Realty firm Prestige Estates Projects Ltd's arm, Prestige Hospitality Ventures Ltd, has filed preliminary documents with SEBI to launch its initial public offering (IPO) to raise up to Rs 2,700 crore.
On late Thursday, the company filed the Draft Red Herring Prospectus (DRHP) with market regulator SEBI. The IPO comprises a fresh issue of equity shares of face value Rs 5 each, aggregating up to Rs 1,700 crore, and an offer-for-sale of equity shares aggregating up to Rs 1,000 crore. The offer-for-sale comprises equity shares by Prestige Estates Projects Ltd (promoter selling shareholder).
In a regulatory filing on Thursday, Prestige Estates informed that a hospitality fundraising committee of the board had approved the participation in the offer-for-sale of its subsidiary, Prestige Hospitality Ventures Ltd (PHVL), aggregating up to Rs 1,000 crore.
Bengaluru-based Prestige Estates is one of the leading real estate developers in the country. The company develops housing, office, retail, and hotel projects. As of December 31, 2024, PHVL's portfolio includes seven operating hotels with 1,445 keys, which include 1,255 operating keys, and one hospitality asset under renovation with 190 keys. Additionally, the portfolio includes three ongoing hospitality assets with 951 expected keys covering 1.88 million sq. ft. of developable area, and nine upcoming hospitality assets with 1,558 expected keys and 2.64 million sq. ft. of developable area.
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