Juniper Hotels IPO receives muted response on day 2; Issue booked 23%, retail portion subscribed 87%
Juniper Hotels IPO: The initial public offering (IPO) of Juniper Hotels continued to receive a tepid response from investors on the second day of subscription. Juniper Hotels IPO has reserved not less than 75 per cent of the shares in the public issue for qualified institutional buyers (QIB), not more than 15 per cent for the non institutional investors (NII), and not more than 10 per cent of the offer is reserved for retail investors.
Also Read: Juniper Hotels IPO: Price band set at ₹342-360 per share; check GMP, key dates, issue details, more
The issue received bids of 66,08,160 shares against the offered 2,89,47,367 equity shares, at a price band of ₹342-360, according to the data available on the stock exchanges. The overall issue was subscribed 23 per cent, while the portion reserved for retail investors was booked 87 per cent. The portion reserved for NIIs was booked 0.14 per cent, whereas QIBs’ was subscribed 0.06 per cent. On the first day, the issue was booked only 12 per cent.
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Juniper Hotels IPO Details
The issue kicked off for subscription on Wednesday, February 21, 2024 and will close on Friday, February 23, 2024. Juniper Hotels IPO, which is worth ₹1,800 crore, completely comprises a fresh issue, and there is no offer-for-sale component. The lot size is 40 equity shares and in multiples of 40 equity shares thereafter.
A day prior to the opening of the issue, Juniper Hotels Ltd had raised ₹810 crore from anchor investors. Foreign and Domestic Institutions who participated in the anchor were Fidelity, Kotak Mahindra MF, Government Pension Fund (Norges), White Oak, Schroder, The Prudential Assurance Company (MNG), Invesco, ICICI Prudential Life Insurance, HDFC Life Insurance and Quant Mutual Fund.
Juniper Hotels Ltd is a luxury hotel development and ownership company operating in luxury, upper upscale and upscale category of hotels across various locations in India, namely Mumbai, Delhi, Ahmedabad, Lucknow, Raipur and Hampi. As of September 30, 2023, Juniper Hotels operated 1,836 keys across seven hotels and serviced apartments.
The company plans to utilise the net proceeds of the issue for the following purposes: General corporate purposes; full or partial repayment, prepayment, or redemption of certain outstanding borrowings incurred by the company and our recent acquisitions, Chartered Hotels Private Limited and Chartered Hampi Hotels Private Limited.
Tentatively, Juniper Hotels IPO basis of allotment of shares will be finalised on Monday, February 26 and the company will initiate refunds on Tuesday, February 27, while the shares will be credited to the demat account of allottees on the same day. Juniper Hotels IPO shares are likely to be listed on BSE and NSE on Wednesday, February 28.
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Published: 22 Feb 2024, 10:17 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.