Ventive Hospitality Raises Rs 720 Crore From Anchor Investors Prior To IPO Launch

Ventive Hospitality India Ltd. has raised Rs 719.54 crore from anchor investors on Thursday, ahead of its initial public offering. The company allotted 1.12 crore shares at Rs 643 apiece to 26 anchor investors.

Quant Mutual Fund—Quant Small Cap Fund—got the highest allocation of 20.57%. Maybank Securities Pte. got the second highest allotment of 15.01%, and Quant Mutual Fund-Quanti Multi Asset Fund and Quant Mutual Fund-Quant Dynamic Asset Allocation Fund got a 7.09% stake each.

Four domestic mutual funds have applied through eight schemes, a hospitality company said in an exchange filing on Thursday. They have collectively netted 43.08% of the anchor portion.

Quant Mutual Fund, JM Financial Mutual Fund, and Samco were among the top fund houses in this category.

JM Financial Ltd., Axis Capital Ltd., HSBC Securities and Capital Markets (India) Pvt., ICIC Securities Ltd., IIFL Capital Services Ltd., Kotak Mahindra Capital Co., and SBI Capital Markets Ltd. are the book-running lead managers to the issue.

The company will launch its initial public offering on Friday to raise up to Rs 1,600 crore. The company has set a price band of Rs 610-643 per share for its three-day IPO, which only comprises a fresh issue. The minimum application lot size is 23 shares.

The offer, which concludes on Tuesday, is set to list on the BSE and the National Stock Exchange.

The company plans to use up to Rs 1,400 crore of the share sale proceeds to fund repayment and prepayments of debts.

Ventive Hospitality is a hospitality asset owner primarily focused on luxury offerings across business and leisure segments in India and the Maldives.

The company operates 2,036 hotel keys across the luxury, upper upscale, and upscale segments. Other properties include Marriott Suites, Double Trees by Hilton, Marriott Aloft Whitefield, and Marriott Aloft ORR in Bengaluru.