The Singaporean investment group Blue Chandra had been the largest shareholder in the branded hotel ownership and asset management platform prior to this equity sale.

Samhi Hotels disclosed in a press release dated September 9 that Blue Chandra, one of the selling shareholders in the company’s IPO, has transferred 1,03,17,460 equity shares at a price of Rs 126 per share. This represents 8.4 percent of the pre-offer paid-up equity (sale shares).

On September 6, Blue Chandra sold 23.8 million shares (1.94 percent pre-offer stake) to Madhuri Madhusudan Kela, wife of ace investor Madhusudan Kela, for Rs 30 crore, and 55.55 million shares (4.52% pre-offer stake) to Nuvama Crossover Opportunities Fund for Rs 70 crore.

On September 8, TIMF Holdings, a venture capital firm based in San Francisco, purchased 23.8 lakh shares (1.94 percent pre-offer interest) in Samhi Hotels from Blue Chandra for Rs 30 crore.

Blue Chandra’s pre-offer paid-up equity share capital in privately held Samhi Hotels has decreased from 30.65 percent to 22.25 percent as a result of the sale. As a result, it has surpassed ACIC Mauritius as the company’s second-largest stakeholder (after ACIC Mauritius, which owns 30.51 percent).

“The shares being sold by Blue Chandra are not part of the equity shares that Blue Chandra intends to offer for sale in the OFS. Shares offered for sale “shall be subject to lock-in,” the business declared.

Subscriptions for the public issue of privately held Samhi Hotels will be open from September 14-18, as stated in the red herring prospectus (RHP) filing made on September 5. This is prior to the aforementioned stake sale by Blue Chandra.

Redmi Pad | MediaTek Helio G99 | 26.95cm (10.61 inch) 2K Resolution & 90Hz Refresh Rate Display

Lenovo Tab M10 HD (2nd Gen)|10.1 Inch (25.6 cm) |3 GB RAM, 32 GB ROM

Possible Offer Size

The company is issuing new shares valued at Rs. 1,200 crore, while three selling shareholders—Blue Chandra, Goldman Sachs Investments Holdings (Asia), and GTI Capital Alpha—are offering an additional 1.35 crore shares through an OFS.

Goldman Sachs Investments Holdings (Asia) currently owns 17.94% of the stock, followed by GTI Capital Alpha with 11.2% and Sarvara Investment Fund I with 6.68%.

Samhi Hotels, which is managed by experts, has not yet declared the price range, but if it is anywhere near the Rs 126 per share at which Blue Chandra sold its 8.4 percent interest, the entire issue size will be roughly Rs 1,370.1 crore.

The majority of the net proceeds from the fresh offering would go toward retiring the company’s 900 crore rupees in debt, while the rest will be used for working capital and other corporate objectives.

Samhi Hotels is a hotel owner and asset manager that focuses on purchasing or developing hotels, mainly those catering to business travelers, and then taking the necessary measures to modernize the properties and partner with well-known hotel brands. The company then uses its in-house, unique asset management tools and skills to further improve the property’s long-term financial and operational performance following the aforementioned one-time improvement.

It has taken just 12 years for the company to grow from its inception to its current portfolio of 25 hotels with 3,839 available rooms in 12 major urban centers for consumer spending in India. After acquiring ACIC on August 10, 2023, the total number of hotel rooms in its portfolio grew to 4,801.

Merchant banks JM Financial and Kotak Mahindra Capital Company are handling the offering.

Also read :-Zaggle Prepaid Ocean Services IPO opens on September 14

The post Blue Chandra sells Rs 130 cr shares in Samhi Hotels ahead of IPO for Rs 126 per share appeared first on Republic Aeon.

New shares worth Rs. 1,200 crore are being issued, while three existing shareholders are offering to sell 1.35 billion of their shares in an OFS.

The new size is Rs 1,200 crore, up from Rs 1,000 crore, and the OFS size is 1.35 billion shares, up from 90 million shares.

As part of the OFS, Equity International Fund V, the owner of Singapore-based Blue Chandra Pte Ltd, would sell 84.28 lakh equity shares, Goldman Sachs Investments Holdings (Asia) will sell 49.31 lakh shares, and GTI Capital Alpha will sell 1.4 lakh shares.

Selling shareholders will receive the funds from the OFS, while the business would use the net fresh issue proceeds primarily to service debts of Rs 900 crore and the remainder for general corporate purposes. The company has a total of Rs 2,812.5 crore in outstanding borrowings as of June 2023, with FCCDs accounting for Rs 142.9 crore of the total.

Samhi Hotels, a privately held company, has set aside 75% of the issue size for institutional investors, 15% for high-net-worth individuals, and 10% for the general public.

QIB’s anchor book will be opened for one day on September 13, and the offer will end the following day on September 18.

Financial Performance

According to the prospectus’s disclosed financials, the company is currently losing money, but its losses have been decreasing each year. The company’s overall net loss decreased to Rs 338.6 crore in the fiscal year ending in March FY23 from Rs 443.25 crore the year before, thanks to robust operating numbers and top-line success.

In FY23, consolidated operating revenue increased by 129% year-over-year to Rs 738.6 crore, while EBITDA (earnings before interest, tax, depreciation, and amortisation) increased by nearly 21-fold, to Rs 237.7 crore from Rs 11.4 crore, and the margin increased dramatically, to 32.2% from 3.54 percent.

TIMEX 3 Hands Men Analog Dial Coloured Quartz Watch, Round Dial with 30 mm Case Width

TIMEX Multifunction Men Analog Dial Coloured Quartz Watch, Round Dial with 30 mm Case Width

In just 12 years since opening its doors, Samhi Hotels has expanded to 25 hotels with 3,839 available rooms in 12 of India’s most important commercial hubs like Bengaluru, Hyderabad, the National Capital Region, Pune, Chennai, and Ahmedabad. This number will rise to 33 hotels by the end of the current fiscal year in March 2023. A total of 4,801 rooms at 31 hotels are now part of its portfolio after the ACIC purchase closed on August 10, 2023.

In order to position its hotels effectively in the market, the company primarily buys or constructs business hotels, and then takes the necessary steps to renovate those properties and work with well-known branded hotel operators. In order to improve the property’s ongoing financial and operational performance once the initial update is complete, it makes use of its in-house and proprietary asset management tools and capabilities.

Shareholding

With a 30.65 percent stake, Blue Chandra is the company’s largest stakeholder. Goldman Sachs Investments Holdings (Asia) has a 17.94% interest, while ACIC Mauritius I & II own a combined 30.51 %. An 11.20% position is held by GTI Capital Alpha, while a 6.68% stake is held by Sarvara Investment Fund I.

Also read :- Explained: Family pension under EPFO’s Employees’ Pension Scheme (EPS)

By September 22, the company will have finalized the basis of allotment of IPO shares in conjunction with the BSE, and by September 26, qualified investors will have received the shares in their demat accounts. Investors who were unsuccessful will have their money returned to their accounts by the 25th of September.

On September 27th, the well-known branded hotel ownership and asset management platform will make its debut on the NSE and BSE.

The issue’s merchant bankers are JM Financial and Kotak Mahindra Capital Company, while the registrar is KFin Technologies.

The post Samhi Hotels IPO to open on September 14, fresh issue size revised upwards to Rs 1,200 crore appeared first on Republic Aeon.

The company revised the draft papers in March for an initial public offering. In an effort to raise almost Rs 2,000 crore, it submitted its IPO paperwork for the first time in September of this year. However, the outbreak of Covids in the beginning of 2020 put a damper on the situation.

According to the updated prospectus, the IPO will consist of Rs 1,000 crore in new issuance and an OFS of 90 lakh shares.

The sellers in the OFS include Blue Chandra, the company’s largest stakeholder, Goldman Sachs Investments Holdings (Asia), GTI Capital Alpha, and International Finance Corporation.

Non-publicly traded The Sebi’s letter of observation was delivered to Samhi Hotels on August 31. Having received an observation from Sebi about the draft offer document, the business is now free to proceed with the proposed initial share sale.

The fresh issue proceeds of the well-known hotel ownership and asset management platform will be used primarily to cover debts of Rs 750 crore, with the balance funds being used for general business purposes; the OFS funds will be distributed to selling shareholders.

As of the 28th of February, 2023, Samhi Hotels’ portfolio included 25 hotels with 3,839 available rooms across 12 major metropolitan consumption centers like Bengaluru, Hyderabad, the National Capital Region, Pune, Chennai, and Ahmedabad.

It focuses on purchasing or developing hotels that cater to business travelers, and then takes measures to improve the properties and work with well-known hotel brands to ensure that the hotels are positioned competitively. After that, it uses its own internal asset management tools and capabilities to boost the building’s ongoing financial and operational performance.

Merchant bankers for the offering include JM Financial and Kotak Mahindra Capital Company.

Wooum Rechargeable Led Desk Lamp Touch Control On/Off Student Study Table 

RUCON® 3D Moon Night lamp with Wooden Stand, 7 Multi Colors Changing Touch Sensor

Motisons Jewellers IPO

Motisons Jewellers, which initially filed draft documents in March, received approval for a public offering from the market regulator on August 28. There will be a total of 3.34 billion new equity shares issued as part of the IPO.

Also read :- India very ambitious about UPI, wants to internationalise it, sources say

Therefore, the corporation will use the whole issue proceeds for debt retirement, working capital needs, and other general corporate purposes, less the IPO charges.

The Motisons brand is used by four stores owned by Rajasthan’s Motisons Jewellers, which has been in business for over twenty years. The Chhabra family owns it entirely.

Holani Consultants is handling the situation as the issue’s bookkeeper.

The post Equity International, Asiya Capital, Goldman-backed Samhi Hotels get Sebi nod to float IPO appeared first on Republic Aeon.