(Reuters) -Indian real-estate developer Prestige Estates’ hospitality business, Prestige Hospitality Ventures filed for a 27 billion rupees (about $317 million) initial public offering, according to draft papers released on Thursday.
WHY IT’S IMPORTANT
Prestige Hospitality IPO comes at a time when major Indian companies like Ather Energy have reduced their IPO size and LG Electronics India has delayed its listing amid market jitters.
Trade uncertainty sparked by U.S. President Donald Trump’s on-again, off-again tariffs has roiled global markets.
Despite this, about 67 companies have raised over $2.32 billion in public listings so far this year in India, according to data compiled by LSEG.
CONTEXT
Prestige Estates is looking to raise between 20 billion rupees to 30 billion rupees through the public float of its hospitality business, as per local media reports from June 2024.
Sustained travel demand in the country and successful listings of firms like Samhi Hotels and Juniper Hotels in 2024 have bolstered investor confidence in the sector.
BY THE NUMBERS
Under the IPO, Prestige Hospitality will offer new shares worth 17 billion rupees, while the parent company, Prestige Estates, will offer shares worth 10 billion rupees.
J.M. Financial, CLSA, J.P. Morgan and Kotak Mahindra Capital are the IPO’s lead book-running managers.
($1 = 85.3030 Indian rupees)
(Reporting by Manvi Pant in Bengaluru; Editing by Tasim Zahid)
