Ventive Hospitality IPO Sees Strong Start with 71% Subscription

Ventive Hospitality Ltd's IPO received 71% subscription on its first day. The IPO, with a price range of Rs 610-643 per share, aims to raise Rs 1,600 crore without an offer-for-sale component. The company is a joint venture between Blackstone and Panchshil Realty.

The initial public offering (IPO) of Ventive Hospitality Ltd witnessed a promising start, garnering 71% subscription on the first day of bidding, Friday, according to NSE data.

Bids totaled 1,02,39,485 shares against the 1,44,34,453 shares on offer. The IPO's categories showed variance, with Qualified Institutional Buyers (QIBs) subscribing at 1.05 times, while Retail Individual Investors (RIIs) and Non-Institutional Investors subscribed at 61% and 10%, respectively.

Backed by Blackstone, Ventive Hospitality is looking to utilize the IPO proceeds, set within a price band of Rs 610-643 per share, entirely for a Rs 1,600 crore fresh equity issue. The funds aim to settle debt, including accrued interest. As a joint venture between the US-based Blackstone Group and Panchshil Realty, Ventive focuses on luxury hospitality across India and the Maldives, with a portfolio of 11 properties operated by global names like Marriott and Hilton.

(With inputs from agencies.)