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Juniper Hotels files DRHP with SEBI for Rs 1800 crore IPO

Posted On: 2023-09-30 14:08:09 (Time Zone: IST)


Juniper Hotels Ltd, which runs hotels under the "Hyatt" brand, has filed preliminary papers with capital markets regulator Sebi to raise Rs 1,800 crore through an initial public offering (IPO). As per the DRHP, the company's maiden public issue is entirely through a fresh issue of equity shares with no Offer for Sale (OFS) component.

The issue is being made through the book-building process, wherein not less than 75% of the issue shall be available for allocation on a proportionate basis to qualified institutional buyers, not more than 15% of the issue shall be available for allocation to non-institutional investors, and not more than 10% of the issue shall be available for allocation to retail individual investors.

The company, in consultation with the lead bankers to the issue, may consider a further issue of equity shares on a private placement for cash consideration aggregating up to Rs 350 crore ("Pre-IPO Placement"). If such placement is completed, the fresh issue size will be reduced.

The company proposes to use the net proceeds of Rs 1500 crore towards repayment, prepayment, or redemption, in full or in part, of certain outstanding borrowings (including payment of the interest accrued thereon) availed by the company and its subsidiaries and for general corporate purposes.

Juniper Hotels is co-owned by Saraf Hotels Limited and Two Seas Holdings Limited, an affiliate of the prominent global hospitality entity, Hyatt Hotels Corporation. It functions as a luxury hotel development and ownership enterprise, and owns 20% of the total 1836 "Hyatt" affiliated hotel keys in India as of June 30, 2023, as outlined in the Horwath Report cited in the DRHP. The company manages a diverse portfolio consisting of seven hotels and serviced apartments.

Their hotels and serviced apartments span across various categories including luxury, upper upscale, and upscale, located across six strategic cities in Mumbai, Delhi, Ahmedabad, Lucknow, Raipur, and Hampi. Notably, the Grand Hyatt Mumbai Hotel and Residences holds the distinction of being the largest hotel in India. Additionally, the Hyatt Regency Lucknow and Hyatt Regency Ahmedabad are the largest upper upscale hotels in their respective markets, while Hyatt Raipur stands as the sole upper upscale hotel in Raipur. A recent addition to their portfolio is the Hyatt Regency Lucknow, commencing operations in 2017.

As per the Howarth Report, Juniper Hotels has the second-largest geographical coverage and the most extensive collective inventory of upper-tier branded serviced apartments in Mumbai and New Delhi as of June 30, 2023.

For the fiscal year 2023, revenue from operations more than doubled, increasing to Rs 666.85 crore against Rs 308.69 crore a year ago. Net loss narrowed to Rs 1.5 crore in fiscal 2023 over Rs 188.03 crore in fiscal 2022. It had the second-highest EBITDA margin amongst its peers in FY 2023 after Lemon Tree Hotels Ltd.

JM Financial Limited, CLSA India Private Limited, and ICICI Securities Limited are the book-running lead managers, and KFin Technologies Limited is the registrar of the offer. The equity shares are proposed to be listed on the BSE and NSE.


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