IPO News

Retail Portion of Juniper Hotels IPO subscribed 87% on Day 2

Posted On : 2024-02-23 11:51:45( TIMEZONE : IST )

Retail Portion of Juniper Hotels IPO subscribed 87% on Day 2

The Retail Portion of Juniper Hotels IPO was subscribed 87% on the second day of bidding.

The issue received bids of 66,03,040 shares against the offered 2,89,47,367 equity shares, at a price band of ₹342-360, according to the data available on the stock exchanges. Overall the issue was subscribed 23%.

Non-Institutional Investors Portion was subscribed 0.14 times, whereas Qualified Institutional Buyer Portion subscribed 0.06 times. The issue kicked off for subscription on Wednesday, February 21, 2024 and will close on Friday, February 23, 2024.

A day prior to the opening of the issue, Juniper Hotels Ltd had raised Rs 810 crores from anchor investors. Foreign and Domestic Institutions who participated in the anchor were Fidelity, Kotak Mahindra MF, Government Pension Fund (Norges), White Oak, Schroder, The Prudential Assurance Company (MNG), Invesco, ICICI Prudential Life Insurance, HDFC Life Insurance and Quant Mutual Fund.

Leading brokerages like Anand Rathi, SBI Securities, Ajcon Global, Hem Securities, Chola Securities, Indsec Securities, Hensex Securities, SMIFS, and Ventura Securities, have given a "SUBSCRIBE" rating to the issue, highlighting Juniper Hotels, as a promising investment opportunity within the hospitality sector. Notably, the company is poised for substantial debt reduction through an upcoming issue, alongside trademark agreements with renowned brands like "Hyatt," ensuring robust occupancy rates and revenue streams. Furthermore, its unique partnership structure, asset management prowess, and strategic expansion plans garner confidence, despite differing opinions on valuation. Overall, the consensus favors subscribing to Juniper Hotels' IPO, projecting significant long-term growth potential.

JM Financial Limited, CLSA India Private Limited, and ICICI Securities Limited are the book-running lead managers to the Issue.

Source : Equity Bulls


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