the largest office space in the country, the second largest in retail, and the third largest in the hospitality segment, he said. Blackstone had a global portfolio of 1,60,000 rooms. The partnership with Panchshil was 15 years old and will now expand into data centres vertical, he said.
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Atul I Chordia, chairman, Panchshil Realty, and executive director, Ventive Hospitality, said they had carved out the hospital vertical from their real estate portfolio into a dedicated company. It includes the JW Marriott and Ritz Carlton luxury hotels, Courtyard by Marriott, the Marriott Suites based in Pune, two in Bangalore, and three luxury beach resorts in Maldives. The Maldives property includes global brands Conrad, Raaya by Atmosphere, and Anantara. The company will add new properties, such as 167-key Marriott in Varanasi and in the Yala Estate, Srilanka.
The Ventive IPO lot size is 23 equity shares, thereafter, it will be in multiples of 23 equity shares. Around Rs 1,200 crore has been reserved for Qualified Institutional Buyers. The HNI share will be Rs 240 crore while the retail investors’ share is 10% or Rs 160 crore. Ventive Hospitality proposes to use the net proceeds for repayment and prepayment borrowings including interest accrued.
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