Suba Hotels Limited, one of India’s fastest-growing mid-market hospitality chains, has announced the launch of its Initial Public Offering (IPO), which will open on Monday, September 29, 2025, and close on Wednesday, October 1, 2025. The company is targeting a listing on NSE Emerge on October 7, 2025.
With 88 operational hotels comprising 4,096 keys across more than 50 Indian cities, Suba Hotels has emerged as a strong player in the mid-market segment, particularly in Tier 2 and Tier 3 destinations. Its pipeline includes 40 additional properties with 1,831 rooms under development. The company’s asset-light model combines owned, managed, leased, revenue-share and franchised hotels, and is further bolstered by its exclusive master franchise rights for Choice Hotels’ international brands—Comfort, Clarion and Quality—in India.
The IPO will comprise up to 67,99,200 equity shares of face value INR 10 each, priced in the range of INR 105 to INR 111 per share, translating into a total issue size of INR 75.47 crore at the upper band. On completion of the offering, the company’s market capitalisation is expected to stand at INR 269.12 crore. The anchor investor bidding is scheduled for September 26.
Proceeds from the issue will be deployed towards capital expenditure for hotel upgrades, last-mile project funding and general corporate purposes, helping the company accelerate its domestic and international scale-up.
Commenting on the launch, Mansur Mehta, Chairman and Managing Director of Suba Hotels Limited, said the IPO marks a pivotal moment in the company’s journey. “Over the last two decades, we have built Suba into a trusted brand with a diversified portfolio across India’s key business and leisure hubs. With our asset-light model, global brand partnerships and expansion into Tier 2 and Tier 3 cities, we are uniquely positioned for sustainable growth. The IPO will help us strengthen our balance sheet and drive future expansion.”
Mubeen Mehta, Chief Executive Officer of Suba Hotels, added that the company’s vision is to create a hospitality ecosystem that balances growth, innovation and guest delight. “With a strong pipeline of properties, focused investments in technology and loyalty programmes, and a proven model across owned, leased and managed formats, we are building scale with sustainability. This IPO is not just a milestone for our company but also a commitment to deliver consistent value to all stakeholders.”
Brijesh Parekh, Founder of Unistone Capital Private Limited, the book running lead manager to the issue, described the offering as an attractive opportunity. “Suba Hotels is well-placed to capture India’s rising hospitality demand, especially in underserved Tier 2 and Tier 3 markets. Its strong multi-brand portfolio, proven ability to acquire and turnaround assets and strategic international tie-ups make this IPO a compelling proposition for investors.”
The issue is being managed by Unistone Capital Private Limited, with Bigshare Services Private Limited acting as registrar.
