Juniper Hotels IPO receives tepid response on day 1; Issue booked 12%

Juniper Hotels IPO: The initial public offering (IPO) of Juniper Hotels received a tepid response from investors on the first day of subscription. Not much enthusiasm was expressed by the retail investors, and there was very little response from non-institutional investors (NIIs), while the portion reserved for qualified institutional buyers (QIBs) was left unsubscribed.

The issue received bids of 32,50,160 shares against the offered 2,89,47,367 equity shares, at a price band of 342-360, according to the data available on the stock exchanges. The overall issue was subscribed 11 per cent, while the portion reserved for retail investors was booked 57 per cent. The portion reserved for NIIs was booked 0.06 times, whereas QIBs are yet to submit their bids.

Juniper Hotels IPO details.

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Juniper Hotels IPO details.

Juniper Hotels IPO Details

The issue kicked off for subscription on Wednesday, February 21, 2024 and will close on Friday, February 23, 2024. Juniper Hotels IPO, which is worth 1,800 crore, completely comprises a fresh issue, and there is no offer-for-sale component. The lot size is 40 equity shares and in multiples of 40 equity shares thereafter.

A day prior to the opening of the issue, Juniper Hotels Ltd had raised 810 crore from anchor investors. Foreign and Domestic Institutions who participated in the anchor were Fidelity, Kotak Mahindra MF, Government Pension Fund (Norges), White Oak, Schroder, The Prudential Assurance Company (MNG), Invesco, ICICI Prudential Life Insurance, HDFC Life Insurance and Quant Mutual Fund.

Juniper Hotels Ltd is a luxury hotel development and ownership company operating in luxury, upper upscale and upscale category of hotels across various locations in India, namely Mumbai, Delhi, Ahmedabad, Lucknow, Raipur and Hampi. As of September 30, 2023, Juniper Hotels operated 1,836 keys across seven hotels and serviced apartments.

The company plans to utilise the net proceeds of the issue for the following purposes: General corporate purposes; full or partial repayment, prepayment, or redemption of certain outstanding borrowings incurred by the company and our recent acquisitions, Chartered Hotels Private Limited and Chartered Hampi Hotels Private Limited.

Tentatively, Juniper Hotels IPO basis of allotment of shares will be finalised on Monday, February 26 and the company will initiate refunds on Tuesday, February 27, while the shares will be credited to the demat account of allottees on the same day. Juniper Hotels IPO shares are likely to be listed on BSE and NSE on Wednesday, February 28.

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Published: 21 Feb 2024, 10:44 PM IST

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