Panchshil-Blackstone hotel JV Ventive Hospitality files DRHP for Rs 2,000 cr IPO

Ventive’s portfolio comprises 11 operational hospitality assets in India and Maldives, totalling 2,036 keys across the luxury, upper upscale and upscale segments as at March 31, 2024.

Ventive Hospitality, a joint venture between Pune-based real estate developer Panchshil Realty and global investment firm Blackstone, on September 10 filed its draft IPO documents to raise Rs 2,000 crore.

Moneycontrol first reported on September 9 that Ventive was looking to file its draft red herring prospectus with the markets regulator this week.

The Rs 2,000-crore IPO is a pure fresh issue of shares and the company will use the capital for repayment or prepayment of certain loans taken by the company and its subsidiaries as well as for general corporate purposes.

Ventive’s portfolio comprises 11 operational hospitality assets in India and Maldives, totalling 2,036 keys across the luxury, upper upscale and upscale segments as at March 31, 2024.

Ventive’s hospitality assets are operated by or franchised from global operators, including Marriott, Hilton, Minor and Atmosphere. Its luxury hospitality assets comprise JW Marriott, Pune, The Ritz-Carlton, Pune, Conrad, Maldives, Anantara, Maldives and Raaya by Atmosphere, Maldives. Luxury hospitality assets collectively contributed to over 80% of the company’s revenues.

The company’s upcoming projects include a 167-key hotel under the Marriott brand in Varanasi, an 80-key luxury resort, The Ritz-Carlton Reserve in Sri Lanka, and the addition of 120 keys to the Marriott Aloft in Bengaluru's Whitefield.

Eight investment banks Kotak Mahindra Capital, JM Financial, ICICI Securities, Bank of America, HSBC, Citi, IIFL and SBI Capital Markets are managing the IPO.

Ventive started as the hospitality division of Panchshil group and in 2017, Blackstone became a joint venture partner in the company. Today, Panchshil owns a 60 percent stake in Ventive, while Blackstone holds the remaining 40 percent stake.

Apart from the hospitality assets, the platform includes four Grade A annuity assets which are part of our hospitality-led integrated developments in Pune, having a total Leasable Area of 3.40 million square feet and occupancy of 97 percent.