Samhi Hotels Ltd, backed by Equity International, ACIC Mauritius, and Goldman Sachs announced the pricing range, for its offering (IPO) at Rs 119 126 per share. The IPO is scheduled to commence on September 14th with anchor bidding taking place on September 13th.
Samhi Hotels Ltd, with strong backing from Equity International, ACIC Mauritius, and Goldman Sachs, has unveiled the pricing details for its upcoming public offering. The price range for the IPO has been set at Rs 119-126 per share, with the IPO slated to kick off on September 14 and conclude on the 18th. Prior to that, anchor bidding will be available on September 13.
The company has outlined the following timeline: the refund initiation will take place on September 25, and the equity shares will be credited on September 26. Finally, the company will make its debut on the stock exchanges on September 27.
The IPO is a two-fold offering, consisting of a fresh issuance of shares valued at Rs 1,200 crore and an offer-for-sale (OFS) of 1.35 crore equity shares by three shareholders. At the upper end of the IPO price band, the total issue’s value will stand at approximately Rs 1,370 crore. This aligns with the company’s valuation of Rs 2,750 crore.
The proceeds from the fresh issue will primarily be directed towards clearing debts amounting to Rs 900 crore, with the remainder allocated for general corporate purposes.
Meanwhile, the funds from the OFS will go to the selling shareholders. As of June 2023, the company’s consolidated outstanding borrowings totaled Rs 2,812.5 crore, including Rs 142.9 crore in Foreign Currency Convertible Debentures (FCCDs).
In terms of ownership, Blue Chandra commands the largest stake in the professionally managed company, with a 30.65 percent holding. ACIC Mauritius I and II together possess a 30.51 percent stake, while Goldman Sachs Investments Holdings (Asia) holds a 17.94 percent stake. GTI Capital Alpha and Sarvara Investment Fund I have ownership stakes of 11.20 percent and 6.68 percent, respectively.
JM Financial, and Kotak Mahindra Capital Company have been appointed as the merchant bankers, while KFin Technologies will serve as the registrar.
