Equity International, Asiya Capital, Goldman-backed Samhi Hotels get Sebi nod to float IPO

Samhi Hotels, supported by Equity International, Asiya Capital, and Goldman Sachs, has been given the green light by Sebi to raise about Rs 1,400 crore through an initial public offering.

The company revised the draft papers in March for an initial public offering. In an effort to raise almost Rs 2,000 crore, it submitted its IPO paperwork for the first time in September of this year. However, the outbreak of Covids in the beginning of 2020 put a damper on the situation.

According to the updated prospectus, the IPO will consist of Rs 1,000 crore in new issuance and an OFS of 90 lakh shares.

The sellers in the OFS include Blue Chandra, the company's largest stakeholder, Goldman Sachs Investments Holdings (Asia), GTI Capital Alpha, and International Finance Corporation.

Non-publicly traded The Sebi's letter of observation was delivered to Samhi Hotels on August 31. Having received an observation from Sebi about the draft offer document, the business is now free to proceed with the proposed initial share sale.

The fresh issue proceeds of the well-known hotel ownership and asset management platform will be used primarily to cover debts of Rs 750 crore, with the balance funds being used for general business purposes; the OFS funds will be distributed to selling shareholders.

As of the 28th of February, 2023, Samhi Hotels' portfolio included 25 hotels with 3,839 available rooms across 12 major metropolitan consumption centers like Bengaluru, Hyderabad, the National Capital Region, Pune, Chennai, and Ahmedabad.

It focuses on purchasing or developing hotels that cater to business travelers, and then takes measures to improve the properties and work with well-known hotel brands to ensure that the hotels are positioned competitively. After that, it uses its own internal asset management tools and capabilities to boost the building's ongoing financial and operational performance.

Merchant bankers for the offering include JM Financial and Kotak Mahindra Capital Company.

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Motisons Jewellers IPO

Motisons Jewellers, which initially filed draft documents in March, received approval for a public offering from the market regulator on August 28. There will be a total of 3.34 billion new equity shares issued as part of the IPO.

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Therefore, the corporation will use the whole issue proceeds for debt retirement, working capital needs, and other general corporate purposes, less the IPO charges.

The Motisons brand is used by four stores owned by Rajasthan's Motisons Jewellers, which has been in business for over twenty years. The Chhabra family owns it entirely.

Holani Consultants is handling the situation as the issue's bookkeeper.