Ahead of IPO, Ventive Hospitality raises ₹719 crore from anchor investors – CNBC TV18
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The funding round saw strong demand from mutual funds, insurance companies, long only funds, sovereign funds and domestic wealth funds.
Few of the marquee investors include Government Pension Global Fund, Allspring Global Investment LLC, Quant Mutual Fund, JM Financial MF, SBI General Insurance Company and SBI Life Insurance Company, according to a circular uploaded on BSE’s website.
According to the circular, Ventive Hospitality has allotted 1.12 crore equity shares to 26 funds at ₹643 apiece, which is also the upper end of the price band. This aggregates the transaction size to ₹719.55 crore.
Out of the total allocation of 1.12 crore equity shares to the anchor investors, 43% were allocated to 4 domestic mutual funds through a total of 8 schemes.
Ventive Hospitality IPO detail
The issue, with a price band of ₹610-643 per share, will open for public subscription on December 20 and conclude on December 24.
The IPO is entirely a fresh issue of equity shares of up to ₹1,600 crore and 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.
Bids can be made for a minimum of 23 equity shares and in multiples thereafter.
About Ventive Hospitality
Ventive Hospitality (formerly ICC Realty) is a joint venture between US-based Blackstone Group and Panchshil Realty. At present, Panchshil holds a 60% stake in Ventive, while Blackstone owns the remaining 40% stake.
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 from global operators, including Marriott, Hilton, Minor and Atmosphere.
JM Financial, Axis Capital, ICICI Securities, IIFL Securities, 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.
