Prestige Estates Projects has appointed JM Financial, JP Morgan, and CLSA as bankers for the initial public offering (IPO) of its hospitality business, hinting at the launch of its IPO soon, a report said on June 12.
The top real estate player is looking to raise Rs 2,000 crore to Rs 3,000 crore through the IPO, sources aware of the development told CNBC-TV18.
The Bengaluru-based firm is eying a valuation of Rs 17,000 to Rs 20,000 crore for its hospitality arm, according to the report.
The shares of Prestige Estates Projects fell 1.29 percent to Rs 1,846.75 on BSE on June 12.
Earlier, it was reported that the company was planning to list in 2024 and demerge its hospitality segment.
According to reports, the company is planning to expand its hospitality portfolio by 2x in the next few years. The firm is likely to make an investment of Rs 1,700 crore.
The real estate major currently has 1,849 hospitality assets across the country. The company is reviewing its hospitality portfolio as it seeks to unlock value, according to CNBC-TV18.
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