Juniper Hotels Raises Rs 810 Cr From Anchor Investors Ahead of IPO

New Delhi, Feb 20 (PTI) Juniper Hotels Ltd, which runs hotels under the 'Hyatt' brand, on Tuesday said it has garnered Rs 810 crore from anchor investors, a day before its initial share-sale.

The company has allotted 2.25 equity shares to 43 funds at a price of Rs 360 apiece, which is also the upper end of the price band, according to a circular uploaded on BSE's website.

Foreign and domestic institutions that participated in the anchor round were -- Fidelity Funds, Kotak Mahindra Mutual Fund, Government Pension Fund (Norges), Schroder, The Prudential Assurance Company, Invesco, ICICI Prudential Life Insurance, Company, HDFC Life Insurance Company and Quant Mutual Fund.

Out of the total allocation of 2.25 crore equity shares, 75 lakh equity shares were allocated to seven domestic mutual funds through a total of 15 schemes amounting to Rs 270 crore. This represents over 33 per cent of the total anchor book size.

The IPO is entirely a fresh issue of equity shares worth Rs 1,800 crore with no Offer-for-Sale (OFS) component.

Shares will be available for bidding in the price range of Rs 342-360 apiece. The maiden public issue will open for subscription on February 21 and conclude on February 23.

Of the total proceeds, funds to the tune of Rs 1,500 crore will be utilised for payment of debt availed by the company and subsidiaries -- Chartered Hotels Private Limited and Chartered Hampi Hotels Private Limited. Besides, a portion will be used for general corporate purposes.

The hospitality firm has a portfolio of seven hotels and serviced apartments and operates 1,836 keys across the luxury, upper upscale, and upscale category of hotels across India, as of September 30, 2023.

At present, Saraf Hotels owns a 44.68 per cent stake in Juniper Hotels, Two Seas Holdings holds a 50 per cent stake and Juniper Investments has a 5.32 per cent shareholding.

For fiscal 2023, the company's revenue from operations more than doubled to Rs 666.85 crore, against Rs 308.69 crore a year ago while net loss narrowed to Rs 1.5 crore from Rs 188.03 crore.

JM Financial, CLSA India and ICICI Securities Limited are the book-running lead managers to the issue. The equity shares of the company will be listed on the BSE and NSE.