Goldman Sachs backed SAMHI to file revised DRHP

24 Jan 2023 , 02:42 PM

Hotel development and investment firm SAMHI is planning to file a revised draft red herring prospectus (DRHP) and has appointed JM Financial and Kotak Mahindra Bank as bankers, according to people familiar with the matter.

SAMHI, the company backed by Goldman Sachs and Equity International, has submitted a revised DRHP to the markets regulator in order to raise approximately Rs1,900 crore through an initial public offering. The company had originally filed a DRHP in 2019 but had to put the plans on hold due to the pandemic. With the revised DRHP, SAMHI is ready to move forward with its IPO plans and bring its shares to the public market.

According to its website, SAMHI has over 4,000 rooms spread across 27 operating hotels in Delhi, Bengaluru, Hyderabad, Chennai, and Pune. Marriott, InterContinental Hotels Group (IHG), and Hyatt are among the hotel chains with which the company collaborates.

Equity International owns a 49% stake in SAMHI, Goldman Sachs owns 29%, and GTI Capital Group owns 18%.

SAMHI announced in April 2019 that it had successfully rebranded ten IHG hotels to the Holiday Inn Express brand at a cost of Rs100 crore in markets such as Ahmedabad, Pune, Chennai, Nashik, and Bengaluru.

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