Pride Hotels to file for public issue by Dec
Mumbai-based Pride Hotels, which is likely to be valued at around Rs 1,000 crore by year end, is set to hit the primary market by December.business Updated: Feb 20, 2012 22:56 IST
Mumbai-based Pride Hotels, which is likely to be valued at around Rs 1,000 crore by year end, is set to hit the primary market by December.
With this, Kotak Real Estate Fund that had acquired around 10% stake in Pride Hotels in 2007 could get an exit by the end 2012, a senior person close to the development said. Kotak had invested around R45 crore for the stake.
"We will be filing for an initial public offer (IPO) by December after our New Delhi property is completed and offload at least 25%," said SP Jain, managing director, Pride Hotels. Apart from Kotak another PE fund holds 1.8% stake.
The company had filed draft red herring prospectus and withdrawn it last year due to the market situation.
The company had earlier plans to raise Rs 200 crore. "Valuations will certainly change... The size of the IPO will depend on a combination of debt and equity but will not be less than Rs 250 crore," Jain told Hindustan Times.
The company had last week opened a mid-market hotel in Kolkata and added 153 rooms to its kitty, and plans to invest around Rs 1,000 crore by 2015.