Upcoming IPO: Grand Continent Hotels IPO opens on March 20; issue price band set at ₹107-113 apiece; check GMP

Upcoming IPO: Grand Continent Hotels IPO will open for subscription on Thursday, March 20, and close on Monday, March 24. Grand Continent Hotels IPO price band has been fixed in the range of ₹107 to ₹113 per equity share of face value of ₹10 each. Bids can be made for a minimum of 1,200 equity shares and in multiples of 1,200 equity shares thereafter.

The floor price is 10.70 times of the face value and the cap price is 11.30 times of the face value of the equity shares.

Established in 2011, Grand Continent Hotels Limited is a hotel chain based in India. The company focuses on the mid-market segment, managing 19 properties in six major Indian cities, with a total of over 900 rooms available.

Each hotel is strategically positioned in key urban locations, tailored to address the varied needs of both business and leisure travelers.

Grand Continent Hotels enhances customer experience by offering simple service interactions, intuitive infrastructure, and a dedication to providing value for money. They emphasize consistent service quality, availability, and regularly assess and refresh their offerings to align with changing guest expectations.

As per the Red Herring Prospectus (RHP), the company's listed peers are Lemon Tree Hotels Ltd (with a P/E of 67.79), Sayaji Hotels Ltd (with a P/E of 32.38), and Royal Orchids Hotels Ltd (with a P/E of 21.99).

Grand Continent Hotels IPO details

Grand Continent Hotels IPO consists of fresh issue of shares of up to ₹70.74 crore and an offer for sale (OFS) of up 3,28,800 equity shares of face value of ₹10 each by a promoter selling shareholder.

The company intends to use the net proceeds, which consist of the gross proceeds from the fresh issue after deducting the offer-related expenses, to fund several objectives, including the repayment or prepayment, in whole or in part, of certain existing loans taken by the company; the expansion of their hotel properties in India; and for general corporate purposes.

Furthermore, the company anticipates benefiting from the listing of equity shares on the NSE Emerge, which will enhance their visibility and brand image among both current and potential customers, as well as create a public market for their equity shares in India.

Grand Continent Hotels IPO GMP today

Grand Continent Hotels IPO GMP today or grey market premium was ₹0, which meant shares were trading at their issue price of ₹113 with no premium or discount in the grey market according to investorgain.com

'Grey market premium' indicates investors' readiness to pay more than the issue price.

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