Hotel Polo Towers Files Draft Papers For IPO; Plans To Raise Rs 300 Crore Via Fresh Issue
The proposed initial public offering will comprise a fresh issue of equity shares worth up to Rs 300 crore and an offer for sale of up to 71.2 lakh shares by existing promoters.
Hospitality firm Hotel Polo Towers has filed its Draft Red Herring Prospectus (DRHP) with market regulator SEBI, marking its intent to go public. The proposed initial public offering (IPO) will comprise a fresh issue of equity shares worth up to Rs 300 crore and an offer for sale (OFS) of up to 71.2 lakh shares by existing promoters.
The IPO will be managed by Equirus Capital Private Limited and Motilal Oswal Investment Advisors Limited, with MUFG Intime India Private Limited acting as the registrar to the offer.
Promoters Kishan Tibrewalla, Prem Tibrewalla, Deval Tibrewalla, and Kishan Tibrewalla HUF will offload shares as part of the OFS. The weighted average cost of acquisition for these shares ranges between Rs 0.14 and Rs 0.35 per share, as certified by independent chartered accountants Golchha Daga & Associates.
The offer is being made under Regulation 6(1) of SEBI’s Issue of Capital and Disclosure Requirements (ICDR) Regulations, 2018. The equity shares will carry a face value of Rs 2 each, and the IPO will be open to Qualified Institutional Buyers (QIBs), Non-Institutional Bidders (NIBs), and Retail Individual Bidders (RIBs), with specific reservations detailed in the offer structure.
Hotel Polo Towers operates from its registered office in Shillong, Meghalaya, and corporate office in Kolkata, West Bengal. Raghav Jhunjhunwala serves as the Company Secretary and Compliance Officer.
The Company develops, owns, operates and manages a chain of upscale and midscale hotels and resorts in Northeast, East, and North India under the ‘Polo’ and ‘Max’ brands. The Hospitality portfolio comprises 9 operational hotels and resorts with an aggregate inventory of 425 keys, together with 17 on-premise cafés and restaurants, and two standalone cafés.
