Juniper Hotels started off the day on muted note but immediately picked up the momentum and stayed strong for rest of the trading session on February 28, in fact, outperforming the benchmark indices that fell more than 1 percent on account of profit taking.
The stock opened at Rs 365 (which was also its day's low), up 1.4 percent over the issue price of Rs 360, and extended upward journey up to Rs 401.50 on the NSE, an intraday high.
Finally, it settled at Rs 401.50, up 11.53 percent with volume of 2.2 crore equity shares, while on the BSE, it rallied 11.36 percent to close at Rs 397.30 with volume of 19.06 lakh equity shares.
The healthy stock price performance was despite muted IPO subscription numbers. The Rs 1,800-crore public issue of the company owned by Saraf Group and global hotel chain Hyatt Hotels Corporation was subscribed 2.08 times during February 21-23.
This was entirely a fresh issue by Juniper Hotels with no offer-for-sale component. The price band for the offer was Rs 342-360 per share.
Also read: Bharat Highways InvIT IPO: 10 things to know before subscribing to Rs 2,500 cr issue
The Mumbai-based luxury hotel development and ownership company holds a portfolio of seven hotels and serviced apartments with a total of 1,836 rooms. It operates the business under three distinct segments namely luxury (the Grand Hyatt Mumbai Hotel and Residences and Andaz Delhi), upper upscale (the Hyatt Delhi Residences, Hyatt Regency Ahmedabad, Hyatt Regency Lucknow and Hyatt Raipur; and upscale (Hyatt Place Hampi).
As per the latest financial performance, Juniper Hotels recorded net loss of Rs 26.5 crore for six months period ended September FY24, widening from loss of Rs 17.5 crore in the same period previous fiscal. However, there has been growth in revenue from operations which increased to Rs 336.1 crore from Rs 294.3 crore during the same period.
Also read: Juniper Hotels - Should you buy more, hold or book profit?
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