Mumbai: At least four companies have filed draft share sale documents with the markets regulator, targeting to raise a total of around ₹4,300 crore.
The biggest initial public offering (IPO) is expected from Chalet Hotels Ltd, backed by Mumbai-based real estate group K Raheja Corp. Others who have filed IPO prospectuses include The LaLiT hotel chain owner Bharat Hotels Ltd, Multiples PE backed Milltec Machinery Ltd and business to business (B2B) e-commerce firm IndiaMART InterMESH Ltd.
Chalet Hotels, which owns hotels in Mumbai, Bengaluru and Hyderabad is looking to raise around ₹2,000 crore, through a mix of primary and secondary share sale, a person aware of the company’s plans said under the condition of anonymity.
According to the company’s draft prospectus, Chalet plans to raise ₹950 crore in fresh capital, while the company’s promoters are looking to sell 24.68 million shares through an offer for sale.
The hotel owner plans to use the fresh capital for repayment of debt. Chalet’s hotel platform comprises five operating hotels, including a hotel with a co-located serviced residence, located in Mumbai, Hyderabad and Bengaluru, representing 2,328 rooms as of 31 March 2018.
Investment banks JM Financial Ltd, Axis Capital Ltd and Morgan Stanley India Pvt. Ltd are managing the Chalet share sale. Bharat Hotels, which owns The LaLiT brand of hotels, is looking to raise around ₹1,200 crore through its IPO.
As of 31 March, the company operated 12 luxury hotels, palaces and resorts under The LaLiT brand and two mid-market segment hotels under The LaLiT Traveller brand across India’s key business and leisure travel destinations, offering 2,261 rooms.
IndiaMART InterMESH Ltd, one of India’s largest online B2B marketplace for business products and services is looking at raising approximately ₹600 crore through its proposed IPO.
As of 31 March, the company had organized its listings into 97,144 product and service categories across 52 industries.
IndiaMART provided buyers with access to a total of 50.13 million products and services listed on its marketplace, of which 75% of goods comprised products and 25% were services.
Multiples Private Equity-backed Milltec Machinery Ltd too has filed its draft prospectus for an IPO, which will see the company raise around ₹500 crore.
Milltec is a leading agro-processing equipment manufacturer in India, with a sales and distribution network in India and overseas. Its portfolio includes equipment to facilitate the processing of rice, pulses, wheat, seeds, and maize.