VENTIVE HOSPITALITY LIMITED FILES DRHP WITH SEBI
Ventive Hospitality Limited (Formerly known as ICC Realty (India) Private Limited), a hospitality asset owner with a primary focus on luxury offerings across business and leisure segments, has filed its Draft Red Herring Prospectus (“DRHP”) with market regulator Securities and Exchange Board of India (“SEBI”).
The
Company’s initial public offering comprises of a fresh issue of Equity Shares
of face value of ₹1 each aggregating up to ₹2000 Crores. The total offer size comprises of up
to Equity Shares of face value of ₹1 each aggregating up to ₹2000 Crores.
Ventive
Hospitality Limited, formerly known as ICC Realty (India) Private Limited was
founded as the hospitality division of Panchshil Realty, a real estate
conglomerate based in Pune which has a presence across the commercial, retail,
luxury residential and data center segments. In 2017, pursuant to the
acquisition of a 50% stake in the company, BRE Asia (formerly known as Xander
Investment Holding XVI Limited), an affiliate of Blackstone, became 50%
shareholder in the company.
Ventive
Hospitality Limited is a hospitality asset owner with a primary focus on luxury
offerings across business and leisure segments. All of the hospitality assets
are operated by or franchised from global operators, including Marriott,
Hilton, Minor and Atmosphere. The luxury hospitality assets comprise JW
Marriott, Pune, The Ritz-Carlton, Pune, Conrad, Maldives, Anantara, Maldives
and Raaya by Atmosphere, Maldives. The portfolio comprises 11 operational
hospitality assets in India and Maldives, totalling 2,036 keys across the
luxury, upper upscale and upscale segments as at March 31, 2024, compared to the
83 keys in 2007 when it commenced operations.
Ventive
Hospitality Limited has a proven track record of developing and acquiring
marquee hotel assets across various geographies and different hospitality
segments. Through the development and acquisition-led expansion, they have
scaled up the portfolio and forayed into new geographies such as Bengaluru,
Varanasi and the Maldives within the past few years. In addition to the luxury
hospitality assets, they have developed and acquired assets in upper upscale
and upscale segments, which serve as complementary offerings in the business
hubs of Pune and Bengaluru in India. As at March 31, 2024, the operating
portfolio consists of seven hospitality assets with 1,331 keys which were
developed by them and four hospitality assets with 705 keys which were acquired
by them. As part of our expansion, they have added 1,070 keys since 2019, which
comprise more than 50% of the number of keys in the portfolio as at March 31,
2024
The
luxury hospitality assets collectively contributed to over 80% of the pro forma
revenue from hotel operations for FY24, FY23 and FY22. The pro forma revenue
and pro forma EBITDA were the highest among listed hospitality asset owners in
India in FY24, FY23 and FY22. Among listed hospitality companies in India, the
pro forma revenue was the third highest in each of FY24 and FY23 and second
highest for FY22 and the pro forma EBITDA was the third highest in FY24 and
second highest for each of FY23 and FY22.
The
company believes that they are well-positioned to benefit from growing
hospitality demand in conjunction with relatively low new supply in the key
markets. India is among the fastest growing major economies in the world, while
Maldives has been ranked consistently as one of the best tourist island
destinations globally. The company plans to continue focusing on the core
strength of developing luxury and upscale hospitality assets and to increase
the number of keys across the hospitality assets by an estimated 367 keys or
18.02%, from 2,036 keys as at March 31, 2024 to approximately 2,403 keys in
FY2028 through planned development and expansion initiatives in Varanasi, Uttar
Pradesh and Bengaluru, Karnataka in India and Pottuvil, near Yala East National
Park and Arugam Bay Beach in Sri Lanka.
JM
Financial Limited, Axis Capital Limited, HSBC Securities and Capital Markets
(India) Private Limited, ICICI Securities Limited, IIFL Securities Limited,
Kotak Mahindra Capital Company Limited, SBI Capital Markets Limited are the Book Running Lead Managers to the issue.
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