Hyatt affiliate Juniper Hotels, 3 others get Sebi nod for IPO

Juniper Hotels, which runs hotels under the “Hyatt” brand, plans to raise up to Rs 1,800 crore through the IPO which is an entire fresh issue of equity shares with no OFS component. A possible pre-IPO placement of up to Rs 350 crore may reduce the issue size.

The company proposes to use the net proceeds of Rs 1,500 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.

For the fiscal year 2023, revenue from operations increased by 116.03% 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.

Mumbai-based real estate player Arkade Developers plans to raise Rs 430 crore through the IPO by way of a fresh issue of shares. The company proposes to utilize the net proceeds towards the development of their ongoing Projects (viz. Arkade Nest), and their upcoming Projects; and funding acquisition of future real estate projects and general corporate purposes.Arkade Developers’ revenue in fiscal 2023, Fiscal 2022 and Fiscal 2021 are Rs 2,240.13 million, Rs 2,371.82 million, and Rs 1,131.85 million, respectively and revenue from operations has grown at a CAGR of 26.69% between Fiscal 2021 and Fiscal 2023. All of their projects have been, and are, in the MMR, Maharashtra.

As of July 31, 2023, they have developed 1.80 million square feet of residential property (including through partnership entities in which Arkade holds the majority stake). They are engaged in the development of new projects and redevelopment of existing premises, and between 2017 and Q1 2023, have launched 1,040 residential units and sold 792 residential units in different markets in the MMR, Maharashtra.

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