About Company’s Business:
The company is a prominent player in luxury hotel development and ownership, holding the distinction of being the largest owner of “Hyatt” affiliated hotels in India as of September 30, 2023, according to the Horwath Report. At the time of this Red Herring Prospectus, the portfolio comprises seven hotels and serviced apartments. As of September 30, 2023, the company successfully operated 1,836 keys spread across luxury, upper upscale, and upscale categories of hotels situated in Mumbai, Delhi, Ahmedabad, Lucknow, Raipur, and Hampi. The company enjoys the advantages of a distinctive partnership formed between Saraf Hotels (and its affiliates) and affiliates of Hyatt Hotels Corporation.
About the Industry:
In India, the hotel industry is categorized into various segments, including luxury, upper upscale, upscale, upper midscale, midscale, and economy. Projections indicate an anticipated Compound Annual Growth Rate (CAGR) of 11.6% in overall demand for hotels in India from Fiscal 2023 to Fiscal 2027. Notably, the luxury and upper upscale segments played a significant role in 2022, collectively contributing to 35% of the supply share and 55% of the revenue share. The forecast for the period between October 1, 2023, and March 31, 2027, suggests an addition of approximately 60,000 rooms, with around 25% of this new supply expected to fall within the luxury and upper upscale segment.
Key Financial Information (â‚ą in million):
| Particulars | As at and for the six months ended Sept 30, 2023 | As at and for the FY ended Mar 31, 2023 | As at and for the six months ended Sept 30, 2022 | As at and for the FY ended Mar 31, 2022 | As at and for the FY ended Mar 31, 2021 |
|---|---|---|---|---|---|
| Equity share capital | 1,725.02 | 1,437.00 | 1,437.00 | 1,437.00 | 1,437.00 |
| Net worth | 8,596.67 | 3,390.90 | 3,545.07 | 3,563.67 | 5,438.97 |
| Revenue from operations | 3,361.12 | 6,668.54 | 2,942.93 | 3,086.89 | 1,663.51 |
| Restated profit/ (loss) for the period/year | (265.02) | (14.97) | (175.09) | (1,880.31) | (1,994.86) |
| Restated earnings per Equity Share | |||||
| - Basic Earnings per Share | (1.82)* | (0.10) | (1.22)* | (13.08) | (13.88) |
| - Diluted Earnings per Share | (1.82)* | (0.10) | (1.22)* | (13.08) | (13.88) |
| Net asset value per Equity Share | 59.11 | 24.67 | 23.60 | 24.80 | 37.85 |
| Total borrowings | 22,527.47 | 20,456.08 | 21,435.12 | 21,218.09 | 18,304.77 |
Values marked with an asterisk () are restated.
Objective of the Issue:
-
Repayment/ prepayment/ redemption, in full or in part, of certain outstanding borrowings
availed by our Company and our recent acquisitions, namely CHPL and CHHPL -
General corporate purposes.
For more detailed information, you can refer to the IPO Prospectus (RHP) filed by the company.
| Important information regarding the IPO | |
|---|---|
| Open Date | Wednesday, February 21, 2024 |
| Close Date | Friday, February 23, 2024 |
| Issue Size | â‚ą1,800.00 Cr |
| Price | â‚ą342 to â‚ą360 per share |
| Lot Size | 40 Shares |
| Basis of Allotment | Monday, February 26, 2024 |
| Initiation of Refunds | Tuesday, February 27, 2024 |
| Credit of Shares to Demat | Tuesday, February 27, 2024 |
| Listing Date | Wednesday, February 28, 2024 |
How to apply for this IPO?
You can locate the redirection link to the IPO on the home screen of the Dhan App. Alternatively, you can access it by navigating to the “Money” Section at the bottom right and swiping right to reach the “IPO” Tab.
Do let us know your thoughts on this IPO.