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The Prestige Hospitality Ventures IPO comprises a fresh issue aggregating up to Rs 1,700 crore and an offer-for-sale aggregating up to Rs 1,000 crore.
Prestige Hospitality Ventures Ltd IPO.
Prestige Hospitality Ventures Ltd, a the hospitality arm of realty firm Prestige Estates Projects Ltd, has filed preliminary documents with markets regulator Sebi to launch its initial public offering (IPO) to raise up to Rs 2,700 crore. The company filed the Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) on late Thursday.
Prestige Hospitality Ventures: Both Fresh Issue And Offer For Sale
The IPO comprises fresh issue of equity shares of face value of Rs 5 each aggregating up to Rs 1,700 crore and an offer-for-sale of equity shares aggregating up to Rs 1,000 crore.
The offer-for-sale comprises equity shares by Prestige Estates Projects Ltd (Promoter selling shareholder).
Prestige Estates informed that a hospitality fund raising committee of the board approved the participation in the offer-for-sale of its subsidiary Prestige Hospitality Ventures Ltd (PHVL), aggregating up to Rs 1,000 crore.
Bengaluru-based Prestige Estates is one of the leading real estate developers in the country.
The company develops housing, office, retail and hotel projects.
PHVL’s Hospitality Portfolio
As of December 31, 2024, the PHVL’s portfolio includes seven operating hotels with 1,445 keys which include 1,255 operating keys and one hospitality asset which is currently under renovation with 190 keys.
In addition, the portfolio includes three ongoing hospitality assets with 951 expected keys covering 1.88 million sq. ft. developable area and nine upcoming hospitality assets with 1,558 expected keys and 2.64 million sq ft developable area.
