Juniper Hotels has received the Securities and Exchange Board of India (SEBI) go-ahead to raise funds through initial public offering (IPO). According to the draft papers, Juniper Hotels’ proposed maiden public issue is entirely a fresh issue of equity shares worth Rs 1,800 crore.
The company proposes to use the net proceeds of Rs 1,500 crore towards payment of debt. Besides, a portion of proceeds will be used for general corporate purposes. The equity shares of the company will be listed on the BSE and NSE.
Juniper Hotels is co-owned by Saraf Hotels and Two Seas Holdings, an affiliate of global hospitality entity Hyatt Hotels Corporation. The hospitality firm has a portfolio of seven hotels and serviced apartments and operates 1,836 keys across the luxury, upper upscale and upscale category of hotels across India.
