SAMHI Hotels, a leading Indian hotel ownership and asset management platform, commenced trading on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on Friday. The Gurugram-based firm's shares opened at Rs 134.5 on the NSE, reflecting a 6.7% increase over the initial public offering (IPO) price. Meanwhile, on the BSE, shares debuted at Rs 130.5, up 3.6%.
Before its listing, SAMHI Hotels' shares were trading at a slight premium of Rs 5 in the unlisted market. The company, which boasts the third-largest inventory of operational keys (owned and leased) in India as of February 2023, had launched an IPO comprising a fresh issuance of equity shares worth Rs 1,200 crore and an offer for sale (OFS) of up to 1.35 crore equity shares. The pricing was set between Rs 119-126 per equity share.
In the lead-up to the IPO, Blue Chandra Pte Ltd sold an 8.4% stake or 10.32 million shares to prominent investor Madhusudan Kela's wife, Madhuri Kela. Nuvama Crossover Opportunities Fund and TIMF Holdings also acquired stakes in SAMHI Hotels for a total consideration of Rs 130 crore.
The proceeds from the issue, amounting to Rs 900 crore, have been allocated for debt repayment and general corporate purposes. JM Financial and Kotak Mahindra Capital Company acted as the book-running lead managers for the issue while KFin Technologies served as the registrar.
Specializing in acquiring or building primary hotels before renovating and rebranding them, SAMHI Hotels' portfolio spans across upper upscale and upscale, upper mid-scale and mid-scale hotel segments. These properties typically operate under long-term management contracts with globally recognized hotel operators.
Despite posting losses for the past three financial years, including a loss of Rs 338.5 crore reported in FY23, SAMHI Hotels' revenue from operations surged more than twofold to Rs 738 crore for the year ending March 2023.
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