Juniper Hotels was incorporated on 16 September 1985. The company is a luxury hotel development and ownership company and is the largest owner, by number of keys, of "Hyatt" affiliated hotels in India as of 30 September 2023. It has a portfolio of 162 seven hotels and serviced apartments and operates a total of 1,836 keys as of 30 September 2023.
| Bidding Dates |
|---|
| 21 Feb 2024 - 23 Feb 2024 |
| Subscription |
|---|
| 2.08x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹13,680 | 1 | 13 | 40 | 50.0 M | ₹342 - ₹360 | 77.53 % | ₹17100.0 M - ₹18000.0 M | RHP DOC |
Juniper Hotels IPO SUBSCRIPTION STATUS
23 Feb '24Juniper Hotels IPO overall subscription rate was 2.08 times the total available shares
Juniper Hotels IPO retail subscription rate was 1.28 times in the retail segment
Juniper Hotels IPO non-institutional investor subscription rate was 0.85 times in the non-institutional investor category
Juniper Hotels IPO Qualified Institutional Bidder subscription rate was 2.96 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 10% | 15% | 75% |
23 Feb 2024 (Day 3) | 1.28x | 0.85x | 2.96x |
22 Feb 2024 (Day 2) | 0.87x | 0.14x | 0.06x |
21 Feb 2024 (Day 1) | 0.52x | 0.06x | 0x |
Juniper Hotels FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| H1FY24 | -265.0 | 3,361.1 | 1,262.8 | 879.9 | 36.9% |
| H1FY23 | -175.1 | 2,942.9 | 1,282.0 | 1,353.5 | 43.7% |
| FY23 | -15.0 | 6,668.5 | 2,864.4 | 3,041.2 | 44.9% |
| FY22 | -1,880.3 | 3,086.9 | -364.5 | -922.9 | 29.5% |
| FY21 | -1,994.9 | 1,663.5 | 535.8 | 450.9 | 11.5% |
Juniper Hotels IPO SUBSCRIPTION STATUS DETAILS
Juniper Hotels had 50.0 M shares on offer
Juniper Hotels IPO offer price was in the range ₹342 - ₹360
Juniper Hotels IPO minimum Investment was ₹13680
Juniper Hotels IPO issue size was ₹ 17100.0 M - ₹ 18000.0 M
Juniper Hotels had a minimum lot size of 40 Shares per application
Juniper Hotels NUMBER OF SHARES ON OFFER
Juniper Hotels IPO IMPORTANT DATES
| Issue Open Date | 21 Feb 2024 |
| Issue close Date | 23 Feb 2024 |
| Allotment Date | 26 Feb 2024 |
| Refund Date | 27 Feb 2024 |
| Demat Account Credit Date | 27 Feb 2024 |
| Listing Date | 28 Feb 2024 |
| Listing on Exchange(s) | NSE and BSE |
| Juniper Hotels Allotment Status | Exchange |
Juniper Hotels IPO subscription opened on 21 Feb 2024, and closed on 23 Feb 2024
IPO allotment for Juniper Hotels was finalized on Monday, 26 Feb 2024
IPO listing for Juniper Hotels was on NSE and BSE on Wednesday, 28 Feb 2024
Juniper Hotels IPO LISTING GAINS
| Issue Price (adjusted) | 360.0 |
| Listing Open Price | 365.0 |
| Listing Close Price | 401.5 |
| Listing Gain% | 1.4% |
| Current Gain% | -45.9% |
Juniper Hotels Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Juniper Hotels Ltd. | 194.8 | 4335.5 | 30.6 | 0.3 | 4.1 | 4.9 | 3.3 | 1069.1 | 9.6 | 141.6 | 98.6 | 6.4 | 98.6 |
| Indian Hotels Company Ltd. | 731 | 104052.9 | 48.5 | 5 | 10.4 | 16 | 10.3 | 9971.4 | 16.4 | 2084.4 | 9.3 | 15.1 | 9.7 |
| ITC Hotels Ltd. | 170.6 | 35546 | 41.1 | 1.5 | 8.3 | 7 | 6 | 4331.3 | 19.4 | 816.9 | 28.7 | 4.1 | 26.9 |
| EIH Ltd. | 306.6 | 19170.5 | 26.9 | 6 | 6.3 | 11.9 | 9.6 | 3105.7 | 7.9 | 628.3 | -15 | 11.4 | 4.5 |
| Chalet Hotels Ltd. | 859.7 | 18826.9 | 35.6 | 0.4 | 7.9 | 17.4 | 8.8 | 2812.4 | 60.3 | 645.1 | 352.5 | 24.1 | 85.3 |
| Leela Palaces Hotels & Resorts Ltd. | 518 | 17299 | 39 | 0.2 | 10.8 | 6.3 | 4.5 | 1597.8 | 13.6 | 403.1 | 742.9 | 13.3 | 236.8 |
Juniper Hotels INFORMATION ON IPO ISSUE
About Juniper Hotels
Juniper Hotels was incorporated on 16 September 1985. The company is a luxury hotel development and ownership company and is the largest owner, by number of keys, of "Hyatt" affiliated hotels in India as of 30 September 2023. It has a portfolio of 162 seven hotels and serviced apartments and operates a total of 1,836 keys as of 30 September 2023.
Object of the Issue
- Repayment/prepayment/redemption, in full or in part, of certain outstanding borrowings availed by the company and our recent acquisitions, namely CHPL and CHHPL
- General corporate purposes
Juniper Hotels - PROMOTERS
| Name |
|---|
| Arun Kumar Saraf |
| Saraf Hotels Limited |
| Two Seas Holdings Limited |
| Juniper Investments Limited |
Juniper Hotels Book Running Lead Manager
JM Financial Limited
juniperhotels.ipo@jmfl.com
ICICI Securities Limited
juniperhotels.ipo@icicisecurities.com
Juniper Hotels Book Running Lead Managers
CLSA India Private Limited
juniper.ipo@clsa.com
Juniper Hotels Registrar to the Offer
KFinTechnologies Private Limited
jhl.ipo@kfintech.com
Juniper Hotels Strengths
Track record
The company has demonstrated a strong track record in establishing its presence across key cities. Its hotels and serviced apartments are located in established markets such as Delhi and Mumbai, emerging business destinations such as Ahmedabad, Lucknow, and Raipur, and growing tourist destinations such as Hampi
Unique partnership with asset owner
The Saraf Group and Hyatt have had a longstanding relationship of over 40 years, dating back to the opening of the first Hyatt hotel in India. This continuing relationship has led both partners to develop a deep understanding and alignment on business goals, which has contributed to the success of the company
Well positioned
It is estimated that demand growth will surpass supply growth between FY23-27. This indicates that the hotel industry has potential for growth, and existing asset owners will likely benefit from this demand-supply mismatch
Juniper Hotels Risks
Incurred losses
The company and its subsidiary, MHPL, have incurred losses in the past. It may be required to fund the operations of its subsidiaries in the future, and its investments in the subsidiaries may eventually be written off, which could subject the company to additional liabilities and could have an adverse effect on the business
Dependent on few locations
A significant portion of the company's revenue from operations (90.48% in H1FY24) is derived from three hotels/serviced apartments in Mumbai (Maharashtra) and New Delhi, and any adverse developments affecting these hotels/serviced apartments could have an adverse effect on the business
Negative operating cash flows
The company has witnessed negative operating cash flows in the past, and it is possible that it may experience negative cash flows in the future
IPO FAQs
The promoters of the company are Arun Kumar Saraf, Saraf Hotels Limited, Two Seas Holdings Limited and Juniper Investments Limited.
The category allocation of qualified institutional buyers is 75.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 10.0%.
The price band of the IPO is Rs 342.0 - 360.0.
The IPO application opens on Feb 21, 2024 and closes on Feb 23, 2024.
The minimum lot size for the IPO is 40. The maximum lot size for the IPO is 520.
For all category investors, the minimum application amount for this IPO is Rs. 13,680.0, the maximum value for this IPO is Rs 187,200.0.
This IPO will be allotted on Feb 26, 2024.
The refund will be credited to your account on Feb 27, 2024.
The allotted shares will be credited to your demat on Feb 27, 2024.
Juniper Hotels Ltd.’s shares listed on the stock exchanges on Feb 28, 2024.