Hospitality firm PKH Ventures IPO subscribed 6% on day 1 of offer

The initial share sale of construction and hospitality firm PKH Ventures got subscribed 6 per cent on the first day of subscription on Friday.

The IPO received bids for 15,59,400 shares against 2,56,32,000 shares on offer, according to NSE data.

The category for Retail Individual Investors (RIIs) received 13 per cent subscription while the portion for non institutional investors got subscribed 10 per cent.

The public issue of up to 2,56,32,000 equity shares of face value of Rs 5 each has a fresh issue of up to 1,82,58,400 shares and an Offer for Sale (OFS) of up to 73,73,600 shares by its promoter, Pravin Kumar Agarwal.

The company through its IPO will fetch Rs 358.85 crore and Rs 379.35 crore at the lower and the upper ends of the price band, respectively.

Price range for the offer is Rs 140-148 a share.

The initial public offering (IPO) will conclude on July 4.

The Mumbai-based company has three business verticals -- construction and management, hospitality, and management services.

The construction projects include residential and commercial buildings and miscellaneous projects including Delhi Police headquarter, a hydropower plant in Amritsar and Nagpur, and a food park.

It also owns and operates two hotels and manages one resort & spa at Aamby Valley, Lonavala. It also owns and operates certain restaurants and Quick Service Restaurants (QSRs) like Zebra Crossing, Mumbai Salsa, and Hardy's Burger under its brands.

IDBI Capital Markets is the manager to the offer.

The stock would be listed on BSE and NSE.