Another Indian hotel firm is pursuing public listing.
This week, Pune-based real estate investment trust Ventive Hospitality filed a draft red herring prospectus with the Securities & Exchange Board of India. It's the first step in introducing itself to potential investors.
The hotel owner, operator and developer expects its initial public offering on the Bombay Stock Exchange and National Stock Exchange of India will raise approximately 20 billion Indian rupees ($238.2 million).
The company’s majority shareholders are U.S. private-equity firm Blackstone and Pune-based construction and development firm Panchshil Realty, owned by the Chordia family.
Ventive is the hospitality division of real estate conglomerate Panchshil Realty, which develops commercial, retail, data center and residential projects across and outside India.
In the DRHP, Ventive executives said, "our portfolio has grown significantly over the years, starting from 83 keys in 2007 to 2,036 keys as at Mar. 31, 2024. In 2017, pursuant to the acquisition of a 50% stake in our company, BRE Asia (formerly known as Xander Investment Holding XVI Ltd.), an affiliate of Blackstone, became 50% shareholder.”
In India, its owned properties are the JW Marriott Pune; Ritz-Carlton, Pune; DoubleTree by Hilton Pune; Courtyard by Marriott Pune; Marriott Suites Pune; Oakwood Residence Pune; Aloft Bengaluru Outer Ring Road, and Aloft Bengaluru Whitefield.
Outside of India, it owns three hotels, all in The Maldives: Raaya by Atmosphere, Maldives; Conrad Maldives Rangali Island, and Anantara Maldives.
In a statement in the document, Ventive said it planned to focus on its “core strength of developing luxury and upscale hospitality assets and to increase the number of keys across our hospitality assets by an estimated 367 keys or 18.02% … to approximately 2,403 keys in full year 2028.”
It said development plans include two non-binding moratoriums of understanding with Marriott International, the first for an 80-room “villa-style” in Pottuvil, Sri Lanka, “for a potential Ritz-Carlton Reserve” property, the second for a 167-key hotel in Varanasi, India.
Blackstone could not be reached for comment by publication time.
Ventive’s board forwarded the motion on Sept. 5 and shareholders passed it Sept. 6. Ventive’s founder, Atul Chordia, was redesignated as executive director in August and appointed chairman and executive director on Sept. 5.
Indian IPOs
Domestic Indian hotel companies have increasingly sought public listing in recent months.
In June, ITC Hotels, a division of conglomerate Kolkata-based ITC, demerged from its parent company and listed independently on the Bombay Stock Exchange.
ITC has shareholdings in third-party hotel-ownership firms that own the Oberoi and Leela brands.
Kolkata-based firm Apeejay Surrendra Park Hotels went public in February and issued and offered equity shares valued at 10.5 billion Indian rupees.