GRAND CONTINENT HOTELS IPO | APPLY OR AVOID? | PANKAJ SINGH

GRAND CONTINENT HOTELS IPO | APPLY OR AVOID? | PANKAJ SINGH

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The Bengaluru-based hotel chain operator closed its second day of bidding with 48 percent subscription on Friday, increasing from 35 percent subscription in the previous day. Investors have subscribed for 22.8 lakh shares so far, compared to the offer size of 47.16 lakh shares via 822 applications, the subscription data available on the NSE showed.

The company that operates hotel properties in six major Indian cities targets to raise Rs 74.46 crore via maiden public issue of 65.89 lakh shares at the upper end of price band of Rs 107-113 per share. The IPO is a mix of fresh issuance of shares worth Rs 70.74 crore and an offer-for-sale of Rs 3.72 crore worth shares by promoter.

Grand Continent Hotels, which is valued at nearly Rs 282 crore at the upper price band, has already mopped up Rs 21.17 crore via anchor book on March 19. It planned to utilise IPO funds for repayment of debt, expansion of the hotel properties in India, and general corporate purpose.

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