Grand Continent Hotels IPO allotment: How to check status online on NSE, MUFG Intime

Grand Continent Hotels IPO allotment: The basis of the allotment of hospitality company Grand Continent Hotels will be finalised on Tuesday, March 25.

The IPO, aimed at raising ₹74.46 crore, comprises a fresh issue of 62.60 lakh shares, aggregating to ₹70.74 crore, and an offer-for-sale (OFS) of 3.29 lakh shares, worth ₹3.72 crore.

Investors who have placed bids for the Grand Continent Hotels IPO are now waiting the finalisation of the share allotment process. Investors can check the status online on the portals of either the National Stock Exchange of India (NSE) or the IPO registrar MUFG Intime India Pvt Ltd.

How to check Grand Continent Hotels IPO allotment status on NSE

• Visit NSE’s allotment status page: https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids
• Select ‘Equity & SME IPO bid details’
• Choose ‘Grand Continent Hotels Ltd’ under the symbol ‘GCHOTELS’
• Enter your PAN details and application number.
• Click on submit

Steps to check Grand Continent Hotels IPO allotment status on MUFG Intime India

• Go to MUFG Intime India website at https://in.mpms.mufg.com/
• Click on ‘Investor Services’ section on the main menu and select ‘Public Issues’
• Select Grand Continent Hotels Ltd from the company names
• Enter either your application No, DP/Client ID, PAN, or Account No/IFSC
• Submit to check allotment status

Grand Continent Hotels IPO details

Grand Continent Hotels aims to raise ₹74.46 crore through its SME offer. The issue is a 100% book-built issue and is a combination of a fresh issuance of 62.6 lakh shares and an offer-for-sale (OFS) of 3.29 lakh shares.

The company has fixed the price band of the issue at ₹107 to ₹113 per share. The lot size, or the minimum bid quantity to apply for the issue, is 1,200 shares. This totals into a minimum investment of over ₹1.35 lakh for retail investors and ₹2.71 lakh for high net-worth investors (HNIs), who need to bid for a minimum of 2 lots.

Grand Continent Hotels has appointed Indorient Financial Services Ltd as the book-running lead manager of the IPO, while Link Intime India Pvt. Ltd is the registrar for the issue. The market maker for the Grand Continent Hotels IPO is Alacrity Securities Ltd.

Grand Continent Hotels IPO: Use of proceeds

Grand Continent Hotels proposes to utilise the net proceeds from the IPO mainly for the repayment of loans and capital expansion plans.

In its red herring prospectus (RHP) submitted to the Securities and Exchange Board of India (Sebi), Grand Continent Hotels said that it plans to use nearly ₹34.1 crore of the IPO proceeds for repayment and/or prepayment, in full or in part, of certain outstanding borrowings availed by the company. It also proposed to use ₹16.8 crore for the expansion of hotel properties in India. The remaining amount would be used for general corporate purposes.

Grand Continent Hotels IPO: About the company

Founded in 2011, Grand Continent Hotels Ltd is a hospitality company that caters to the mid-market hotel segment. The hotel group boasts an impressive portfolio of over 900 rooms spread across 20 properties in nine major cities across southern states and Goa.

Strategically located in prime urban areas, each hotel is designed to meet the diverse needs of both business and leisure travellers.

As of September 30, 2024, the company and its joint venture partner Entities operate hotels across Karnataka (Bengaluru/Mysuru), Tamil Nadu (Hosur), Goa (Anjuna/Morjim), Andhra Pradesh (Tirupati), and Telangana (Secunderabad).

Grand Continent Hotels IPO: Company financials

For the first six months of the current financial year 2024-25 ended September 2024, Grand Continent Hotels reported consolidated revenue of ₹31.86 crore and a profit after tax (PAT) of ₹6.81 crore.

For the previous financial year 2023-24, the company had reported revenue of ₹31.53 crore compared to ₹17.05 crore in FY 2022-23. Its net profit increased multifold to ₹4.12 crore in FY24 compared to ₹1.05 crore in FY23.