Prestige Hospitality Ventures Ltd, the hospitality arm of Bengaluru-based real estate major Prestige Estates Projects Ltd, is set to file its Draft Red Herring Prospectus (DRHP) with SEBI this month to raise INR2,000–2,500 crore through an initial public offering, according to people familiar with the matter.
The proposed listing marks a significant move by the company to fuel its expansion across the hospitality sector. The proceeds from the IPO are expected to support the company’s growth strategy, particularly in the development of new hotel assets and enhancement of existing operations.
“The process has started and the DRHP will be filed in two weeks or so,” said a person directly aware of the company’s plans, requesting anonymity. “The money will be used for funding the growth plans in the hotels and hospitality space.”
Prestige Hospitality Ventures, a wholly owned subsidiary of Prestige Estates Projects, houses the group’s entire hospitality portfolio. It currently owns high-profile properties such as JW Marriott at Prestige Golfshire and Conrad Bengaluru.
Last year, Prestige Group announced its intention to double its hospitality footprint over the next three to four years, a vision that this IPO aims to accelerate. The group’s foray into hospitality has gained momentum in recent years, and the planned public listing signals its commitment to further diversifying its real estate portfolio.
