Juniper Hotels
Book Building issueMainboard₹1,800 Cr issue
+0.33%
Listing gain over issue price
Issue size
₹1,800 Cr
1 lot at cut-off
₹14,400
Lot size
40shares
Open
21 Feb 2024
Close
23 Feb 2024
Allotment
26 Feb 2024
Listing
28 Feb 2024
Listing performance
Issue price
₹360
Listed at
₹361.20
Listing-day close
₹401.50
Latest price
₹194.79
Close on 23 Oct 2026
Listing gain
+0.33%
Return since issue
-45.89%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 21 Feb 2024 – 23 Feb 2024
- Listing date
- 28 Feb 2024
- Face value
- ₹10 per share
- Issue price
- ₹360 per share
- Lot size
- 40 shares
- Issue type
- Book Building issue
- Total issue size
- ₹1,800 Cr
- Market cap at offer price
- ₹8,010 Cr
- Promoter holding
- 100.00% → 77.53% pre-issue → post-issue
- ISIN
- INE696F01016
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- JM Financial Ltd.
- Registered office
- Off Western Express Highway, Santacruz East, Maharashtra
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 | 2,25,00,000 | — | — |
Application size
Minimum 40 shares per lot, in multiples, at ₹360
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 40 | ₹14,400 |
| Retail (max) | 13 | 520 | ₹1,87,200 |
| S-HNI (min) | 14 | 560 | ₹2,01,600 |
| S-HNI (max) | 69 | 2,760 | ₹9,93,600 |
| B-HNI (min) | 70 | 2,800 | ₹10,08,000 |
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
2,25,00,000
Anchor portion
₹810 Cr
at ₹360 per share
Valuation and performance
Valuation at offer price
₹360 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Market cap | — | ₹8,010 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- −0.42%
- NAV per share
- ₹24.67
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Juniper Hotels
Juniper Hotels Limited, incorporated as Seajuli Finance Private Limited in 1985 and renamed to its current name in 2003, is a luxury hotel development and ownership company. As of September 30, 2023, the company operates a portfolio of seven hotels and serviced apartments with 1,836 keys across luxury, upper upscale and upscale categories in India, located in Mumbai, Delhi, Ahmedabad, Lucknow, Raipur and Hampi. The company benefits from a unique partnership between Saraf Hotels (and its affiliates) and Hyatt Hotels Corporation affiliates. On September 20, 2023, the company acquired 100% of the equity share capital of Chartered Hotels Private Limited (CHPL) and its subsidiary Chartered Hampi Hotels Private Limited (CHHPL) from its corporate promoters. The company earns revenue primarily from room and serviced apartment operations, food and beverage services, and banquet and MICE services. As of September 30, 2023, the company had total borrowings of ₹22,527.47 million and the company and certain of its subsidiaries have incurred losses in the past.
Company Analysis
from RHPJuniper Hotels Limited is a luxury hotel development and ownership company, operating the largest portfolio of Hyatt-affiliated hotels by number of keys in India, spanning the luxury, upper upscale, and upscale hotel segments.
Juniper Hotels Limited, incorporated as Seajuli Finance Private Limited in 1985 and renamed to its current name in 2003, is a luxury hotel development and ownership company. As of September 30, 2023, the company operates a portfolio of seven hotels and serviced apartments with 1,836 keys across luxury, upper upscale and upscale categories in India, located in Mumbai, Delhi, Ahmedabad, Lucknow, Raipur and Hampi. The company benefits from a unique partnership between Saraf Hotels (and its affiliates) and Hyatt Hotels Corporation affiliates. On September 20, 2023, the company acquired 100% of the equity share capital of Chartered Hotels Private Limited (CHPL) and its subsidiary Chartered Hampi Hotels Private Limited (CHHPL) from its corporate promoters. The company earns revenue primarily from room and serviced apartment operations, food and beverage services, and banquet and MICE services. As of September 30, 2023, the company had total borrowings of ₹22,527.47 million and the company and certain of its subsidiaries have incurred losses in the past.
Hotel and hospitalityLuxury and upper upscale hotelsUpscale hotelsFood and beverage services
Objects of the Issue
- Repayment/ prepayment/ redemption, in full or in part, of certain outstanding borrowings availed by our Company and our recent acquisitions, namely CHPL and CHHPL ₹15,000.00 million p.24
- General corporate purposes p.24
- Repayment, prepayment and/or redemption of outstanding borrowings availed by the company and its recently acquired subsidiaries CHPL and CHHPL, and for general corporate purposes ₹15,000.00 million p.66
- Repayment/ prepayment/ redemption, in full or in part, of certain outstanding borrowings availed by our Company and our recent acquisitions, namely CHPL and CHHPL ₹15,000.00 million p.129
- General corporate purposes p.128
Issue Structure
- Total Issue
- Equity Shares aggregating up to ₹18,000.00 million
- Fresh Issue
- Equity Shares aggregating up to ₹18,000.00 million
- Offer for Sale
- Not applicable
- Price Band
- [●] per Equity Share
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10 per Equity Share
Business Model
The company earns revenue from hotel operations including room and serviced apartment revenues, food and beverage revenues (including food, soft beverages, wines and liquor, and F&B from banquet and MICE), and other ancillary services. The company operates all its hotels and serviced apartments under the Hyatt brand on a non-exclusive basis pursuant to long-term agreements with Hyatt entities for operations, management, and brand usage.
Business Segments
Operates hotels in the luxury and upper upscale segment categories
Operates hotels in the upscale segment category
Revenue from booking of hotel rooms across transient travelers, group bookings, and contract customers with guaranteed room nights
Revenue from 22 restaurants and bars at the hotels, including food, soft beverages, wines and liquor
Revenue from leasing commercial and retail spaces within hotels to third parties
Luxury hotel and residential property in Mumbai
Upscale hotel and residential property in Delhi located on the same land
Upscale hotel property in Ahmedabad
Operates luxury hotels under the Grand Hyatt and Andaz brands, including the Grand Hyatt Mumbai Hotel and Residences (665 Keys) and Andaz Delhi (401 Keys), both offering high-end accommodations, dining, and event facilities.
Operates upper upscale hotels under the Hyatt Regency and Hyatt brands, including Hyatt Regency Ahmedabad (211 Keys), Hyatt Regency Lucknow (206 Keys), Hyatt Raipur (105 Keys), and Hyatt Delhi Residences (129 serviced apartments), located in established metros and emerging business destinations.
Operates upscale hotels under the Hyatt Place brand, including Hyatt Place Hampi (119 Keys), catering to both leisure and business travelers in tourist destinations and industrial regions.
Premium 5-star luxury hotels offering high-end accommodation, F&B, conferences and events
High-end 5-star hotels with comprehensive facilities and services
4-5 star hotels with moderately positioned rooms and facilities
Operation of Grand Hyatt, Santacruz East, Mumbai
Operation of Hyatt Regency, Ashram Road, Ahmedabad
Operation of Andaz Delhi and Hyatt Delhi Residences, Aerocity, New Delhi
Operation of Hyatt Regency Lucknow
Operation of Hyatt Raipur
Operation of Hyatt Place Hampi
Luxury hotel operations providing room bookings, food and beverage services, and hospitality services
Luxury hotel operations providing room bookings, food and beverage services, and hospitality services
Luxury hotel operations providing room bookings, food and beverage services, and hospitality services
The Group is engaged in the business of Hospitality (Hotels). The Group has three operating hotels - Hyatt Raipur, Hyatt Lucknow and Hyatt Hampi. The Group's major revenue is from room stay charges and sale of food and beverages.
The Group is engaged in the business of Hospitality (Hotels). The information reported to and evaluated regularly by chief operating decision-maker (CODM) for the purpose of allocating resources and assessing performance of the Group focuses on the business as a whole. Accordingly, Hotel Services has been identified to be the Group's sole operating segment.
Operation of hospitality/hotel properties including room rentals, food and beverage services, and ancillary services
The Group is engaged in the business of Hospitality (Hotels) with a single operating segment. Hotels generate revenue from room stays, food and beverage sales, lease rentals of commercial spaces, and other hospitality services including laundry, communication services, health club access, airport transfers and allied services.
Income received from occupied rooms at hotels and serviced apartments
Income from the sale of food and soft beverage at hotels and serviced apartments, including through F&B venues, banquet and MICE facilities
Income from the sale of wines and liquor at hotels and serviced apartments and through F&B venues, banquet and MICE facilities
Income from the commercial and retail spaces which the Company has leased out to third parties
Income from ancillary services such as laundry, spa and wellness centers, transportation hire and hall rental revenue from MICE services
SWOT Analysis
Strengths
- • Largest Hyatt-affiliated hotel owner in India by key count(p.24)
- • Strategic portfolio in luxury and upper upscale segments with 1,836 keys across multiple high-demand locations(p.24)
- • Unique partnership with Hyatt Hotels Corporation and Saraf Hotels affiliates(p.24)
- • Expertise in site selection and identifying development opportunities(p.144)
- • Unique partnership model between asset owner and operator brand with strong parentage(p.144)
- • Robust asset management capabilities focused on operational efficiency and profitability(p.144)
- • Multiple revenue streams and complementary offerings(p.144)
- • Well-positioned to benefit from industry trends(p.144)
- • Experienced and qualified board and management team(p.144)
- • Largest owner of Hyatt-affiliated hotels in India by room count(p.165)
- • Unique strategic investment partnership with Hyatt Hotels Corporation(p.165)
- • Over 40 years of partnership between Saraf Group and Hyatt(p.171)
- • Largest aggregate inventory of upper tier branded serviced apartments in Mumbai and New Delhi(p.166)
- • Portfolio concentrated in high-barrier entry locations with premium positioning(p.168)
- • Strong track record of timely development with standardized processes(p.196)
- • High EBITDA margins reflecting operational efficiency(p.167)
- • Diversified revenue streams including F&B, serviced apartments, and MICE(p.174)
- • Largest luxury hotel developer/owner in India with significant brand positioning(p.206)
- • Commanding market presence across key geographies and diverse hotel segments(p.205)
- • Largest owner of Hyatt-affiliated upper-tier branded serviced apartments in India(p.215)
- • Strong positioning in luxury and upper-upscale segments with premium ADR realization(p.230)
- • Largest upper upscale hotels in respective markets, providing competitive advantage(p.211)
- • Large format hotels enabling significant MICE and weddings demand generation(p.227)
- • Pioneer in upper-tier hospitality development with proven execution track record(p.216)
- • Experienced senior management team with relevant hospitality expertise(p.268)
- • Diverse and qualified management with specialized roles across key functions(p.268)
- • Strong operational presence with six operating hotels across key Indian markets(p.296)
- • Established hotel portfolio with diversified locations(p.519)
- • Strong brand partnerships and management expertise(p.519)
- • Significant land and real estate assets(p.514)
- • Substantial foreign exchange earnings(p.502)
- • Largest Hyatt affiliate hotel owner in India by key count(p.646)
- • Diversified portfolio across luxury and upscale segments with geographic spread(p.646)
- • Strategic partnership with Hyatt Hotels Corporation and Saraf Group with 40+ years experience(p.646)
- • Strong brand positioning as largest luxury hotel in India(p.646)
- • Unique position as only Indian hotel development company with Hyatt strategic investment(p.646)
- • Significant market share in key cities(p.646)
- • Diversified revenue streams from rooms, serviced apartments, F&B, MICE and commercial leases(p.648)
- • Strong operational recovery post-COVID with improving metrics(p.647)
- • Strong business recovery post-COVID with significant revenue growth(p.664)
- • Dramatic occupancy and pricing improvements driving revenue growth(p.664)
- • Positive EBITDA generation and margins improving(p.673)
- • Diversified revenue streams across hotel segments(p.662)
- • Recent acquisition expanding property portfolio and operations(p.663)
Weaknesses
- • Historical losses across Company and Subsidiaries(p.40)
- • Substantial indebtedness limiting operational flexibility(p.41)
- • High leverage ratio constraining financial flexibility(p.41)
- • Weak debt service coverage indicating cash flow constraints(p.41)
- • Acquired subsidiary CHPL has history of payment delays and debt restructuring(p.43)
- • Heavy concentration of revenue in three hotels/serviced apartments(p.43)
- • History of negative operating cash flows(p.46)
- • Significant fixed cost structure limits profitability flexibility(p.46)
- • Finance costs represent over one-third of total expenses(p.47)
- • Significant dependence on Hyatt brand agreements(p.48)
- • Hyatt operator fees escalating as percentage of revenue(p.48)
- • Large workforce with associated labor risks(p.51)
- • History of delays in statutory dues payments(p.51)
- • Three hotels on leased/licensed land with expiry risks(p.52)
- • Significant outstanding statutory dues and disputed liabilities(p.66)
- • High employee attrition rate(p.65)
- • Outstanding litigation and contingent liabilities(p.75)
- • Historical untraceable corporate records and regulatory filings(p.71)
- • MHPL subsidiary with no current business activity(p.76)
- • CHPL delayed in past loan repayment and underwent strategic debt restructuring(p.87)
- • Company and CHPL availed RBI mandated moratoriums on interest payments(p.87)
- • Recent acquisition CHPL has significant outstanding borrowings(p.129)
- • Company unable to trace historical records and failed timely regulatory filings(p.67)
- • Promoters will retain significant control post-IPO, limiting minority shareholder influence(p.87)
- • Currently loss-making on a net profit basis despite strong EBITDA(p.167)
- • High leverage with net borrowings to equity ratio of 2.61x(p.148)
- • Small portfolio of only 7 hotels with geographic concentration(p.166)
- • Dependence on Hyatt brand and operations management through HICPL(p.195)
- • Limited control over certain operational and commercial decisions by Hotel Operator(p.195)
- • Serviced apartment operations highly vulnerable to occupancy fluctuations(p.174)
- • Concentration risk from reliance on a limited portfolio of seven operating hotels across six cities(p.161)
- • CHPL subsidiary previously undertook debt restructuring indicating financial strain(p.40)
- • One subsidiary (MHPL) holds land but is not engaged in any business activity(p.246)
- • Recent acquisition of CHPL at a higher valuation relative to Company's pre-acquisition valuation(p.45)
- • Consistent operating losses across multiple years indicating profitability challenges(p.292)
- • High financial leverage with significant non-current borrowings(p.291)
- • Substantial accumulated deferred tax assets indicating historical losses(p.325)
- • Unrecognized deferred tax assets on significant unused tax losses(p.326)
- • Limited equity base relative to total liabilities and debt burden(p.291)
- • Significant accumulated losses and equity erosion from COVID-19 pandemic impact (2020-2022)(p.376)
- • High debt burden with substantial near-term refinancing requirement(p.376)
- • Net current liability position creating liquidity pressure(p.376)
- • Dependent on refinancing and IPO proceeds for debt servicing(p.376)
- • Contingent tax liabilities across multiple jurisdictions(p.374)
- • Concentration risk with major revenue from room-related services(p.368)
- • Significant accumulated losses and negative retained earnings(p.395)
- • Net current liabilities position(p.439)
- • High debt burden relative to equity(p.433)
- • Dependence on few hotels for operations(p.396)
- • Pending litigation with vendor(p.438)
- • High finance costs relative to profitability(p.425)
- • Significant accumulated losses eroding equity base(p.476)
- • High debt burden relative to equity(p.494)
- • Working capital deficit requiring restructuring(p.503)
- • Dependence on related party loans and conversion of debt(p.476)
- • High finance costs reducing profitability(p.486)
- • Capital advances with doubtful collectibility(p.471)
- • Significant accumulated losses and negative equity position(p.573)
- • High debt burden with gearing ratio of 1.71(p.554)
- • Continued operating losses in both years(p.574)
- • Heavy reliance on related party borrowings(p.541)
- • Significant doubtful debts and advances(p.535)
- • Substantial indebtedness limiting operational flexibility(p.641)
- • Recent acquisition of CHPL with history of debt restructuring(p.40)
- • High gearing ratio indicating elevated leverage(p.612)
- • Dependence on hotel management agreements with Hyatt for operations(p.648)
- • Restrictive covenants limiting strategic flexibility(p.642)
- • Persistent unprofitability despite revenue recovery(p.661)
- • Very high leverage with net debt-to-equity ratio above 2.6x(p.671)
- • Finance costs consuming majority of operating cash generation(p.660)
- • Weak debt service coverage with DSCR below 1.0x(p.675)
- • Significant litigation and contingent liabilities creating legal and financial exposure(p.672)
Opportunities
- • Strong industry growth trajectory with 11.6% CAGR expected through Fiscal 2027(p.24)
- • Luxury and upper upscale segments command majority revenue share (55% in 2022)(p.24)
- • Significant new supply additions in high-margin luxury segment(p.24)
- • Acquisition of CHPL expands portfolio to seven hotels with 430 additional keys(p.35)
- • Proposed Jewar International Airport proximity driving business growth(p.46)
- • Right of first offer on Saraf Group hospitality assets(p.56)
- • Expansion strategy into new geographies and markets(p.81)
- • Planned hotel amenities and F&B expansion(p.85)
- • Planned debt reduction to improve financial metrics and growth capacity(p.129)
- • Strategic capital expenditure for asset enhancement and expansion(p.140)
- • Organic and inorganic growth opportunities and acquisitions(p.140)
- • Public market listing for enhanced brand recognition and investor base(p.129)
- • Expansion projects at existing properties to increase inventory and F&B capacity(p.177)
- • Development of new commercial and mixed-use spaces adjacent to existing hotels(p.177)
- • India's strong domestic travel growth and urbanization trends(p.175)
- • Demand-supply mismatch favoring existing hotel owners(p.176)
- • Consolidation opportunity in fragmented independent hotel market(p.178)
- • Right of first offer for future Saraf Group hotel acquisitions(p.178)
- • Expansion into emerging markets and new geographic destinations(p.178)
- • Growth in MICE and wedding events demand post-COVID recovery(p.176)
- • Strong middle class growth creating sizeable upper-tier hotel demand(p.205)
- • Significant urbanization tailwinds in existing and new markets supporting hotel sector growth(p.204)
- • Large young working population driving discretionary travel and MICE activity(p.205)
- • Planned expansion of Grand Hyatt Mumbai providing enhanced capability and market dominance(p.210)
- • Domestic leisure travel recovery and staycation demand strengthening hotel sector(p.224)
- • Strong projected demand growth outpacing supply growth through FY2027(p.220)
- • Infrastructure development enabling new market opportunities and improving connectivity(p.224)
- • Recent acquisition of Chartered Hotels Private Limited expanding portfolio(p.296)
- • Capital work-in-progress indicating ongoing expansion and development(p.291)
- • Strategic brand partnerships with globally recognized Hyatt brand portfolio(p.296)
- • Revenue growth trajectory with increased operations and revenue from operations(p.292)
- • Post-pandemic recovery in hospitality industry with strong growth trajectory(p.376)
- • Strategic expansion through acquisition of Chartered Group hotels(p.380)
- • Access to capital through Initial Public Offering for growth and deleveraging(p.376)
- • Hyatt brand affiliation providing operational expertise and market positioning(p.343)
- • Debt restructuring by consortium banks providing extended repayment terms(p.416)
- • Conversion of promoter loan into equity reducing debt burden(p.414)
- • Debt restructuring providing extended repayment tenure(p.504)
- • Recovery of waived payables from operator(p.485)
- • Expansion through new hotel projects(p.475)
- • Post-pandemic revenue recovery in hospitality sector(p.485)
- • Foreign exchange earnings from international guests(p.502)
- • Recovery in hospitality sector post-COVID with improved occupancies(p.562)
- • Growth in room revenue demonstrating market demand(p.546)
- • Strong India GDP growth supporting hospitality demand(p.648)
- • Increased discretionary spending from rising per capita income(p.648)
- • Strong domestic leisure and MICE demand trends(p.649)
- • Strategy to develop commercial real estate adjacent to hotels(p.649)
- • Planned enhancements at existing properties to boost competitiveness(p.649)
- • Opportunity to expand portfolio through consolidation of Saraf Group interests(p.648)
- • Post-COVID demand tailwinds across business and leisure travel(p.664)
- • Seasonal travel patterns offering consistent demand in winter months(p.677)
- • Geographic diversification across major Indian hotel markets(p.685)
Threats
- • Exposure to floating-rate debt (81.27% of borrowings) vulnerable to interest rate increases(p.41)
- • All hotels operating under single Hyatt brand with dependency on brand agreements(p.27)
- • Certain hotels located on licensed/leased land with ownership restrictions(p.22)
- • Negative operating cash flows historically and potential for future negative cash flows(p.27)
- • High fixed nature of operating expenses limiting cost flexibility(p.27)
- • Intense competition from established and emerging hotel chains(p.64)
- • Seasonal and cyclical variations in hospitality demand(p.64)
- • Changing traveler preferences and reduced business travel(p.59)
- • Dependence on airline sector customers for contracted room nights(p.57)
- • Online travel intermediaries gaining market share and power(p.58)
- • Hyatt brand competition and non-exclusive arrangement risks(p.49)
- • Regulatory non-compliance and licensing renewal risks(p.77)
- • Credit rating downgrades limiting financing access(p.74)
- • Foreign exchange exposure on ECBs(p.68)
- • COVID-19 pandemic and future public health emergencies(p.86)
- • Infrastructure disruptions affecting hotel operations(p.75)
- • Land title and ownership verification challenges(p.84)
- • COVID-19 pandemic impact on business operations and revenues(p.87)
- • Safety, security and crisis management risks from natural and man-made threats(p.87)
- • Dependence on Indian economy and discretionary spending by customers(p.90)
- • Foreign investment restrictions limiting ability to attract international investors(p.91)
- • Changing regulatory environment and tax law uncertainties(p.89)
- • Global financial instability affecting Indian markets and economy(p.92)
- • Potential adverse changes to India's sovereign debt rating(p.92)
- • Intense competition from international and domestic hotel chains(p.201)
- • Dependence on discretionary travel and economic cycles(p.180)
- • Regulatory and approval delays affecting operations(p.201)
- • Risk of area of protection (AOP) expiration limiting brand exclusivity(p.171)
- • Foreign exchange and commodity price volatility impacts on costs(p.198)
- • Vulnerability to macroeconomic slowdown affecting business travel and leisure(p.203)
- • Manpower shortages and construction cost pressures in hospitality sector(p.201)
- • Significant capital required for hotel development faces financing constraints(p.226)
- • Stringent land availability and high land costs constraining hotel development(p.226)
- • Regulatory approval delays creating project timeline and cost overrun risks(p.226)
- • Government policy changes materially impacting hotel development and operations(p.226)
- • Competitive pressure from growing presence of international and domestic hotel chains(p.226)
- • Monsoon and seasonality affecting hotel demand across markets(p.222)
- • Inbound international tourism recovery remaining gradual and uncertain(p.220)
- • High finance costs impacting profitability(p.292)
- • Significant long-term lease obligations on leasehold properties(p.321)
- • Dependence on hospitality industry cyclicality and market volatility(p.282)
- • Significant foreign currency exposure with ECB obligations(p.356)
- • Interest rate risk exposure on floating rate borrowings(p.358)
- • Dependence on successful refinancing of major debt maturity(p.376)
- • Multiple ongoing tax disputes and contingent liabilities(p.374)
- • Lease obligation concentration risk with long-term commitments(p.359)
- • Foreign exchange exposure on external commercial borrowings and payables(p.432)
- • Interest rate risk on variable rate borrowings(p.432)
- • Income tax contingent liabilities(p.438)
- • Export obligation commitments under EPCG(p.438)
- • Regulatory and operational uncertainties in hospitality sector(p.505)
- • Foreign currency exposure affecting payables(p.493)
- • Dependence on consortium bank financing with covenant compliance risk(p.480)
- • Litigation and contingent liabilities(p.502)
- • Pending bank guarantee obligations for EPCG licenses(p.502)
- • Severe COVID-19 impact on hospitality operations and occupancy(p.562)
- • Prolonged subdued occupancy levels in hospitality industry(p.562)
- • Foreign exchange exposure with unhedged currency payables(p.553)
- • Interest rate and liquidity risk from variable rate borrowings(p.553)
- • Intense competition from multinational and Indian hospitality companies(p.649)
- • Risk of new hotel supply affecting room rates and occupancy(p.649)
- • Dependence on economic conditions and discretionary spending(p.647)
- • Exposure to external shocks and geopolitical developments(p.647)
- • Regulatory and compliance risks across multiple jurisdictions(p.649)
- • Covenant breach and event of default risks from lenders(p.643)
- • Business subject to seasonal and cyclical variations(p.677)
- • Significant regulatory compliance requirements with renewal risks(p.73)
- • Regulatory violations in provident fund compliance with pending notices(p.680)
- • Concentration of operational assets and plant in specific locations(p.670)
- • Material GST investigation pending regarding short payment allegations(p.681)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Arun Kumar Saraf | Individual Promoter | — | — |
| Saraf Hotels Limited | Corporate Promoter | 44.68% | — |
| Two Seas Holdings Limited | Corporate Promoter | 50.00% | — |
| Juniper Investments Limited | Corporate Promoter | 5.32% | — |
| Saraf Hotels | Corporate Promoter | 50.00% | — |
| Two Seas Holdings | Corporate Promoter (Hyatt Group) | 50.00% | — |
| Juniper Investments | Corporate Promoter | — | — |
| Saraf Hotels Limited | Promoter | 44.68% | — |
| Two Seas Holdings Limited | Promoter | 50.00% | — |
| Juniper Investments Limited | Promoter | 5.32% | — |
| Arun Kumar Saraf | Individual Promoter/Chairman and Managing Director | — | — |
| Saraf Hotels | Promoter | — | — |
| Juniper Investments | Promoter Group | — | — |
| Two Seas Holdings | Promoter Group | — | — |
| Saraf Hotels | Corporate Promoter | 50.00% | 44.68% |
| Two Seas Holdings | Corporate Promoter | 50.00% | 50.00% |
| Juniper Investments | Corporate Promoter | — | 5.32% |
| Arun Kumar Saraf | Individual Promoter | — | — |
| Saraf Hotels Limited | Corporate Promoter | 100.00% | — |
| Two Seas Holdings Limited | Corporate Promoter | 100.00% (aggregate with Saraf Hotels) | — |
| Juniper Investments Limited | Corporate Promoter | 100.00% (aggregate with other Corporate Promoters) | — |
| Juniper Hotels Limited | Parent Company/Acquirer | — | 100% |
| Juniper Hotels Limited | Holding Company / Promoter | 100% | 100% |
| Saraf Hotels Limited, Mauritius | Promoter | 85.87% | — |
| Mrs. Namita Saraf | Promoter | 10.99% | — |
| Mr. Arun Kumar Saraf | Promoter | 0.002% | — |
| Saraf Hotels Limited, Mauritius | Promoter/Holding Company | 85.87% | — |
| Mrs. Namita Saraf | Promoter | 10.99% | — |
| Mr. Arun Kumar Saraf | Promoter | 0.002% | — |
| Saraf Hotels Limited, Mauritius | Holding Company/Promoter | 85.87% | — |
| Mrs. Namita Saraf | Promoter/Related Party | 10.99% | — |
Leadership
Arun Kumar Saraf · Chairman and Managing Director
Varun Saraf · Chief Executive Officer
Tarun Jaitly · Chief Financial Officer
Sandeep L. Joshi · Company Secretary and Compliance 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.
Juniper Hotels IPO FAQs
What is the lot size of Juniper Hotels IPO?
The minimum lot size of Juniper Hotels IPO is 40 shares. One lot costs ₹14,400 at the cut-off price.
When does Juniper Hotels IPO open and close?
Juniper Hotels IPO opened for subscription on 21 Feb 2024 and closed on 23 Feb 2024.
What is the listing date of Juniper Hotels IPO?
Juniper Hotels IPO listed on 28 Feb 2024.