The shares of Juniper Hotels listed at a premium of 1.4% on the exchanges on Wednesday. The stock debuted at Rs 365 on NSE as against an issue price of Rs 360. Meanwhile, the stock debuted at Rs 361.2, up 0.3% on BSE.

Ahead of the listing, the company’s shares had no GMP in the unlisted market.

The IPO barely managed to scrape through on the final day with an overall subscription of 2 times at close. Ahead of the issue opening, the company has already raised Rs 810 crore from anchor investors.

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The company proposes to use the net proceeds of Rs 1,500 crore towards repayment, prepayment, or redemption, in full or in part, of certain outstanding borrowings (including payment of the interest accrued thereon) availed by the company and its subsidiaries and for general corporate purposes.

Juniper Hotels is co-owned by Saraf Hotels and Two Seas Holdings, an affiliate of the prominent global hospitality entity, Hyatt Hotels Corp.
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It functions as a luxury hotel development and ownership enterprise, and owns 20% of the total 1836 Hyatt affiliated keys in India as of June 2023. The company manages a diverse portfolio consisting of seven hotels and serviced apartments.

The hotels and serviced apartments span across various categories including luxury, upper upscale, and upscale, located across six strategic cities in Mumbai, Delhi, Ahmedabad, Lucknow, Raipur, and Hampi. Notably, the Grand Hyatt Mumbai Hotel and Residences holds the distinction of being the largest hotel in India.

Additionally, the Hyatt Regency Lucknow and Hyatt Regency Ahmedabad are the largest upper upscale hotels in their respective markets, while Hyatt Raipur stands as the sole upper upscale hotel in Raipur.

For the fiscal year 2023, revenue from operations increased by 116% to Rs 667 crore against Rs 309 crore a year ago. Net loss narrowed to Rs 1.5 crore in fiscal 2023 over Rs 188.03 crore in fiscal 2022.

JM Financial, CLSA India, and ICICI Securities are the book-running lead managers, and KFin Technologies is the registrar of the offer.

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