Prestige Hotel Ventures Limited, a developer and owner of luxury, upper-upscale, and upper-midscale hospitality assets in India, has filed its Draft Red Herring Prospectus (DRHP) with SEBI. The IPO includes a fresh equity issue worth ₹1,700 crore and an offer for sale of shares aggregating ₹1,000 crore by Prestige Estates Projects Limited, the promoter entity.
Proceeds will be used to repay or prepay ₹1,121.276 crore of borrowings, fund acquisitions, and pursue strategic initiatives. Prestige Hotel Ventures operates seven hospitality assets with 1,445 keys, including one under renovation. It also has three ongoing projects with 951 keys and nine upcoming properties with 1,558 keys across major cities like Bengaluru, Delhi-NCR, Mumbai, Goa, Hyderabad, and Chennai.
The company has partnerships with leading global hospitality brands, including Marriott, Hilton’s Conrad, and Banyan Tree’s Angsana. Notably, it manages the highest number of keys in Marriott’s portfolio in India, representing 9% of its managed assets.
The firm’s revenue from hospitality services grew at a CAGR of 103.73% between FY22 and FY24, reaching ₹795.695 crore in FY24. JM Financial, CLSA India, J.P. Morgan India, and Kotak Mahindra Capital are the lead managers for the IPO.
