Ventive Hospitality Files DRHP For Rs 2,000 Cr IPO
The company intends to utilise the Rs 1,600 crore from the new offering to settle the debt availed by the company and its subsidiary
Ventive Hospitality, a recently established joint platform between Pune-based Panchshil Realty and US-based private equity company Blackstone Group, submitted its draft prospectus for a Rs 2,000 crore initial public offering (IPO).
The draft red-herring prospectus (DRHP) stated that the company's operating profit for the fiscal year 2023-24 fiscal year was Rs 870 crore. By earnings before interest, tax, depreciation, amortisation (EBITDA), the joint platform is India's biggest foreign multi-brand hotel owner.
The company intended to utilise the Rs 1,600 crore from the new offering to settle the debt availed by the company and its subsidiary. The other proceeds will be utilised for the general corporate purposes.
With 2,036 operational keys and 367 under construction keys, the hospitality platform has a total portfolio of 17 assets, including four hotels abroad, two hotels under construction, and four mixed-use hotels.
Thirteen hotels make up the core portfolio, and Marriott, Hilton, Minor, and other international operators oversee all of its hospitality assets.
Over 80 per cent of pro forma income from hotel operations was generated by luxury hospitality assets, which include the JW Marriott in Pune, The Ritz-Carlton in Pune, Conrad in the Maldives, and Anantara in the Maldives. These assets were combined for each of the previous three fiscal years.
