Pune-based Ventive Hospitality is a joint venture between the Panchshil Group and Blackstone Group.It comprises branded luxury hotel assets and office parks, part of hotel projects.
The Rs 1,600-crore Ventive Hospitality IPO price band has been fixed at Rs 610-643 per share, with a face value of Rs 1 each. The issue opens on December 20 and closes on December 24. It consists entirely of a new issue.
Pune-based Ventive Hospitality is a joint venture between the Panchshil Group and Blackstone Group. It comprises branded luxury hotel assets and office parks, part of hotel projects. Panchshil owns two-thirds, while Blackstone owns one-third of the JV company, which was created to acquire and manage hotel assets.
The JV partners took the pure-play hotel asset company public to raise growth capital. They will hold 90% of the company post-listing.
Atul I. Chordia, chairman of Panchshil Realty and executive director of Ventive Hospitality, explained that they had spun off the hospitality segment from their real estate portfolio to form a standalone company. This includes luxury properties such as the JW Marriott, Ritz Carlton, Courtyard by Marriott, and Marriott Suites in Pune, along with two hotels in Bangalore and three luxury beach resorts in the Maldives. The Maldives portfolio features renowned global brands like Conrad, Raaya by Atmosphere, and Anantara. Upcoming projects include a 167-key Marriott in Varanasi and a property in the Yala Estate, Sri Lanka.
The Ventive IPO offers a lot size of 23 equity shares, with subsequent purchases in multiples of 23. Approximately Rs 1,200 crore is reserved for Qualified Institutional Buyers, Rs 240 crore for High Net Worth Individuals (HNIs), and 10% or Rs 160 crore for retail investors. The proceeds from the IPO will primarily be used for repayment and prepayment of borrowings, including accrued interest.
