Suba Hotels was incorporated on October 23, 1997. The company is one of India’s largest domestic mid-market hotel chains with 88 operational hotels (4,096 keys) across 50+ cities, mainly in tier 2 and 3 markets, and 40 hotels in the pipeline (1,831 rooms). It serves business, leisure, and religious tourists through multiple models—owned, managed, revenue-share & lease, and franchised properties
| Bidding Dates |
|---|
| 29 Sep 2025 - 01 Oct 2025 |
| Subscription |
|---|
| 14.33x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹2,52,000 | 2 | 2 | 1200 | 6.8 M | ₹105 - ₹111 | 60.93 % | ₹713.9 M - ₹754.7 M | RHP DOC |
Suba Hotels IPO SUBSCRIPTION STATUS
01 Oct '25Suba Hotels IPO overall subscription rate was 14.33 times the total available shares
Suba Hotels IPO retail subscription rate was 12.07 times in the retail segment
Suba Hotels IPO non-institutional investor subscription rate was 30.22 times in the non-institutional investor category
Suba Hotels IPO Qualified Institutional Bidder subscription rate was 11.14 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
01 Oct 2025 (Day 4) | 12.07x | 30.22x | 11.14x |
30 Sep 2025 (Day 3) | 0.48x | 2.26x | 0.62x |
29 Sep 2025 (Day 2) | 0.22x | 1.22x | 0.62x |
29 Sep 2025 (Day 1) | 0.05x | 0.08x | - |
Suba Hotels FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY25 | 79.2 | 15.2 | 3.9 | 1.9 | 29.1% |
| FY24 | 52.3 | 9.0 | 10.5 | 9.2 | 26.2% |
| FY23 | 35.0 | 2.8 | 9.8 | -0.1 | 24.9% |
Suba Hotels IPO SUBSCRIPTION STATUS DETAILS
Suba Hotels had 6.8 M shares on offer
Suba Hotels IPO offer price was in the range ₹105 - ₹111
Suba Hotels IPO minimum Investment was ₹252000
Suba Hotels IPO issue size was ₹ 713.9 M - ₹ 754.7 M
Suba Hotels had a minimum lot size of 1200 Shares per application
Suba Hotels NUMBER OF SHARES ON OFFER
Suba Hotels IPO IMPORTANT DATES
| Issue Open Date | 29 Sep 2025 |
| Issue close Date | 01 Oct 2025 |
| Allotment Date | 03 Oct 2025 |
| Refund Date | 06 Oct 2025 |
| Demat Account Credit Date | 06 Oct 2025 |
| Listing Date | 07 Oct 2025 |
| Listing on Exchange(s) | NSE |
| Suba Hotels Allotment Status | Exchange/ Registrar |
Suba Hotels IPO subscription opened on 29 Sep 2025, and closed on 01 Oct 2025
IPO allotment for Suba Hotels was finalized on Friday, 03 Oct 2025
IPO listing for Suba Hotels was on NSE on Tuesday, 07 Oct 2025
Suba Hotels IPO LISTING GAINS
| Issue Price (adjusted) | 111.0 |
| Listing Open Price | 154.2 |
| Listing Close Price | 161.9 |
| Listing Gain% | 38.9% |
| Current Gain% | 2.2% |
Suba 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 % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Suba Hotels Ltd. | 113.4 | 275 | 15.3 | 0.8 | 2.4 | 13 | 8.2 | 115.9 | 44.9 | 18 | 18.9 | 7.4 | 18.9 |
| Indian Hotels Company Ltd. | 728.7 | 103725.5 | 48.3 | 5 | 10.4 | 16 | 10.3 | 9971.4 | 16.4 | 2084.4 | 9.3 | 15.1 | 9.7 |
| ITC Hotels Ltd. | 168.9 | 35175.2 | 40.7 | 1.5 | 8.3 | 7 | 6 | 4331.3 | 19.4 | 816.9 | 28.7 | 4.1 | 26.9 |
| EIH Ltd. | 303.2 | 18957.9 | 26.6 | 6 | 6.3 | 11.9 | 9.6 | 3105.7 | 7.9 | 628.3 | -15 | 11.4 | 4.5 |
| Chalet Hotels Ltd. | 837.1 | 18332 | 34.7 | 0.4 | 7.7 | 17.4 | 8.8 | 2812.4 | 60.3 | 645.1 | 352.5 | 24.1 | 85.3 |
| Leela Palaces Hotels & Resorts Ltd. | 507 | 16931.7 | 38.2 | 0.2 | 10.6 | 6.3 | 4.5 | 1597.8 | 13.6 | 403.1 | 742.9 | 13.3 | 236.8 |
Suba Hotels INFORMATION ON IPO ISSUE
About Suba Hotels
Suba Hotels was incorporated on October 23, 1997. The company is one of India’s largest domestic mid-market hotel chains with 88 operational hotels (4,096 keys) across 50+ cities, mainly in tier 2 and 3 markets, and 40 hotels in the pipeline (1,831 rooms). It serves business, leisure, and religious tourists through multiple models—owned, managed, revenue-share & lease, and franchised properties
Object of the Issue
- Funding capital expenditure requirements towards upgradation and last-mile funding of hotel premises
- General corporate purposes
Suba Hotels - PROMOTERS
| Name |
|---|
| Mansur Mehta |
| Mubeen Mehta |
| Click Hotels Private Limited |
Suba Hotels - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Mansur Mehta | Chairman & Managing Director |
| Mubeen Mehta | Whole-Time Director & Chief Executive Officer |
| Girish Bhatt | Executive Director & Chief Financial Officer |
| Chandrashekar Payannavar | Independent Director |
| Nidhi Shah | Independent Director |
| Sunil Patel | Independent Director |
Suba Hotels Book Running Lead Manager
Unistone Capital Private Limited
mb@unistonecapital.com
Suba Hotels Registrar to the issue
Bigshare Services Private Limited
ipo@bigshareonline.com
Suba Hotels Strengths
Differentiated business model
The company, a leading domestic mid-scale hotel chain, offers diverse brands across customer segments and relies on managed, lease, and franchised models to reduce capital costs and boost profitability. Strategic partnerships, focus on multiple tourism segments, and operational efficiency strengthen its market presence and growth potential in India’s competitive hotel sector
Geographical presence
As per the JLL Report, nearly 50% of India’s hotel room supply is in the unbranded and independently owned segment, spread across diverse geographies. Tier 3 cities hold the largest share of this unbranded inventory, followed by Tier 1 cities
Strategic asset revitalisation
The company’s competitive advantage lies in acquiring and revitalising underperforming hotel assets through renovation, rebranding, and modernisation. Upgraded guest rooms, common areas, and eco-friendly technologies enhance guest experience while promoting sustainability
Suba Hotels Risks
Competition
The hospitality industry is highly competitive, with both multinational and Indian hotel chains vying for market share. Factors like room rates, service quality, location, and brand recognition impact competitiveness, and failure to compete effectively could affect the company’s operations, cash flows, and financial condition
Dependent on customer preferences
A substantial portion of the company’s room revenue comes from corporate and leisure customers at owned and revenue-share/lease hotels. Changes in travel preferences, costs, or spending habits may reduce demand and negatively impact business, financial performance, and cash flows
Lease renewal risks
Seventeen of the company’s hotels, totalling 616 rooms, operate on leased or licensed premises with agreements ranging from 7 to 9 years. Failure to comply, renew, or secure favourable lease terms could adversely affect operations, financial performance, and cash flows
IPO FAQs
The promoters of the company are Mansur Mehta, Mubeen Mehta and Click Hotels Private Limited.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 105.0 - 111.0.
The IPO application opens on Sep 29, 2025 and closes on Oct 01, 2025.
The minimum lot size for the IPO is 2400. The maximum lot size for the IPO is 2400.
For all category investors, the minimum application amount for this IPO is Rs. 252,000.0, the maximum value for this IPO is Rs 266,400.0.
This IPO will be allotted on Oct 03, 2025.
The refund will be credited to your account on Oct 06, 2025.
The allotted shares will be credited to your demat on Oct 06, 2025.
Suba Hotels Ltd.’s shares listed on the stock exchanges on Oct 07, 2025.