Pride Hotels Limited, the sixth largest hotel chain in India in terms of chain-owned inventory in the upscale, upper midscale, and midscale segments as per the Howarth Industry Report, promoted by Mr. S. P. Jain (CMD) and led by Mr. Satyen Jain (CEO), has received observations from SEBI for its proposed IPO.
The public offer of around ₹1,000 crore (as per sources) comprises a fresh issue of equity shares aggregating up to ₹260 crore by the company (the “Fresh Issue”) and an offer for sale (OFS) aggregating up to 3,92,39,44 equity shares by the Promoter Selling Shareholders (the “Offer for Sale”), with a face value of ₹5 per equity share.
The Company proposes to utilize the net proceeds from the Fresh Issue towards (i) funding capital expenditure, along with other strategic corporate objectives aimed at strengthening its operational footprint, expanding capacity, and enhancing long-term growth capabilities.
This IPO marks a significant milestone in Pride Hotels’ institutional growth journey, positioning the brand for structured expansion, balance sheet strengthening, and improved operational scalability across key hospitality markets in India.
The proposed capital infusion is expected to support asset development, brand consolidation, and long-term value creation</span>, while enhancing the company’s competitive positioning in the organized hospitality sector.
Official References
CEO Profile: Ranjit Jha (CEO)
Company: Rurash Financials