Pride Hotels Set to Go Public with Rs 1,000 Crore IPO

Pride Hotels, a hospitality chain, has obtained regulatory approval for a Rs 1,000 crore IPO. The proceeds will fund hotel renovations, debt repayment, and expansion efforts. With 34 operational properties, Pride plans to list on BSE and NSE, with Motilal Oswal and JM Financial as lead managers.

Pride Hotels, a prominent hospitality chain, has secured approval from the Securities and Exchange Board of India (Sebi) to launch its initial public offering (IPO), aiming to raise Rs 1,000 crore. The funds will be utilized for hotel renovations, debt repayment, and general corporate purposes.

The organization plans to offer a mix of fresh shares and an offer-for-sale by promoters, with the IPO comprising fresh shares worth Rs 260 crore. A pre-IPO placement may adjust the fresh issue amount. The company operates 34 hotels and resorts encompassing 2,723 rooms.

Pride Hotels Chairman Sureshchand Premchand Jain has articulated plans to deploy funds for renovating six major properties. The company's shares will be listed on BSE and NSE, with Motilal Oswal and JM Financial guiding the book-running process.

(With inputs from agencies.)