Grand Continent Hotels IPO opens for subscription: Check price band, lot size, objectives, key dates and more

Grand Continent Hotels IPO: The initial share sale of hotel chain Grand Continent Hotels opened for subscription on Thursday, March 20. The issue will conclude on Monday, March 24. The price band has been set at ₹107 to ₹113 per share.

The ₹74.46 crore initial public offer is a mix of a fresh issuance of 62.60 lakh shares amounting to ₹70.74 crore and an offer for sale (OFS) component of 3.29 lakh shares valued at ₹3.72 crore.

The money raised will be used to repay certain borrowings availed by the company, expand hotel properties in India, and for general corporate purposes.

Grand Continent Hotels IPO: Lot size

The minimum application size is 1,200 shares for an investment of ₹1,28,400. High net-worth individuals can apply for 2,400 shares worth ₹2,71,200.

The company has set aside 50% of the net issue for qualified institutional buyers (QIBs), 35% for retail investors, and 15% for non-institutional investors (NIIs).

Grand Continent Hotels IPO: Allotment and listing date

The basis of allotment will be finalised on Tuesday, March 25. For successful investors, shares will be credited to the Demat account on March 26. Refunds for unsuccessful investors will be initiated on the same day.

The listing on the NSE SME platform Emerge will occur on March 27.

The book-running lead manager for the issue is Indorient Financial Services, while MUFG Intime India is the registrar.

About the company

Grand Continent Hotels is a hotel chain, consisting of the economy, mid-priced and upper-mid priced hotel segments. The company along with the joint venture (JV) partner entities have 16 operational hotel properties. It operates 753 hotel keys as of September 2024 across Karnataka, Tamil Nadu, Andhra Pradesh, Goa, and Telangana. It has a significant presence in Bengaluru with 10 hotels.

The company has 538 employees as of September 30, 2024.