SMAHI Hotels, Motisons Jewellers get Sebi nod to float IPOs
Sebi to raise funds through an IPO.
In Sebi's parlance, a final observation letter is equivalent to approval.
SAMHI Hotels had filed preliminary IPO papers with Sebi in March. The issue comprises a fresh equity of Rs 1,000 crore and an offer for sale (OFS) of 9 million shares by selling shareholders.
Under the OFS, Blue Chandra Pte will offload 4.23 million shares, Goldman Sachs will sell up to 2.48 million units.
Other selling shareholders include GTI Capital Alpha Pvt Ltd and International Finance Corporation. It is a partial exit by the existing shareholders to meet the listing regulations.
The offer is being made through the book building process where 75% of the issue is reserved for qualified institutional buyers, 15% for non-institutional investors and 10% for retail investors.
The company, Blue Chandra Pte and Goldman Sachs, in consultation with the book running lead managers may consider a private placement of equity shares of up to Rs 200 crore.
If such placement is completed, the fresh issue size will be reduced.
SAMHI Hotels is a prominent hotel ownership and asset management platform in India, with the third largest inventory of operational keys (owned and leased) in the country as of February, 2023.
The company acquires or builds primary hotels and thereafter renovates, rebrands the properties under its wings. Some of the marquee names in its portfolio are Hyatt Regency-Pune, Courtyard by Marriott-Bengaluru.
JM Financial and Kotak Mahindra Capital Company are the book-running lead managers for the issue, and KFin Technologies is the registrar.
Meanwhile, Motisons Jewellers, which too had filed its draft papers in March, is offering completely fresh equity of 33.47 million equity shares in the IPO.
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