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Pride Hotels, one of India's established hospitality companies, has received approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering, aiming to raise INR 1,000 crore. The issue comprises a fresh equity component and an offer for sale by promoters and promoter group shareholders. Proceeds will be used for renovation of existing properties, debt repayment, and general corporate purposes. The company currently operates 34 hotels across major cities and resorts, and plans to list its shares on both BSE and NSE.
Pride Hotels Limited, a Mumbai-based hospitality company, has secured approval from SEBI to launch its initial public offering (IPO), allowing the group to raise around INR 1,000 crore from the market. The IPO is structured with a fresh issue of INR 260 crore and an offer for sale of up to 3.92 crore shares by promoter and promoter-group shareholders. The company may also conduct a pre-IPO placement of up to INR 52 crore, which would reduce the fresh issue size if completed. Advertisement
The company plans to use the funds to renovate and upgrade existing hotels, repay outstanding debt, and support general corporate purposes. This funding will help Pride Hotels maintain its operational standards and enhance guest experience across its properties. Over the past few years, the group has focused on expanding its portfolio and now operates 34 hotels and resorts with 2,723 rooms across key metropolitan and leisure destinations. The expansion has grown the company from 19 hotels in 2019 to its current size, reflecting steady growth and operational consolidation.
The hotel chain operates in cities including New Delhi, Ahmedabad, Kolkata, Bengaluru, Pune, and Chennai, with renovations planned in multiple properties in the coming months. These upgrades are expected to improve occupancy and service quality, ensuring the company remains competitive in the hospitality sector.
Once completed, the IPO will result in listing on both the BSE and NSE, providing investors access to a growing hospitality business with a strong presence in India's urban and leisure destinations. Motilal Oswal Investment Advisors Ltd and JM Financial are appointed as book-running lead managers for the issue, managing investor subscriptions and allocation processes.
Pride Hotels has steadily focused on improving its operational efficiency and financial health, reducing reliance on internal accruals or bank borrowings. The IPO proceeds are also likely to support strategic investments in technology, property enhancements, and other corporate initiatives. The company's approach reflects a balanced strategy of growth, asset management, and financial prudence.
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