Initial Public Offering of Gurugram-based SAMHI Hotels Limited was subscribed 5.32 times on the last day of bidding.
The issue received bids of 33,29,86,871 shares against the offered 6,25,29,831 equity shares, at a price band of ₹119-126, according to data available on the stock exchanges.
Qualified Institutional Buyer Portion was subscribed 8.82 times, Non-Institutional Investors Portion was subscribed 1.22 times. whereas, Retail Portion was subscribed 1,11 times.
Nirmal Bang, IDBI Capital, and Arihant Capital have given recommendations of a “SUBSCRIBE” rating to the issue.
Investors bid for 333 million shares by the final day of bidding, 5.33 times more than the 62.5 million shares on offer, with institutional investors showing the most interest, as per data.
Gurugram-based SAMHI was incorporated in 2010 and has a portfolio of 31 operating hotels in 14 cities. Marriott accounted for more than 60% of its revenue last financial year, while Hyatt and InterContinental Hotels Group (IHG) contributed a little over 18% each.
SAMHI plans to use 9 billion rupees of the proceeds to repay debt, according to its IPO prospectus. Its consolidated outstanding debt was 31.18 billion rupees as of the end of June.
SAMHI Hotels specialises in acquiring and developing primary hotels, followed by renovation, rebranding, and repositioning of the properties, after which it manages them.
The Equity Shares of the company are proposed to be listed on BSE Limited and National Stock Exchange (NSE).
