Juniper Hotels, affiliated with the Hyatt brand, has received the final observation from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). 

The IPO is aimed at raising Rs18bn ($216.72m).  

The company filed preliminary IPO papers in September 2023. 

It intends to issue equity shares with a face value of Rs10 entirely through a fresh issue, without an offer for sale (OFS) component. 

The company noted that it may also consider a private placement of equity shares for up to Rs3.5bn ($42.14m).  

If this placement is completed, the size of the fresh issue will be reduced accordingly.  

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By GlobalData

Juniper Hotels aims to use the net proceeds of Rs15bn ($180.60m) for the repayment, prepayment, or redemption of certain outstanding borrowings, including interest, and general corporate purposes. 

JM Financial, CLSA India, and ICICI Securities have been hired as the book-running lead managers for the IPO, with KFin Technologies appointed as the registrar.  

The equity shares are proposed to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). 

Co-owned by Saraf Hotels and Two Seas Holdings, Juniper Hotels is a luxury hotel development and ownership company.  

It held 20% of the 1,836 Hyatt-affiliated hotel keys in India as of 30 June 2023, according to the Horwath Report referenced in the Draft Red Herring Prospectus (DRHP). 

Juniper Hotels manages a diverse portfolio of seven hotels and serviced apartments across various categories, including luxury, upper upscale, and upscale.  

These properties are located in six cities consisting of Mumbai, Lucknow, Raipur, Delhi, Ahmedabad, and Hampi.