Indian hotel owner and asset manager Samhi Hotels has refiled its draft red herring prospectus (DRHP) with the market’s regulator Securities and Exchange Board of India (Sebi).
The Economic Times reported that the Goldman Sachs-backed company’s action is part of its plan to raise funds worth Rs10bn ($121.6m) in a fresh issue of shares through an initial public offering (IPO).
The proposed IPO is also expected to include an offer for sale (OFS) of up to nine million equity shares with certain existing shareholders looking to dilute their stake in the company.
The OFS component includes the sale of up to 2.47 million equity shares by Goldman Sachs Investments (Asia), 4.23 million equity shares by Blue Chandra, 1.54 million equity shares by GTI Capital Alpha, and 0.7 million equity shares by International Finance Corporation (IFC).
JM Financial, a diversified financial services group, and Kotak Mahindra Capital Company, an investment bank, were appointed to serve as the book-running lead managers for the issue.
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Samhi Hotels is expected to use the proceeds from the IPO to repay debts, pay interests, and for general corporate purposes.
The move comes after the company filed papers for an IPO with Sebi in September 2019. The regulator approved the application; however, the company did not pursue the plans at the time.
Samhi Hotels was incorporated in 2010 and has long-term management contracts with global hotel operators such as Marriott, Hyatt, and IHG.
The company launched Asia’s first Fairfield by Marriott hotel in Bengaluru, Karnataka, in 2013. It attracted investment from IFC in 2014.
Samhi Hotel’s portfolio comprises 3,839 keys across 25 operating hotels in the country as of 28 February 2023.
