Juniper Hotels Files DRHP for IPO to Fund Expansion

29 Sep 2023 , 02:32 PM

Juniper Hotels Ltd., the luxury hotel development and ownership company under the Saraf Group, has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) as it seeks to raise capital for its forthcoming initial public offering (IPO).

Notably, Juniper Hotels is the largest Hyatt-affiliated owner in India.

The IPO, featuring shares with a face value of Rs 10, exclusively comprises a fresh issue of equity shares, targeting proceeds of up to Rs 1,800 crore.

Juniper Hotels is a joint venture involving Saraf Hotels, Juniper Investments, and Hyatt Hotels Corporation through its indirect subsidiary, Two Seas Holdings, which holds 50% of the pre-Issue Equity Share Capital.

Founded by Arun Kumar Saraf, who also serves as Chairman and Managing Director, and helmed by Varun Saraf, the CEO responsible for overall hotel development and asset management, Juniper stands out as the sole hotel development firm in India with a strategic investment from Hyatt.

The Saraf Group and Hyatt share a robust, decades-long relationship that traces back to the opening of the first Hyatt Hotel in New Delhi in 1982.

Juniper Hotels has an impressive track record of developing 12 hotels in India and Nepal, including properties owned by Juniper itself.

As of June 30, Juniper boasts a portfolio of seven hotels and service apartments, providing a total of 1,836 keys. Notably, it owns 20% of Hyatt group-affiliated hotel rooms in India, according to data from a Horwath Report cited in the DRHP.