- Price band fixed at ₹610 to ₹643 per equity share of face value of ₹1 each
- The issue will close on Tuesday, December 24, 2024
- The anchor investor bidding date is Thursday, December 19, 2024.
- Bids can be made for a minimum of 23 equity shares and in multiples of 23 equity shares thereafter
NE BUSINESS BUREAU
AHMEDABAD, DEC 18
Ventive Hospitality Ltd, formerly known as ICC Realty (India) Private Ltd, has on Wednesday announced to enter the capital market with an Initial Public Offer (IPO) of its equity share in the price band of ₹610 to ₹643 per equity share with a face value of ₹1 each.
Ventive Hospitality is a joint venture between US-based Blackstone Group and Panchshil Realty. At present, Panchshil holds a 60 per cent stake in Ventive, while Blackstone owns the remaining 40 per cent stake.
The issue will open on Friday, December 20, 2024 and will close on Tuesday, December 24, 2024.
The anchor investor bidding date is one working day prior to bid/offer opening date, being Thursday, December 19, 2024.
The IPO consists entirely of a new issue worth ₹1,600 crore. The IPO at the upper price band will fetch the company ₹1,600 crore.
The Ventive Hospitality IPO lot size is 23 equity shares and in multiples of 23 equity shares thereafter.
A discount of ₹30 per Equity Share is being offered to Eligible Employees bidding in the Employee Reservation Portion.
The Company proposes to utilize the Net Proceeds towards funding the following objects – the repayment/prepayment, in part or full, of certain of borrowings availed by the Company including payment of interest accrued thereon.
Atul I. Chordia, Chairman, Panchshil Realty and Executive Director, Ventive Hospitality Limited said: “The proposed IPO of Ventive Hospitality Limited is a key milestone for Panchshil and Blackstone in its journey to transform regional hospitality.”
Tuhin Parikh, Head of Real Estate – India, Blackstone said: “We are pleased to work with our long-time partner, Panchshil Realty in the upcoming IPO of Ventive Hospitality Limited – having a portfolio of premium hospitality assets that are operated by global hospitality brands.”
Ventive Hospitality IPO has reserved not less than 75% of the shares in the public issue for qualified institutional buyers (QIB), not more than 15% for non-institutional Institutional Investors (NII), and not more than 10% of the offer is reserved for retail investors. The employee portion has been reserved equity shares up to ₹1 crore.
Ventive Hospitality is a hospitality asset owner primarily focused on luxury offerings across business and leisure segments in India and the Maldives.
As of September 2024, the company’s portfolio has 11 operational properties, comprising 2,036 keys across the luxury, upper upscale and upscale segments. All of its assets are operated by or franchised from global operators, including Marriott, Hilton, Minor and Atmosphere.
The equity shares of the company are proposed to be listed on the NSE and BSE.
JM Financial Limited, Axis Capital Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, IIFL Securities Limited, Kotak Mahindra Capital Company Limited and SBI Capital Markets Limited are the Book Running Lead Managers to the issue.
