Limited gains for Juniper Hotels at listing, shares open close to issue price

28 Feb 2024 , 12:10 PM

On Wednesday, Juniper Hotels’ stock debuted on the market at a 1.4% premium. In contrast to its offering price of ₹360, the stock made its debut on the NSE at ₹365. On the BSE, the stock opened at ₹361.2, up 0.3%.

With a total subscription of 2x at closure, the IPO just about made it through the last day. The company has already secured ₹810 crore from anchor investors ahead of the issue opening.

The company plans to use the ₹1,500 crore net proceeds for general corporate objectives as well as the repayment, prepayment, or redemption of some outstanding borrowings that it and its subsidiaries have taken out, in full or in part, including paying the interest that has accumulated on those borrowings.

Saraf Hotels and Two Seas Holdings, a subsidiary of the well-known international hospitality company Hyatt Hotels Corp., jointly own Juniper Hotels.

As of June 2023, it operated as a luxury hotel construction and ownership company and held 20% of India’s total 1836 Hyatt linked keys. The organization oversees a varied collection of properties that includes seven hotels and serviced flats.

The hotels and serviced flats are spread throughout six key cities, including Mumbai, Delhi, Ahmedabad, Lucknow, Raipur, and Hampi, and they fall into several categories, such as luxury, upper upmarket, and upscale. Interestingly, the largest hotel in India is the Grand Hyatt Mumbai Hotel and Residences.

For feedback and suggestions, write to us at [e-mail]