Samhi Hotels Ltd, backed by Equity International, ACIC Mauritius, and Goldman Sachs, has set the price band for its upcoming public issue at Rs 119-126 a share. The IPO opens on September 14 and closes on 18th, while anchor bidding will be open on September 13.
The firm said initiation of refunds will be on September 25 and credit of equity shares will be on September 26. The firm will list on the exchanges on September 27.
The offer comprises fresh issuance of shares worth Rs 1,200 crore and an offer-for-sale (OFS) of 1.35 crore equity shares by three shareholders. On the upper band price of the IPO, the total value of the issue will be around Rs 1,370 crore, while the company is valued at Rs 2,750 crore.
Singapore-based Blue Chandra Pte Ltd, owned by Equity International Fund V, will offload 84.28 lakh equity shares in the OFS, while Goldman Sachs Investments Holdings (Asia) will sell 49.31 lakh shares and GTI Capital Alpha 1.4 lakh shares.
The net fresh issue proceeds will be utilised by the company mainly for repaying debts of Rs 900 crore, and the rest for general corporate purposes, while the OFS money will go to selling shareholders. As on June 2023, it had outstanding borrowings of Rs 2,812.5 crore on a consolidated basis including Rs 142.9 crore of FCCDs.
Blue Chandra is the largest shareholder in the professionally managed company with a 30.65 percent stake. ACIC Mauritius I and II together hold a 30.51 percent stake, while Goldman Sachs Investments Holdings (Asia) has a 17.94 percent stake. GTI Capital Alpha and Sarvara Investment Fund I own 11.20 percent and 6.68 percent.
JM Financial and Kotak Mahindra Capital Company are the merchant bankers to the issue, while KFin Technologies is the registrar.
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