The initial public offering of Blackstone-backed Ventive Hospitality Ltd. has been subscribed 0.03 times so far on its first day of bidding on Friday.
The grey market premium of Ventive Hospitality IPO is Rs 67 as of 05:04 a.m., according to InvestorGain. This implies shares of the company will likely list at Rs 710 apiece, at a gain of 10.42% over the IPO price.
The IPO consists purely of a fresh issue worth Rs 1,600 crore. The price band has been set in the range of Rs 610–Rs 643 per share. The market value at the upper end of the price band is Rs 15,017 crore.
At present, Panchshil holds a 60% stake in Ventive Hospitality, while Blackstone owns the remaining 40%. The joint venture operates a portfolio of 11 operational assets in India and Maldives, including JW Marriott in Pune.
The company plans to use up to Rs 1,400 crore of the share-sale proceeds to fund repayment and prepayments of debts, according to the red herring prospectus.
