The initial share sale of Goldman Sachs-backed Samhi Hotels will open for public subscription on September 14. The three-day initial public offering (IPO) will conclude on September 18 and the bidding for the anchor investors will open on September 13, according to the red herring prospectus (RHP).
The price band is yet to be announced by the Gurugram-based company. However, the firm has revised the size of its fresh issue to ₹1,200 crore from the earlier target of ₹1,000 crore
Samhi Hotels proposed an IPO comprising a fresh issue of equity shares worth ₹1,200 crore and an Offer For Sale (OFS) of 1.35 crore equity shares by existing shareholders. The IPO will open on 14 September and will remain open till 18 September . Anchor Investors can place their bids on 13 September
The OFS consists of the sale of 84.28 lakh equity shares by Blue Chandra Pte Ltd, up to 49.31 lakh equity shares by Goldman Sachs Investments Holdings (Asia) Ltd, up to 1.4 lakh equity shares by GTI Capital Alpha Pvt Ltd
It is a partial exit by the existing shareholders to meet the listing regulations.
Earlier, the company filed its IPO papers with Sebi in September 2019 and had obtained the markets regulator’s approval in November 2019, to float the initial share sale but the company did not go ahead with the launch.
The Gurguram-based company will utilise net proceeds of the fresh issue to the tune of ₹750 crore towards payment of debt and for general corporate purposes.
Samhi has a portfolio of 3,839-key rooms spread across 25 operating hotels in 12 of India’s major urban consumer hubs, including Bengaluru, Hyderabad, National Capital Region (NCR), Pune, Chennai, and Ahmedabad, as of February 28, 2023.
As of February 2023, it is the largest owner of Fairfield by Marriott and Holiday Inn Express brands in India. It operates under long-term management contracts with global hotel operators like Marriott, Hyatt, and IHG.
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Updated: 06 Sep 2023, 07:52 PM IST