Prestige Hospitality Plans $318 Million IPO, Betting on Luxury Hotels in India
Photo Credit: Aerial view of JW Marriott Bengaluru Prestige Golfshire Resort & Spa. Marriott International
Skift Take
Prestige Hospitality’s IPO dwarfs the recent Brigade Hotel Ventures offer in scale.
Prestige Hospitality Ventures, part of the property development company Prestige Group, plans to raise up to INR 27 billion ($318 million) in its upcoming IPO.
In its Draft Red Herring Prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI) this weekend, Prestige said it is also considering a pre-IPO placement of up to INR 3.4 billion ($40 million).
The IPO market in India has been heating up. Prestige's filing comes almost 5 months after Brigade Hospitality filed an IPO. Brigade got a nod from regulators in February, but hasn't yet gone public.
Last September, Schloss Bangalore, the luxury hospitality group behind India’s The Leela Palaces, filed for a $599 million (INR 50 billion) IPO, the largest ever in India’s hotel industry. Earlier this year, ITC demerged its hotel business as a separate entity: ITC Hotels.
According to Prestige's draft prospectus, around INR 11 billion
