Jungle Camps India
Book Building issueSMEBSE₹29.42 Cr issue
+90.00%
Listing gain over issue price
Issue size
₹29.42 Cr
1 lot at cut-off
₹1,15,200
Lot size
1,600shares
Open
10 Dec 2024
Close
12 Dec 2024
Allotment
13 Dec 2024
Listing
17 Dec 2024
Listing performance
Issue price
₹72
Listed at
₹136.80
Listing-day close
₹129.96
Latest price
₹38
Close on 23 Oct 2026
Listing gain
+90.00%
Return since issue
-47.22%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 10 Dec 2024 – 12 Dec 2024
- Listing date
- 17 Dec 2024
- Face value
- ₹1 per share
- Issue price
- ₹72 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹29.42 Cr
- Market cap at offer price
- ₹112 Cr
- Promoter holding
- 94.57% → 69.63% pre-issue → post-issue
- ISIN
- INE0WCH01015
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Khambatta Securities Ltd.
- Registered office
- 221-222/9, 2nd Floor, Som Dutt Chamber-II, Bhikaji Cama Place, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 11,63,200 | — | — |
| Market maker | 2,04,800 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹72
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,15,200 |
| S-HNI (min) | 2 | 3,200 | ₹2,30,400 |
| S-HNI (max) | 8 | 12,800 | ₹9,21,600 |
| B-HNI (min) | 9 | 14,400 | ₹10,36,800 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
11,63,200
Anchor portion
₹8.38 Cr
at ₹72 per share
Valuation and performance
Valuation at offer price
₹72 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.15 | 2.32 |
| P/E (×) | 22.86 | 31.03 |
| Price to book (×) | 2.71 | — |
| Market cap | — | ₹112 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 20.01%
- ROCE
- 24.75%
- Debt / equity
- 0.23
- PAT margin
- 20.54%
- NAV per share
- ₹26.61
- Price to book
- 2.71
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Jungle Camps India
Jungle Camps India Limited was originally incorporated as Pench Jungle Resorts Private Limited on July 22, 2002. The company operates four award-winning boutique resorts located at prime wildlife and tiger reserves national parks across central India. The first lodge, Pench Jungle Camp, was established in the natural forested estate in 2002, followed by Kanha Jungle Camp in 2018. The company generates revenue from hospitality services at its resorts, operating through multiple channels including online bookings via its website, third-party platforms, direct bookings at premises, agent facilitation, and online travel agents. A significant portion of business is generated through word-of-mouth referrals.
Company Analysis
from RHPJungle Camps India Limited is a conservation-focused hospitality group operating award-winning boutique resorts at wildlife and tiger reserves in central India.
Jungle Camps India Limited was originally incorporated as Pench Jungle Resorts Private Limited on July 22, 2002. The company operates four award-winning boutique resorts located at prime wildlife and tiger reserves national parks across central India. The first lodge, Pench Jungle Camp, was established in the natural forested estate in 2002, followed by Kanha Jungle Camp in 2018. The company generates revenue from hospitality services at its resorts, operating through multiple channels including online bookings via its website, third-party platforms, direct bookings at premises, agent facilitation, and online travel agents. A significant portion of business is generated through word-of-mouth referrals.
HospitalityTourismWildlife tourismResort operations
Objects of the Issue
- Capital Expenditure for the project development at Sanjay Dubri National Park, Madhya Pradesh 700.00 lakhs p.25
- Expenditure for renovation of Pench Jungle Camp at Pench National Park, Madhya Pradesh 350.00 lakhs p.25
- Capital Expenditure for the project development at Mathura Hotel Project, Mathura 1,150.00 lakhs p.25
- General Corporate Purpose p.25
- To meet capital expenditure for the project development at Sanjay Dubri National Park, Madhya Pradesh ₹700.00 Lakhs p.113
- To meet capital expenditure for renovation of existing resort Pench Jungle Camp, at Pench National Park, Madhya Pradesh ₹350.00 Lakhs p.113
- Investment in our Subsidiary, Madhuvan Hospitality Private Limited (MHPL) in relation to capital expenditure for the project development at Mathura Hotel Project, Mathura, Uttar Pradesh ₹1,150.00 Lakhs p.113
- General Corporate Purposes [●] p.113
- Funding capital expenditure for development and construction of Gokul Rahi Hotel at Mathura, Uttar Pradesh (four-star hotel project with 60 rooms and associated infrastructure) ₹32.50 crores (estimated total investment, partly from IPO proceeds and balance from HDFC Bank borrowings) p.177
- Funding capital expenditure for development and construction of Sanjay-Dubri Jungle Camp at Sanjay-Dubri Tiger Reserve, Madhya Pradesh (wildlife resort with 30 rooms and associated infrastructure) ₹16.00 crores (estimated total investment, partly from IPO proceeds and balance from HDFC Bank borrowings) p.178
- Not stated in this document part
- For Upfront Premium and Resort Development at Sheopur and Parisili ₹1250 Lakhs (Term Loan facility from HDFC Bank Limited) p.305
- For Working Capital Needs ₹100 Lakhs (Overdraft facility from HDFC Bank Limited) p.305
Issue Structure
- Total Issue
- Up to 40,86,400 Equity Shares aggregating to Rs. [●] Lakhs
- Fresh Issue
- Up to 40,86,400 Equity Shares of face value of ₹10/- each fully paid for cash at a price of ₹ [●] per Equity Share aggregating [●] Lakhs
- Offer for Sale
- N.A.
- Price Band
- [●]
- Lot Size
- [●]
- Face Value
- Rs. 10.00 each
Business Model
The company earns revenue from hospitality services through room bookings, food and beverage services, and related resort amenities at its boutique resorts located in national parks and wildlife reserves in central India.
Business Segments
Development and operation of jungle resort properties offering accommodation, food and beverage services, and hospitality services
Organization and operation of guided wildlife viewing experiences and jungle safari activities for guests
Boutique wildlife resort at Pench National Park offering luxury accommodations including safari tents, cottages, and suites with spa, swimming pool, restaurant, and wildlife safari experiences
Boutique wildlife resort in Rukhad forest offering eco-friendly accommodation with elevated cottages, wildlife safaris, nature walks, bird watching, and recreational activities
Boutique wildlife resort at Tadoba Andhari Tiger Reserve offering luxury cottages and wildlife experiences including guided safaris, tiger sightings, and leopard viewing
Boutique wildlife resort near Kanha National Park offering varied lodge options and safari experiences including jeep safaris, full day safaris for photographers, and night safaris
Highway motel and restaurant on Jabalpur-Nagpur Highway offering dining and accommodation along with adventure activities and recreational facilities
Wayside amenity and restaurant on Allahabad-Rewa Highway offering food and dining services with parking and basic amenities for travelers
Operating wildlife resorts and providing guided wildlife safaris at national parks. The segment includes revenue from operations including management and operating fees where hotels are not owned or leased by the Company.
Provides room accommodation in villas, cottages, deluxe rooms, and safari tents along with food and beverage services
Provides jungle safari experiences and transportation services (pick-up and drop) for guests
SWOT Analysis
Strengths
- • Conservation-focused boutique hospitality group with award-winning resorts(p.24)
- • Long operational history since 2002 with established brand presence(p.24)
- • Experienced management and qualified workforce(p.126)
- • High EBITDA and PAT margins demonstrating operational efficiency(p.126)
- • Consistent track record of growth and financial performance(p.126)
- • Ability to provide quality services and customer satisfaction(p.126)
- • Experienced promoters and management with two decades in hospitality(p.182)
- • Strategic locations in prime wildlife and tiger reserves across central India(p.182)
- • Strong brand reputation and award recognition in wildlife tourism niche(p.162)
- • Robust processes for quality control and operations monitoring(p.182)
- • Customer-centric approach and focus on guest satisfaction(p.182)
- • Scalable business model with expansion into new properties(p.162)
- • Strong financial performance with improving profitability(p.175)
- • Experienced management with significant tenure in hospitality and business(p.218)
- • Board composition meets corporate governance requirements with multiple independent directors(p.215)
- • Diversified portfolio with wholly-owned subsidiaries and operating multiple properties(p.240)
- • Clean financial and legal record with no defaults or labor disputes(p.213)
- • Award-winning boutique resorts in prime wildlife locations(p.310)
- • Strong brand recognition in niche wildlife tourism segment(p.310)
- • Significant revenue growth and operational leverage(p.318)
- • Improving profitability with strong net profit margins(p.318)
- • Experienced management team with two decades in hospitality(p.310)
- • Declining debt-to-equity ratio showing improving financial position(p.323)
Weaknesses
- • Missing corporate records and compliance lapses from early years(p.33)
- • Operational facilities on long-term leased land with renewal risk(p.32)
- • History of delays in statutory filings and GST/EPF compliance(p.34)
- • Unsecured loans from promoters and financial institutions repayable on demand(p.49)
- • Logo not yet registered as trademark(p.49)
- • Heavy reliance on few resorts concentrated in two geographical regions(p.57)
- • Heavy dependence on a limited number of customer segments(p.128)
- • Quotations for capital expenditure lack validity periods and are subject to price fluctuations(p.121)
- • Concentration of property/asset base in limited geographic locations(p.114)
- • No definitive agreements in place with key vendors for capital expenditure(p.121)
- • High seasonality leading to periods of low occupancy(p.183)
- • Workforce challenges including high turnover and labor shortages(p.183)
- • Price sensitivity among customers affecting profit margins(p.183)
- • Relatively lower occupancy rates across properties(p.185)
- • Limited presence and visibility on National Highway operations(p.175)
- • Concentration of shareholding among promoter group(p.235)
- • No formal dividend policy established(p.267)
- • Potential conflict of interest with group companies in similar business lines(p.265)
- • Modest capitalization with limited paid-up capital(p.246)
- • Non-compliance with Section 42 of the Companies Act regarding private placements(p.326)
- • Limited current asset coverage of current liabilities(p.323)
- • Seasonal nature of business operations(p.311)
- • Dependence on limited room inventory(p.310)
Opportunities
- • Strong government support for tourism infrastructure development(p.24)
- • Growing global hospitality market with strong growth trajectory(p.24)
- • Expansion of PRASHAD scheme for pilgrimage and spiritual tourism(p.24)
- • Capital allocation for expansion at new national park locations(p.25)
- • Expansion through development of new resort at Sanjay Dubri National Park(p.114)
- • Growth through renovation and upgradation of existing Pench Jungle Camp property(p.117)
- • Entry into new market segment via 4-star hotel in Mathura with IHG partnership(p.119)
- • Enhanced corporate visibility and market credibility through listing on BSE(p.113)
- • Tourism industry growth tailwind in India(p.115)
- • Market expansion into geographic and segment diversification(p.183)
- • Technological integration to enhance guest experience and operations(p.183)
- • Sustainability initiatives attracting eco-conscious travelers(p.183)
- • Partnerships with travel agencies and local businesses(p.183)
- • Strong growth in Indian tourism sector with 7.1% annual growth projected(p.153)
- • Rising domestic tourism post-pandemic recovery(p.153)
- • Expansion of affordable tourism infrastructure and government support(p.155)
- • Expansion of hospitality operations through concession agreements(p.242)
- • Wildlife conservation and tourism at premium national park locations(p.245)
- • Portfolio growth in tiger reserve and wildlife tourism(p.241)
- • Planned expansion of room capacity by 96% to 257 rooms(p.310)
- • Aggressive growth strategy with plans for national and global expansion(p.310)
- • Growing demand for wildlife and nature-based tourism experiences(p.318)
- • Increased occupancy and pricing power post-COVID recovery(p.318)
- • Government of India Ministry of Tourism approval indicating sector support(p.333)
Threats
- • Regulatory and licensing risks requiring renewal and modification(p.32)
- • Seasonality in travel to resort locations during monsoon months(p.50)
- • High competition in fragmented resort and hotel industry(p.53)
- • Dependence on India's economic growth and exposure to natural disasters(p.60)
- • Reliance on manual property records creating title uncertainty(p.54)
- • Labour intensity and risk of workforce disruptions(p.52)
- • Terrorist attacks, civil unrest, and acts of violence adversely affecting financial markets and business sentiment(p.61)
- • Adverse changes in government regulations and their implementation(p.61)
- • Inflation increasing operational costs without proportionate revenue increase(p.61)
- • Systemic risk from Indian financial system instability affecting counterparty relationships(p.61)
- • Dilution of shareholding from future equity issuances(p.61)
- • Illiquidity of shares post-listing with trading delays(p.62)
- • Intense competition from established hospitality chains and OTAs(p.184)
- • Regulatory and compliance challenges across multiple states(p.184)
- • Economic downturn affecting tourism demand(p.157)
- • Geopolitical tensions and security concerns impacting travel(p.157)
- • Pandemics and disease outbreaks disrupting operations(p.158)
- • Reputation risks from negative publicity or security incidents(p.184)
- • Rising fuel costs impacting transport and operational expenses(p.158)
- • Dependence on wildlife tourism subject to regulatory changes(p.280)
- • Asset concentration in leasehold properties subject to renewal risk(p.281)
- • Exposure to natural and seasonal variations in wildlife tourism(p.243)
- • Seasonal closure of tiger parks during monsoon impacting revenues(p.311)
- • Competition from existing and new hotels and resorts(p.311)
- • Regulatory restrictions on property development and signage in protected areas(p.323)
- • Dependence on government approvals and forest permits(p.333)
- • Uncertain economic conditions and discretionary spending impact(p.311)
- • COVID-19 pandemic continuing uncertainty(p.311)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Gajendra Singh | Promoter | 30.80% | — |
| Ms. Laxmi Rathore | Promoter | 20.05% | — |
| Mr. Yashovardhan Rathore | Promoter | 12.89% | — |
| Mr. Ranvijay Singh Rathore | Promoter | 8.29% | — |
| G S Rathore HUF | Promoter | 5.84% | — |
| Mr. Gajendra Singh | Promoter | 30.80% | [●] |
| Ms. Laxmi Rathore | Promoter | 20.05% | [●] |
| Mr. Yashovardhan Rathore | Promoter | 12.89% | [●] |
| Mr. Ranvijay Singh Rathore | Promoter | 8.29% | [●] |
| G S Rathore (HUF) | Promoter | 5.84% | [●] |
| Whizzkid Fin-lease Private Limited | Promoter Group | 4.08% | [●] |
| Brass City Finance & Investment Private Limited | Promoter Group | 12.62% | [●] |
| Mr. Gajendra Singh | Promoter | — | — |
| Mr. Yashovardhan Rathore | Promoter | — | — |
| Ms. Laxmi Rathore | Promoter | — | — |
| Mr. Ranvijay Singh Rathore | Promoter | — | — |
| G S Rathore HUF | Promoter | — | — |
| Gajendra Singh | Promoter/Chairman and Managing Director | 30.80% | 32.57% |
| Yashovardhan Rathore | Promoter/Whole Time Director | 12.88% | 13.62% |
| Ms. Laxmi Rathore | Promoter/Non-Executive Director | 20.05% | 21.20% |
| Mr. Ranvijay Singh Rathore | Promoter | — | 8.77% |
| G S Rathore (HUF) | Promoter Group Entity | — | 6.17% |
| Gajendra Singh | Promoter | — | — |
| Abhinav Chauhan | First Director | — | — |
| Naresh Kumar | First Director | — | — |
Leadership
Mr. Gajendra Singh · Chairperson/Managing Director
Ms. Parul Shekhawat · Company Secretary and Compliance Officer
Mr. Ajay Singh · Chief Financial Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Jungle Camps India IPO FAQs
What is the lot size of Jungle Camps India IPO?
The minimum lot size of Jungle Camps India IPO is 1,600 shares. One lot costs ₹1,15,200 at the cut-off price.
When does Jungle Camps India IPO open and close?
Jungle Camps India IPO opened for subscription on 10 Dec 2024 and closed on 12 Dec 2024.
What is the listing date of Jungle Camps India IPO?
Jungle Camps India IPO listed on 17 Dec 2024.