MUMBAI: Ventive Hospitality, formerly known as ICC Realty India and a part of the Pune-based relator Panchshil Realty, has received the regulatory nod for a Rs 2,000 crore IPO.
The company, which primarily focuses on luxury offerings across business and leisure segments, said Monday that it has received the Securities and Exchange Board (Sebi) approval for its proposed initial public offering.
The offer is a fresh issue worth Rs 2,000 crore, it added.
Ventive Hospitality was founded as the hospitality division of Panchshil Realty, which has a presence across the commercial, retail, luxury residential and data center segments.
In 2017, following acquisition of a 50 percent stake in the company, BRE Asia (formerly known as Xander Investment Holding), which is an affiliate of Blackstone, became a 50 percent shareholder in the real estate company.
Ventive’s hospitality assets are operated by or franchised from global operators, including Marriott, Hilton, Minor and Atmosphere. The luxury hospitality assets comprise JW Marriott Pune, The Ritz-Carlton Pune, Conrad Maldives, Anantara Maldives and Raaya by Atmosphere Maldives.
The portfolio comprises 11 operational hospitality assets in the country and the Maldives, totalling 2,036 keys across the luxury, upper upscale and upscale segments as of March 2024, compared to the 83 keys in 2007 when it commenced operations.
This includes seven hospitality assets with 1,331 keys developed by them and four acquired assets with 705 keys. Since 2019, it has added 1,070 keys which comprise over 50 percent of the number of keys in the portfolio as of March 2024.
Ventive has a proven track record of developing and acquiring marquee hotel assets across different segments. Through the development and acquisition-led expansion, they have scaled up the portfolio and forayed into new geographies such as Bengaluru, Varanasi and the Maldives within the past few years.
In addition to the luxury hospitality assets, they have also developed and acquired assets in upper upscale and upscale segments, which serve as complementary offerings in Pune and Bengaluru.
The company plans to have around 2,400 keys by FY28 through planned development and expansion initiatives in Varanasi, Bengaluru and Pottuvil, near Yala East National Park and Arugam Bay Beach in Sri Lanka.