Ahead of the listing, the company’s shares were trading with a marginal premium of Rs 5 in the unlisted market.
The issue comprised fresh issuance of equity shares worth Rs 1,200 crore and an offer for sale (OFS) up to 1.35 crore equity shares. The IPO was priced in the range of Rs 119-126 per equity share.
Ahead of the IPO, Blue Chandra Pte Ltd sold 10.32 million shares or 8.4% stake to renowned investor Madhusudan Kela’s wife, Madhuri Kela, along with Nuvama Crossover Opportunities Fund and TIMF Holdings, who have picked up stake in Gurugram-based SAMHI Hotels for a total consideration of Rs 130 crore.
Net proceeds from the issue worth Rs 900 crore will be used towards repaying debt and the remaining for general corporate purposes.
JM Financial and Kotak Mahindra Capital Company acted as the book-running lead managers for the issue, and KFin Technologies was the registrar.
SAMHI Hotels is a prominent hotel ownership and asset management platform in India, with the third largest inventory of operational keys (owned and leased) in the country as of February, 2023.The company acquires or builds primary hotels and thereafter renovates, rebrands the properties under its wings. All of its hotels are in the upper upscale and upscale, upper mid-scale and mid-scale hotel segments, typically operating under long-term management contracts with established and well recognized global hotel operators.
For the year ending March 2023, SAMHI Hotels’ revenue from operations more than doubled to Rs 738 crore. However, the main concern for analysts was its losses for the past three financial years. In FY23, the company posted a loss of Rs 338.5 crore.
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