Juniper Hotels IPO subscribed 11%

The offer received bids for 32.43 lakh shares as against 2.89 crore shares on offer.

The initial public offer (IPO) of Juniper Hotels received 32,43,400 bids for shares as against 2,89,47,367 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (21 February 2024). The issue was subscribed 0.11 times.

The issue opened for bidding on Wednesday (21 February 2024) and it will close on Friday (23 February 2024). The price band of the IPO is fixed at Rs 342 to 360 per share. An investor can bid for a minimum of 40 equity shares and in multiples thereof.

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

Out of the proceeds from the fresh issue, 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 companys portfolio includes seven luxury hotels and serviced properties and operates a total of 1,836 keys as of 30 September 2023.

The companys 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.

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