Samhi Hotels, a major player in India's hospitality sector with stakes in Fairfield by Marriott and Holiday Inn Express brands, listed its shares on the stock exchange on Friday. The Gurugram-based company fixed its initial public offering (IPO) price at ₹126 ($1 = ₹82.96) per share, the upper limit of the IPO price range of ₹119-126.
The hotelier raised ₹1,370.10 crore (Rs 1 crore = $120,545) through its IPO, which was oversubscribed by 5.33 times on the final day. The IPO comprised a fresh issue of shares worth ₹1,200 crore and an offer for sale (OFS) of 1.35 crore shares by current shareholders.
Three major stakeholders divested their shares during the OFS: Blue Chandra Pte Ltd sold up to 8.428 million equity shares; Goldman Sachs Investments Holdings (Asia) Ltd parted with 4.931 million equity shares; and GTI Capital Alpha Pvt Ltd offloaded up to 140,000 equity shares.
Prior to the IPO, Samhi Hotels managed to raise ₹616.50 crore from anchor investors by allocating 4.89 crore shares at ₹126 each. The group of investors included both foreign and domestic institutions such as the Government of Singapore, SBI Multicap Fund, ICICI Prudential Value Discovery (NASDAQ:WBD) Fund, Sun Life Aditya Birla India Fund, Tata MF, Singularity Growth Opportunities Fund, Think India Opportunities Master Fund, Turnaround Opportunities Fund, HSBC Global Investment Funds, Nuvama Crossover Opportunities Fund, Edelweiss Mutual Fund and Lion Global Asia Pacific Fund.
Samhi Hotels plans to use the proceeds from the IPO to repay debts and for other general corporate purposes.
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