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3d ago

Prestige Hotel Ventures Files Rs 2,700 Crore IPO With SEBI

The hospitality arm of Prestige Estates aims to reduce debt, fund expansion, and strengthen its market position through a fresh equity issue and offer-for-sale.

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Prestige Hotel Ventures files DRHP with SEBI to launch Rs 2700 crore IPO

Overview

  • The IPO comprises a Rs 1,700 crore fresh equity issue and a Rs 1,000 crore offer-for-sale by Prestige Estates Projects.
  • Rs 1,121 crore from the proceeds will be allocated to debt repayment, including loans held by key subsidiaries Sai Chakra Hotels and Northland Holding Company.
  • An additional Rs 724 crore is earmarked for strategic investments in subsidiaries and future acquisitions.
  • Prestige Hotel Ventures operates seven hotels and has nine upcoming projects, totaling 3,003 keys across major Indian cities.
  • The company's hospitality revenue grew at a 103.73% CAGR from FY22 to FY24, underscoring rapid expansion in the sector.