Ventive Hospitality Files Draft Papers To Raise Rs 2,000 Crore Via IPO

Ventive Hospitality Ltd., a joint venture between Panchshil Realty and Blackstone, has filed its preliminary papers with SEBI to raise up to Rs 2,000 crore via an initial public offering.

The public offer will only include fresh issue of shares worth Rs 2,000 crore, according to the draft red herring prospectus.

Atul I. Chodia, Atul I. Chordia HUF and Premsagar Infra Realty Pvt.— collectively known as Panchshil promoters, and BSE Asia ICC Holdings Ltd. and BREP Asia III India Holding Co VI Pte.—collectively known as Blackstone promoters are the promoters of the company.

JM Financial Ltd., Axis Capital Ltd., HSBC Securities and Capital Markets (India) Pvt., ICICI Securities Ltd., IIFL Securities Ltd., Kotak Mahindra Capital Co. and SBI Capital Markets Ltd. are the book-running lead managers for the issue. KFin Technolgoies will be the registrar of the issue.

The company will use Rs 1,600 crore from the fresh issue to repay or prepay debt taken by it and its subsidiaries. The remaining funds will be used for general corporate purposes. Equity shares of the company are proposed to be listed on the BSE and NSE.

The joint venture operates a portfolio of 11 operational assets in India and Maldives, including JW Marriott, Pune. The company operates 2,036 hotel keys across the luxury, upper upscale and upscale segments. Other properties include Marriott Suites, Double Trees by Hilton, Marriott Aloft Whitefield and Marriott Aloft ORR in Bengaluru.