Bengaluru-based Grand Continent Hotels is set to launch its ₹74.46 crore initial public offering (IPO) on March 20, with the subscription window closing on March 24. The price band is fixed at ₹107-113 per share.
The IPO consists of 65.89 lakh shares, including a fresh issue of 62.6 lakh shares and an offer-for-sale (OFS) of 3.28 lakh shares by promoter Ramesh Siva.
A key focus of the IPO proceeds will be repaying ₹34.08 crore in debt, expanding hotel properties in India with ₹16.8 crore, and meeting general corporate expenses.
Operating in the mid-scale hotel sector, Grand Continent Hotels and its joint venture partners currently manage 16 hotels with a total of 753 keys across Karnataka, Tamil Nadu, Goa, Andhra Pradesh, and Telangana (as of September 2024).
The IPO allotment will be finalized by March 25, and shares will begin trading on NSE Emerge from March 27. Indorient Financial Services is the book-running lead manager for the issue.
This marks the sixth SME IPO in March, following NAPS Global India, PDP Shipping & Projects, Super Iron Foundry, Paradeep Parivahan, and Divine Hira.
https://diy.sharekhan.com/app/Account/RegisterFOS?grpcd=12570&type=pb&grpid=12999&utm_empcode=PB12570OWNER&FormType=NSDL&CustomerType=FOS
