Juniper Hotels Ltd, co-owned by Saraf Hotels Ltd and Two Seas Holdings Ltd and operating under the Hyatt brand, has filed for an Initial Public Offering (IPO) with the Securities and Exchange Board of India (SEBI). The company aims to raise Rs 1,800 crore ($241 million) through equity shares and a potential pre-IPO placement of Rs 350 crore ($47 million), as announced on Tuesday.
The net proceeds of Rs 1,500 crore ($201 million) from the IPO will be directed towards debt repayment. The company’s shares are slated to be listed on both Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
The company’s management has also been aggressively buying back shares, reflecting their confidence in the company’s future prospects.
JM Financial Ltd, CLSA India Private Ltd, and ICICI Securities Ltd have been enlisted as lead managers for the forthcoming IPO. Their role will be to manage the issuance process, helping Juniper Hotels navigate through the complex procedures and regulations related to public offerings.
The filing with SEBI indicates Juniper Hotels’ intent to bolster its financial position by reducing its debt burden. It also signals a potential opportunity for investors interested in the hospitality sector.
The final decision on the IPO’s launch date, price band, and lot size will be determined after regulatory approval from SEBI.
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