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- Prestige Group is planning a ₹4,000 crore Initial Public Offering (IPO) for its hospitality business.
- The IPO will include a combination of fresh issuance and offer for sale (OFS).
- The funds raised through the IPO will be used for developing new properties and reducing debt.
- Prestige Group’s hospitality portfolio includes major properties like JW Marriott Bengaluru, Sheraton Grand, The Artiste Kochi, and Conrad Bengaluru, among others.
- The company plans to raise an additional ₹5,000 crore via Qualified Institutional Placement (QIP) or other methods.
- Prestige Group will issue shares through its subsidiary, Prestige Hospitality Ventures Ltd, to monetize its hotel business.
- The company has partnered with Marriott International to develop six new hotels across Goa and Karnataka, with an estimated investment of ₹1,000 crore.
- These new hotels are expected to be developed over the next 2-5 years.
- For FY24, Prestige Group reported total sales of ₹21,040 crore, marking a 63% year-on-year growth.
- In Q4 FY24, the company saw sales of ₹4,707 crore, reflecting a 21% year-on-year increase.
- The group also sold 10,068 units, covering a total area of 20.25 million square feet, representing a 34% growth compared to the previous year.
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