MUMBAI: Ventive Hospitality, formerly known as ICC Realty India and a part of the Pune-based relator Panchshil Realty, has announced the price band for its Rs 1,600-crore initial share sale at Rs 610-643. The issue will be opening on December 20.
The final issue has been reduced by Rs 400 crore as initially it was planning to mop up Rs 2000 crore from the share sale which will only be a fresh issue and no offer for sale.
The company, backed by the private equity major Blackstone through the issuer’s parent company Panchshil Realty, primarily focuses on luxury offerings across business and leisure segments, had received SEBI approval for its proposal last month.
Ventive Hospitality was founded as the hospitality division of Panchshil Realty, which has a presence across the commercial, retail, luxury residential and data centre 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 per cent 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.
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.
As of March 2024, the operating portfolio consists of 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.
The company plans to have around 2,400 keys by FY28 through planned development and expansion initiatives in Varanasi, and Bengaluru and Pottuvil, near Yala East National Park and Arugam Bay Beach in Sri Lanka.
Atul Chordia, the chairman of Panchshil Realty said the company proposes to use the IPO proceeds towards repayment of debt.