Ventive Hospitality IPO subscribed 9.80 times on Day 3; Check latest GMP, subscription status, other details | Stock Market News

Luxury hospitality business developer Ventive Hospitality’s initial public offering (IPO) received a strong response on the final day of the public bidding. The public issue opened for public subscription on Friday, December 20, and closed on Tuesday, December 24.

The IPO was subscribed 9.80 times on the final day as investors bid for 14,14,61,960 shares, compared to the 1,44,34,453 shares on offer. The company’s book-built public issue was an entirely fresh release of 2.49 crore equity shares, aiming to raise ₹1,600 crore from the stock market. 

Of the three bidding segments, the Non-Institutional Investors (NIIs) subscribed to the IPO the most, coming in at 13.85 times compared to the shares available. The Qualified Institutional Buyers (QIBs) followed the NII lead, coming in at 9.08 times the shares on offer. The retail investor portion was subscribed 5.87 times on the final day, according to the data collected from BSE.

The Ventive Hospitality IPO raised ₹719.5 crore from its anchor investors like Quant Mutual Fund, Government Pension Global Fund, Allspring Global Investment LLC, etc., ahead of the public issue. The price band for the IPO was fixed at ₹610 to ₹643 per share, with a lot size of 23 shares per lot.

Ventive Hospitality shares are expected to be listed on the domestic stock market on Monday, December 30. 

Ventive Hospitality IPO’s latest GMP

As of December 24, the grey market premium (GMP) of Ventive Hospitality stands at ₹56 per share. With the upper price band at ₹643, the shares are expected to be listed at ₹699, a premium of 8.71 per cent, according to Investorgain.com.

Grey market premium (GMP) is the investors’ willingness to pay more for a public issue. The GMP for the public issue jumped to its current level of ₹56 per share on Tuesday, December 24, during the final bidding round, compared to its earlier level of ₹54 on Monday. 

Ventive Hospitality IPO Details

Ventive Hospitality is a hospitality provider focused primarily on the business and leisure segments. It develops and manages high-end luxury hotels and resorts. The properties are operated by Marriott, Hilton, Minor, and Atmosphere. 

The IPO’s allotment is expected to be finalised on Thursday, December 26, and then, according to the three-day listing norms, will be listed on the stock market on Friday, December 30. 

The company has plans to use the money raised from the public issue to pay off certain borrowings availed by it and its step-down subsidiaries- SS & L Beach Private Limited and Maldives Property Holdings Private Limited. The rest of the proceeds will be used for general corporate purposes.

JM Financial Limited, Axis Capital Limited, HSBC Securities & Capital Markets Pvt Ltd, ICICI Securities Limited, IIFL Securities Ltd, Kotak Mahindra Capital Company Limited, SBI Capital Markets Limited are the book-runners for the public issue, while KFin Technologies is the registrar for the offer.