Bhubaneswar: Pride Hotels Limited, headquartered in New Delhi, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an Initial Public Offering (IPO). The company is the sixth largest hotel chain in India in terms of chain owned inventory in the upscale, upper midscale, and midscale segments (Source: Horwath Report)
The offer comprises a fresh issue of equity shares aggregating up to ₹2,600.00 million (₹260 crores) and an offer for sale of up to 39,239,446 equity shares of face value of ₹5 each.
The offer for sale includes sale of equity shares by Sureshchand Premchand Jain of up to 5,963,978 shares, Meena Sureshchand Jain of up to 2,205,030 shares, Satyen Suresh Jain of up to 5,344,740 shares, ASP Enterprises Private Limited of up to 4,964,350 shares, The Executive Inn Limited of up to 2,394,136 shares, Kopra Estate Private Limited of up to 3,049,010 shares, and Pride Plaza (I) Private Limited of up to 2,651,313 shares (The Promoter selling shareholders).
The sale also includes share by Namrata Garg of up to 98,500, Executive Housing Finance Co Limited of up to 2,386,183 shares, Pride Paradise & Development Private Limited of up to 683,720 shares, Pride Centre and Development Private Limited of up to 1,193,091, Pride Orchards Private Limited of up to 662,828 shares, SP Realtors Private Limited of up to 2,518,748 shares, SP Capital Consultants Private Limited of up to 1,855,919 shares, and SP Capital Financing Limited of up to 3,267,900 shares as detailed in the Draft Red Herring Prospectus (The Promoter Group selling shareholders).
Motilal Oswal Investment Advisors Limited and JM Financial Limited are the Book Running Lead Managers to the issue.
