LEAP India IPO - Listing Performance & Details

Prestige Hospitality Ventures Limited was registered as a partnership firm in February 2017 and subsequently incorporated as a public limited company in Bengaluru, Karnataka in December 2017. It works in the hospitality sector, developing and operating hotel assets.

The company owns and operates hospitality assets across the luxury, upper upscale, and upper midscale categories, catering to business and leisure travellers. As of December 31, 2024, it had seven operational hotels with 1,445 keys, including one property under renovation, along with three ongoing hospitality projects expected to add 951 keys and nine upcoming projects with a potential 1,558 keys. It has partnerships with international hospitality brands including Marriott International (JW Marriott, Sheraton) and Hilton Worldwide (Conrad), with properties across cities including Bengaluru, Delhi-NCR, and Mumbai. The promoter is Prestige Estates Projects Limited.

Revenue from hospitality services rose to Rs 795.70 crore in FY24 from Rs 636.17 crore in FY23 and Rs 191.72 crore in FY22. For the nine months ended December 31, 2024, revenue from hospitality services was Rs 662.68 crore, compared with Rs 560.34 crore in the corresponding period a year earlier. The IPO is a mainboard, 100% book-built issue comprising a fresh issue of equity shares of face value Rs 5 each aggregating up to Rs 1,700 crore, along with an offer for sale of shares aggregating up to Rs 1,000 crore by promoter Prestige Estates Projects Limited, proposed for listing on the BSE and NSE. As per the DRHP, about Rs 1,121.28 crore from the fresh issue proceeds is proposed to be used for full or partial repayment of borrowings of the company and its material subsidiaries, Sai Chakra Hotels Private Limited and Northland Holding Company Private Limited, with the balance for inorganic growth through unidentified acquisitions and general corporate purposes.