New Delhi: SAMHI Hotels, backed by Goldman Sachs, has resubmitted its draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).
New Delhi: SAMHI Hotels, backed by Goldman Sachs, has resubmitted its draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).
The company is aiming for an increase €1,000 crore through new share issuance and an offer to sell up to 9 million shares, with key investors trying to dilute the stake to meet stock listing norms. In September 2019, SAMHI Hotels applied for an IPO to make money €1,800 crore to €2,000 crores.
The company is aiming for an increase €1,000 crore through new share issuance and an offer to sell up to 9 million shares, with key investors trying to dilute the stake to meet stock listing norms. In September 2019, SAMHI Hotels applied for an IPO to make money €1,800 crore to €2,000 crores.
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The OFS provides that up to 4.23 million shares of Blue Chandra Pte. Ltd., up to 2.48 million shares of Goldman Sachs Investments Holdings (Asia) Ltd., up to 1.55 million shares of GTI Capital Alpha Pvt Ltd. and up to 7.39 million shares of International Finance Corp (IFC).
The output has a face value of €1 per common share for the proposed stock sale. The offering will be book-built, with at least 75% of the offering being allotted to qualified institutional buyers, no more than 15% of the offering being available for allotment to non-institutional bidders and no more than 10% of the offering being allotted to retail investors available.
JM Financial Ltd and Kotak Mahindra Capital Company Ltd are book running managers for the offering.
Blue Chandra Pte. ltd and Goldman Sachs Investments Holdings (Asia) may consider a private placement of shares €200 crores. When this is complete, the reissue is reduced in size.
The net proceeds will be used to repay Company and subsidiary debt, pay interest and for general corporate purposes.
The company, which owns hotels operated by Marriott International and others, is said to be the third largest holding of operating keys (owned and leased) in the country as of February 2023, according to a JLL report and as in the DRHP.
It acquires or builds hotels and renovates, rebrands and revalues properties in order to operate them. In 12 years, the company has built a portfolio of 3,839 keys spread across 25 operating hotels in 12 cities such as Bangalore, Hyderabad, the National Capital Region (“NCR”), Pune, Chennai and Ahmedabad.
SAMHI was founded by Ashish Jakhanwala and Manav Thadani.
On March 30, 2023, SAMHI entered into a binding share subscription and purchase agreement with Asiya Capital and ACIC SPVs for the acquisition of 962 rooms in six hotels and land for the construction of a 350-room hotel in MIDC, Navi Mumbai.
With this acquisition, the company says it will expand into Jaipur and add rooms in existing markets such as Hyderabad, Pune, Chennai and Ahmedabad. In addition, the company plans to add two hotels and 617 keys in existing cities and two new cities, Kolkata and Navi Mumbai, and expand its footprint to 14 key urban consumption hubs.
It also has hotels like the Hyatt Regency in Pune; and Holiday Inn Express chains in Ahmedabad, Bengaluru, Pune, Gurgaon, Hyderabad, Nashik and Chennai.
For FY22, SAMHI reported a 90.32% year-on-year increase in revenue €322.74 million.
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