Ventive Hospitality IPO gains 9.82 times subscription on last day of offer

Ventive Hospitality's initial public offer garnered 9.82 times subscription on the last day of the share sale on Tuesday. 

The initial share sale received bids for 14,17,23,907 shares against 1,44,34,453 shares on offer, according to NSE data. 

The non-institutional investors subscribed 13.87 times, while the quota for qualified institutional buyers (QIBs) mopped up 9.08 times subscription. Retail individual investors (RIIs) quota received 5.94 times the subscription. 

Blackstone-backed Ventive Hospitality on Thursday said it has mobilised Rs 719 crore from anchor investors. 

The issue has a price band of Rs 610-643 per share. 

The IPO is entirely a fresh issue of equity shares of up to Rs 1,600 crore and has no offer-for-sale component. 

 

The company proposes to utilise the net IPO proceeds towards funding the debt payment, including payment of interest accrued thereon. 

Ventive Hospitality (formerly ICC Realty) is a joint venture between the US-based Blackstone Group and Panchshil Realty. 

It 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 by global operators, including Marriott, Hilton, Minor and Atmosphere. 

JM Financial, Axis Capital, ICICI Securities, IIFL Capital Services Ltd (formerly known as IIFL Securities Ltd), Kotak Mahindra Capital Company, SBI Capital Markets and HSBC Securities and Capital Markets (India) Pvt Ltd are the book-running lead managers for the issue.  (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)