Prestige Group's Hospitality Arm To Launch IPO, Aims To Raise ₹2,700 Crore
Mumbai: Prestige Hospitality Ventures Ltd (PHVL), the hospitality arm of real estate giant Prestige Estates Projects Ltd, has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The company plans to raise Rs 2,700 crore through its Initial Public Offering (IPO).
Structure of the Offer
The IPO will consist of two parts:
- A fresh issue of equity shares worth up to Rs 1,700 crore.
- An Offer for Sale (OFS) by Prestige Estates, the promoter, of equity shares worth up to Rs 1,000 crore.
PHVL’s Current and Upcoming Portfolio
As of December 31, 2024, PHVL owns seven operational hotels, offering a total of 1,445 keys. This includes 1,255 operational rooms, and one hotel under renovation with 190 keys. The company also has three ongoing hospitality projects with 951 expected keys, and nine future projects with 1,558 expected keys. These developments span a total of 4.52 million sq. ft. of space.
Fundraising Plan
The hospitality fund-raising committee of Prestige Estates has approved PHVL's participation in the OFS, helping raise Rs 1,000 crore.
About Prestige Estates
Prestige Estates is a leading real estate developer based in Bengaluru. The company is known for its residential, office, retail, and hotel projects. It is now expanding into the hospitality sector through PHVL.
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