Ventive Hospitality
Book Building issueMainboardNSE₹1,600 Cr issue
+11.69%
Listing gain over issue price
Issue size
₹1,600 Cr
1 lot at cut-off
₹14,789
Lot size
23shares
Open
20 Dec 2024
Close
24 Dec 2024
Allotment
26 Dec 2024
Listing
30 Dec 2024
Listing performance
Issue price
₹643
Listed at
₹718.15
Listing-day close
₹704.55
Latest price
₹556.65
Close on 23 Oct 2026
Listing gain
+11.69%
Return since issue
-13.43%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 20 Dec 2024 – 24 Dec 2024
- Listing date
- 30 Dec 2024
- Face value
- ₹1 per share
- Issue price
- ₹643 per share
- Lot size
- 23 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹1,600 Cr
- Market cap at offer price
- ₹15,017 Cr
- Promoter holding
- 99.59% → 88.98% pre-issue → post-issue
- ISIN
- INE781S01027
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- JM Financial Ltd.
- Registered office
- 2 nd Floor, Tower D, Tech Park One, Yerwada, 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 | 1,11,90,513 | — | — |
Application size
Minimum 23 shares per lot, in multiples, at ₹643
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 23 | ₹14,789 |
| Retail (max) | 13 | 299 | ₹1,92,257 |
| S-HNI (min) | 14 | 322 | ₹2,07,046 |
| S-HNI (max) | 67 | 1,541 | ₹9,90,863 |
| B-HNI (min) | 68 | 1,564 | ₹10,05,652 |
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
1,11,90,513
Anchor portion
₹720 Cr
at ₹643 per share
Valuation and performance
Valuation at offer price
₹643 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | −3.20 | −11.80 |
| Price to book (×) | 3.66 | — |
| Market cap | — | ₹15,017 Cr |
No price-to-earnings multiple is shown: the company reported a loss, and an earnings multiple struck on negative earnings would read as a cheap valuation while meaning the opposite.
Key performance indicators
Latest reported period
- Return on net worth
- −1.82%
- PAT margin
- 35.00%
- NAV per share
- ₹175.69
- Price to book
- 3.66
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Ventive Hospitality
Ventive Hospitality Limited (formerly ICC Realty (India) Private Limited) is predominantly a hospitality asset owner focused on luxury offerings across business and leisure segments in India and the Maldives. Until August 2024, the company's portfolio consisted of an integrated hospitality-led development comprising JW Marriott Pune, ICC Offices Pune, and ICC Pavilion Pune. In August 2024, through acquisition transactions, the company acquired 10 operational hospitality assets (seven in India and three in Maldives) and two hospitality assets under development (one each in India and Sri Lanka), as well as two Grade A office assets. Among listed hospitality companies in India, the company's pro forma revenue was the third highest in FY24 and FY23, and second highest for FY22.
Company Analysis
from RHPVentive Hospitality Limited is a luxury hospitality asset owner operating hotels and commercial properties in India and the Maldives.
Ventive Hospitality Limited (formerly ICC Realty (India) Private Limited) is predominantly a hospitality asset owner focused on luxury offerings across business and leisure segments in India and the Maldives. Until August 2024, the company's portfolio consisted of an integrated hospitality-led development comprising JW Marriott Pune, ICC Offices Pune, and ICC Pavilion Pune. In August 2024, through acquisition transactions, the company acquired 10 operational hospitality assets (seven in India and three in Maldives) and two hospitality assets under development (one each in India and Sri Lanka), as well as two Grade A office assets. Among listed hospitality companies in India, the company's pro forma revenue was the third highest in FY24 and FY23, and second highest for FY22.
hospitality and hotelscommercial real estate leasingoffice parks and retail spaces
Objects of the Issue
- Repayment/prepayment of certain borrowings availed by our Company including payment of interest accrued thereon ₹14,000 million p.26
- Repayment/prepayment of borrowings availed by step-down Subsidiaries (SS & L Beach Private Limited and Maldives Property Holdings Private Limited) including payment of interest accrued thereon through investment in such step-down Subsidiaries p.26
- General corporate purposes [●] p.26
- Prepayment or scheduled repayment of borrowings availed by the Company and payment of accrued interest thereon p.88
- Prepayment or scheduled repayment of borrowings of Subsidiaries SS & L Beach Private Limited and Maldives Property Holdings Private Limited and payment of accrued interest p.88
- General corporate purposes p.88
- Repayment/prepayment, in part or full, of certain of borrowings availed by the Company including payment of interest accrued thereon ₹14,000 million p.147
- Repayment/prepayment of borrowings of step-down Subsidiaries (SS & L Beach Private Limited and Maldives Property Holdings Private Limited) through investment in such step-down Subsidiaries Included in ₹14,000 million above p.145
- General corporate purposes p.145
- Deploying a portion of net proceeds to SS&L Beach Private Limited by way of subscription of fully paid up equity shares and extending a loan facility ₹7,200 million (approximately USD 85 million) p.158
- Deploying a portion of net proceeds to Maldives Property Holdings Private Limited by way of subscription of fully paid up equity shares and extending a loan facility ₹6,800 million (approximately USD 80 million) p.158
- Repayment or prepayment of loan obtained from Hongkong and Shanghai Banking Corporation Limited ₹5,177.66 million (outstanding as on September 30, 2024) p.158
- General Corporate Purposes Balance Net Proceeds, subject to not exceeding 25% of Gross Proceeds p.158
- Repayment or prepayment of borrowings availed by the Company and its Subsidiaries SS & L Beach Private Limited and Maldives Property Holdings Private Limited, including accrued interest p.266
- Not disclosed in this part of the document
- Not specified in this document section (Part 11 of 15 covers financial statements and MD&A only; Objects of Offer typically found in other sections of DRHP)
Issue Structure
- Total Issue
- Up to ₹16,000 million
- Fresh Issue
- Up to [●] Equity Shares of face value of ₹1 each aggregating up to ₹16,000 million
- Offer for Sale
- Not applicable
- Price Band
- ₹[●] per Equity Share (Floor Price) to ₹[●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares of face value of ₹1 each and in multiples of [●]
- Face Value
- ₹1 per Equity Share
Business Model
The company generates revenue from hotel operations through its luxury hospitality assets (including properties branded as Marriott, Hilton, and independent brands), commercial leasing and mall operations from Grade A office parks and retail spaces, and annuity assets from office and retail properties with long-term lease agreements. Most hospitality assets are operated by or franchised from third-party brands, particularly Marriott and Hilton.
Business Segments
Operates luxury hospitality assets including properties branded as Marriott, Hilton, and independent luxury brands in India and Maldives
Leases office and retail spaces at Grade A properties; generates revenue from maintenance charges, parking, and other incidental services
Owns and generates rental income from long-term leased office and retail properties (Business Bay Pune, ICC Offices Pune, ICC Pavilion Pune, Panchshil Tech Park)
Owns and operates or franchises premium hotel properties under brands including Marriott, Hilton, Minor, and Atmosphere. Generates revenue from room sales, food and beverage services, banquet income and other hotel services. Assets include JW Marriott Pune, The Ritz-Carlton Pune, Anantara Maldives, Conrad Maldives, Marriott Suites Pune, DoubleTree by Hilton Pune, Courtyard by Marriott Pune, Marriott Aloft Whitefield Bengaluru, Marriott Aloft ORR Bengaluru, Oakwood Residences Pune, and Raaya by Atmosphere Maldives (joint venture).
Owns and operates office and retail properties in Pune including ICC Tech-Park (Panchshil Corporate Park Private Limited), ICC Trade Tower, Business Bay, and rental operations. Generates revenue from rental income of office and retail spaces, commercial leasing, maintenance and parking charges, and other ancillary services.
Owns and operates hotel properties including Marriott Suites, DoubleTree by Hilton, Conrad, and Anantara branded properties primarily in India with some assets in Maldives and under development in Sri Lanka
Owns and leases office and retail properties to corporate tenants and retailers
Operates premium hospitality assets including luxury hotels (JW Marriott, The Ritz-Carlton, Conrad, Anantara), upper upscale hotels (Marriott Suites), and upscale hotels (Courtyard by Marriott, DoubleTree by Hilton, Marriott Aloft, Oakwood Residences)
Leases commercial office space and retail space to multinational corporations and other tenants. Includes three Grade A office assets with over 80% of leasable area leased to multinational corporations
Luxury hospitality assets including JW Marriott Pune, The Ritz-Carlton Pune, Conrad Maldives, Anantara Maldives, and Raaya by Atmosphere Maldives offering premium room accommodation, food and beverage, banquet and MICE services
Upper upscale and upscale hospitality assets including Marriott Suites Pune, DoubleTree by Hilton Pune, Oakwood Residences Pune, Courtyard by Marriott Pune, and Marriott Aloft properties in Bengaluru offering mid-to-premium accommodation and services
Grade A commercial office spaces including Business Bay Pune, ICC Offices Pune, and Panchshil Tech Park Pune providing office leasing to multinational corporations
Grade A retail space ICC Pavilion Pune forming part of ICC Convention Centre providing retail leasing with tenant sales-based turnover rental arrangements
Owns and operates luxury and upper upscale hotels in India under brands including JW Marriott, Marriott Suites, Courtyard by Marriott, DoubleTree by Hilton, Marriott Aloft and The Ritz-Carlton.
Owns and operates luxury resort hotels in Maldives, including Conrad Maldives (151 keys), Anantara Maldives (197 keys) and Raaya by Atmosphere (110 keys, joint venture).
Owns and leases Grade A office parks including ICC Offices Pune, Business Bay Pune and Panchshil Tech Park Pune to multinational and technology companies.
Owns and operates ICC Pavilion Pune, a Grade A retail space with over 120 retail outlets including major brands, food court and movie theatre.
Operation and management of commercial hotels under various international brands including JW Marriott, The Ritz-Carlton, Courtyard by Marriott, Marriott Aloft, DoubleTree by Hilton, Anantara, Conrad, and Raaya by Atmosphere across India and Maldives.
Leasing of commercial office and business spaces, including tech parks and business centers.
Operation of retail malls.
Revenue from leasing operations comprising of lease rentals from properties given under lease (office spaces and mall), maintenance and parking charges, and sale of construction materials and fitout
Revenue from hotel operations comprising sale of room, food and beverages and allied services related to hotel operation (including investment in joint venture)
Revenue from windmill operations which is recognised on credit provided for transmission of electricity based on data provided by Maharashtra State Electricity Distribution Company Limited
Operation of branded hotels including properties under Courtyard by Marriott, Marriott Aloft, DoubleTree by Hilton, Ritz-Carlton, and other premium brands; provision of room accommodation, food and beverage services, and hotel-related services
Management and leasing of commercial properties including tech parks, business centers, and commercial spaces to corporate tenants
Operation of branded hotels including Courtyard Marriott, Ritz Carlton, Double Tree By Hilton, Aloft, Anantara, and Conrad Rangali Island resorts
Leasing of commercial office spaces in office parks
Operation of retail malls with maintenance and parking services
Operation of windmills generating renewable energy
Operates 11 luxury, upper upscale and upscale hospitality assets with 2,036 keys across India (Pune and Bengaluru) and Maldives through partnerships with global hotel brands. Generates revenue from room income, food and beverage sales, and other hotel services including banquet and MICE.
Owns and leases Grade A office spaces (2.95 msf) and retail space (0.44 msf) totalling 3.40 msf in Pune with 95.55% committed occupancy. Generates stable rental income from long-term leases with multinational corporate tenants with built-in 15% rent escalations every three years.
Revenue from leasing operations comprising of lease rentals from the properties given under lease
Revenue from hotel operations, comprising of revenue from room income, sale of food and beverages and allied services related to hotel operations, including income from telecommunication and internet services
Revenue from windmills which are recognized on credit provided for transmission of electricity based on the data provided by the Maharashtra State Electricity Distribution Company Limited in electricity bills
Hospitality projects and commercial assets owned by Panchshil Group
Hospitality projects and commercial assets acquired by Blackstone Group
SWOT Analysis
Strengths
- • Strong market position among listed hospitality companies in India with third-highest pro forma revenue in FY24 and FY23(p.25)
- • Diversified portfolio across luxury hospitality assets with established international brand partnerships (Marriott and Hilton)(p.29)
- • Geographic presence in high-growth Indian states and international markets (Maldives, Sri Lanka)(p.25)
- • Significant annuity income from Grade A office and retail assets providing stable cash flows(p.30)
- • Premium luxury hospitality assets with global brand partnerships(p.162)
- • High-quality annuity assets with strong committed occupancy(p.162)
- • Strong track record of development and acquisition-led growth(p.162)
- • Renowned promoters with global and local expertise(p.162)
- • Professional management team with significant industry experience(p.162)
- • Portfolio of recently renovated or newly built hotels(p.162)
- • Dominant market position in Pune luxury segment(p.200)
- • Strong operational performance metrics versus market(p.210)
- • Premium luxury hospitality portfolio with strong market positioning(p.247)
- • Commanding ARR premiums across markets demonstrating superior asset quality(p.247)
- • Award-winning F&B offerings driving incremental revenue and guest loyalty(p.247)
- • Dominant market position in Pune luxury segment(p.254)
- • Stable annuity assets providing predictable cash flows(p.254)
- • Proven track record of development and value creation(p.256)
- • Global institutional ownership and partnership with Blackstone(p.249)
- • Turnover rental arrangements capture tenant sales upside(p.272)
- • Scale of operations enables cross-asset employee rotation and best practice sharing(p.279)
- • The Ritz-Carlton Pune achieved strong ARR and RevPAR growth from FY20 to FY24(p.273)
- • The Ritz-Carlton Pune ranked first on TripAdvisor as at November 8, 2024(p.273)
- • Conrad, Maldives is reportedly the first resort with integrated undersea residence globally(p.277)
- • Conrad, Maldives achieved strong ARR and RevPAR growth from FY20 to FY24(p.277)
- • Anantara, Maldives achieved strong ARR and RevPAR growth from FY20 to FY24(p.278)
- • In-place rentals show upward trajectory at ICC Pavilion Pune(p.272)
- • Established hospitality asset portfolio across India and international markets(p.374)
- • Acquisition of premium hospitality assets including iconic brands (Marriott, Ritz-Carlton, Anantara, Conrad)(p.339)
- • Significant capital raised through equity issuance for expansion(p.371)
- • Strong promoter backing with Blackstone institutional investor participation(p.353)
- • Diversified business portfolio across commercial leasing, hospitality, and windmill operations(p.425)
- • Strong investment property portfolio generating consistent rental income with fair value appreciation(p.400)
- • Significant capital base and asset accumulation through acquisitions(p.395)
- • Profitable commercial leasing operations with strong segment results(p.425)
- • Diversified hospitality portfolio across multiple brands and geographies(p.482)
- • Significant asset base in premium properties across India and internationally(p.482)
- • Established operations with multiple international hotel brands including luxury segments(p.482)
- • Substantial revenue generation from hospitality operations(p.497)
- • Premium luxury hospitality portfolio with industry-leading asset quality(p.516)
- • Exclusive market positioning with limited competitive supply(p.516)
- • Strong relationships with leading global hotel operators(p.519)
- • Diversified revenue streams from hotel and annuity assets(p.518)
- • Award-winning food and beverage offerings(p.516)
- • Premium ARR positioning commanding pricing power(p.516)
Weaknesses
- • No consolidated operating history; pro forma losses in FY24 and FY22 indicating integration challenges(p.29)
- • High customer concentration with four largest hospitality assets contributing over half of pro forma total income(p.29)
- • Dependence on third-party brand operators and franchisors for hospitality asset quality and operations(p.29)
- • Material contingent liabilities including pending excise license suspension for Marriott Suites, Pune(p.31)
- • Significant outstanding litigation including multiple tax proceedings against Panchshil Promoters with ₹264.83 million aggregate exposure(p.29)
- • Recent major acquisitions without consolidated operating history(p.55)
- • Pro forma losses in recent periods(p.55)
- • Heavy dependence on two hotel brands (Marriott and Hilton)(p.57)
- • Significant geographic concentration in Pune and Maldives(p.59)
- • Revenue concentrated in four largest hospitality assets(p.59)
- • High financial leverage with significant debt obligations(p.67)
- • Promoter interests may conflict with company interests(p.48)
- • Related party transactions at potentially unfavorable terms(p.66)
- • Outstanding litigation and regulatory compliance issues(p.83)
- • Non-compliance history with regulatory filings(p.85)
- • Expired and pending environmental approvals(p.84)
- • Limited trademark protection and brand dependence(p.77)
- • Limited control over third-party property management(p.88)
- • Dependence on key personnel and difficulty attracting/retaining qualified staff(p.91)
- • Certain agreements with hotel operators and lease deeds are unstamped/unregistered(p.92)
- • Contingent liabilities including GST, Income Tax and excise demands(p.92)
- • Promoters have diverse business interests that could create conflicts(p.93)
- • High reliance on financial and IT systems with security vulnerabilities(p.92)
- • Significant outstanding borrowings that increase financial risk(p.101)
- • Significant recent leverage from acquisition-driven growth(p.168)
- • Recently acquired portfolio showing operating losses(p.157)
- • Maldives subsidiary showing significant losses(p.157)
- • Concentrated portfolio dependent on few luxury assets for revenue(p.162)
- • Pro forma losses and negative returns on net worth(p.163)
- • Declining occupancy rates at key properties indicating competitive pressures(p.229)
- • Recent large acquisition creating integration risks and financing challenges(p.246)
- • High leverage levels post-acquisition constraining financial flexibility(p.252)
- • Significant dependence on Marriott and Hilton brands for operations(p.247)
- • Reliance on hotel operators for day-to-day operations and discretionary decisions(p.279)
- • Company does not own PANCHSHIL trademark, only has a license(p.281)
- • Committed occupancy at ICC Pavilion declined from 99.60% to 92.10%(p.272)
- • Conrad, Maldives occupancy declined from 51.33% to 40.97%(p.278)
- • Employee trade union membership and wage settlement agreements in place(p.282)
- • High debt burden from recent acquisition financing(p.369)
- • Significant losses in initial period post-acquisitions(p.370)
- • Heavy lease liabilities from long-term property arrangements(p.369)
- • Recent and rapid expansion with integration execution risk(p.333)
- • Significant goodwill from acquisitions creating impairment risk(p.369)
- • Concentration of shareholding and promoter control risk(p.353)
- • Significant financial losses in hospitality segment during the period(p.425)
- • High leverage with substantial borrowings relative to equity base(p.409)
- • Accumulation of deferred tax liabilities from acquisitions(p.420)
- • Negative retained earnings in consolidated statements reflecting acquisition impact(p.408)
- • Contingent liabilities including regulatory and tax demands(p.424)
- • Excise license suspension and permanent revocation risk for hotel property(p.424)
- • Significant accumulated losses and negative profitability(p.492)
- • High leverage with substantial debt burden(p.473)
- • Limited equity base relative to asset holdings(p.473)
- • Recent acquisitions creating integration and execution risks(p.486)
- • Goodwill impairment risk from acquisition valuations(p.488)
- • Dependence on foreign currency earnings from Maldives properties(p.492)
- • High operating leverage with fixed cost structure(p.520)
- • Significant dependence on third-party hotel operators(p.519)
- • Heavy debt burden post-acquisition impacting profitability(p.535)
- • Concentration of portfolio in few high-dependency operators(p.519)
- • Recurring losses at Maldives subsidiaries due to high finance costs and depreciation(p.550)
- • High dependence on Marriott and Hilton franchise brands for hospitality portfolio(p.555)
- • Significant pre-launch losses at joint venture property Raaya by Atmosphere(p.548)
- • Substantial and rising debt levels requiring significant finance costs(p.547)
- • Liquor license suspension risk at Marriott Suites Pune property(p.554)
- • Foreign ownership restrictions limit fundraising and investor base(p.639)
- • U.S. securities registration limitations restrict market access(p.640)
- • Limited NRI/OCI shareholding cap restricts investor participation(p.639)
- • OCBs cannot participate in the IPO(p.639)
Opportunities
- • Strong India travel and tourism sector growth with domestic travel visits growing at 13.5% CAGR and foreign tourists expected to cross 30 million by 2037(p.25)
- • Expansion into emerging leisure markets with Maldives receiving 1.9 million foreign tourists in 2023 from diverse international source markets(p.25)
- • Strategic positioning in India's growing office markets with Pune ranking as sixth largest office market(p.25)
- • Potential for future acquisitions through promoter relationships and ability to undertake acquisitions(p.29)
- • Expanded portfolio across multiple geographies and asset classes(p.57)
- • Annuity assets providing revenue diversification(p.47)
- • Growth in Maldives luxury hospitality market(p.60)
- • Development pipeline in high-growth markets(p.87)
- • Strategic partnerships with global hospitality brands(p.55)
- • Expansion into new geographies and business segments(p.95)
- • Debt reduction to improve financial metrics and access to capital(p.147)
- • Benefits from listing including brand enhancement and public market creation(p.145)
- • India GDP growth driving hotel demand expansion(p.189)
- • India's significant underpenetration of hotel inventory(p.189)
- • Rising middle class and high-income population(p.192)
- • Growing foreign tourist arrivals recovering post-COVID(p.191)
- • Strong domestic travel and tourism growth(p.198)
- • Infrastructure development in key markets(p.208)
- • Demand growth outpacing inventory growth(p.206)
- • Significant weddings and experiential travel demand(p.193)
- • Expansion into high-growth spiritual tourism market in Varanasi(p.264)
- • Growing Sri Lanka tourism market recovery(p.264)
- • Expanding Maldives airport capacity driving incremental tourism(p.263)
- • Limited new luxury supply in Maldives supporting pricing power(p.263)
- • Growing Pune commercial office absorption driving hotel demand(p.263)
- • Significant untapped F&B revenue potential from event spaces(p.266)
- • Strong global luxury hospitality market tailwinds(p.212)
- • Acquisition of pipeline assets through right of first offer for hospitality developments(p.310)
- • Built-in rent escalations on existing leases support revenue growth(p.280)
- • Maldives resort locations in top five atolls attract global tourists(p.276)
- • Anantara, Maldives occupancy improved with higher room nights sold in FY24(p.279)
- • Expansion into international markets with Maldives and Sri Lanka presence(p.333)
- • Growth through right of first offer on additional Panchshil Group assets(p.333)
- • Leverage of well-known hospitality brands (Marriott, Hilton, Anantara, Conrad) for market positioning(p.339)
- • Diversification into leasing of commercial spaces and retail operations(p.374)
- • Joint venture participation in premium destination resort (Maldives)(p.374)
- • Expansion of commercial leasing portfolio with proven profitability(p.400)
- • Growth in hotel operations and hospitality services revenue streams(p.416)
- • International market expansion through Maldives property holdings and overseas hospitality assets(p.402)
- • Secured term financing facility with USD 163.37 million for strategic acquisitions(p.411)
- • Strategic positioning in premium commercial hubs and tourism destinations(p.401)
- • Expansion of hospitality portfolio through strategic acquisitions of established brands(p.482)
- • Growth in luxury hospitality segment with premium brands(p.482)
- • Commercial real estate leasing revenue from office parks(p.497)
- • Joint venture participation in resort operations with shared economics(p.482)
- • International diversification through Maldives resort portfolio(p.482)
- • Expansion into new markets with branded properties(p.518)
- • Growing luxury segment demand in Maldives with favorable dynamics(p.516)
- • Strong domestic travel growth driving MICE and weddings segment(p.519)
- • Limited supply growth in key markets creating competitive advantage(p.518)
- • Revenue diversification through food and beverage expansion(p.521)
- • Capacity to reduce finance costs post-IPO through debt repayment(p.550)
- • Revenue growth from new hotel developments under way(p.572)
- • Strong pro forma EBITDA generation supporting expansion(p.551)
Threats
- • Termination or non-renewal of long-term hospitality brand agreements, particularly with Marriott and Hilton comprising 78.05% of keys(p.29)
- • Heavy geographic concentration with 90.43% of pro forma total income from Pune and Maldives locations(p.29)
- • Seasonal and cyclical variations in hospitality business impacting results of operations and cash flows(p.30)
- • Decline in demand for office and retail properties affecting annuity asset performance(p.30)
- • Potential conflicts of interest from BRE Promoters who have not entered into deed of right of first offer for Blackstone assets(p.30)
- • Seasonal and cyclical variations in hospitality demand(p.48)
- • Dependence on third-party operators with termination risk(p.57)
- • Intense competition in hospitality and real estate sectors(p.82)
- • COVID-19 pandemic impact on hospitality demand(p.57)
- • Economic slowdown reducing travel and office demand(p.77)
- • Interest rate risk on variable rate debt(p.69)
- • Foreign exchange risk on Maldives operations(p.67)
- • Regulatory changes and compliance risks(p.45)
- • Changes in travel patterns and customer preferences(p.64)
- • Lease renewal and termination risks on leased properties(p.79)
- • Title defects and ownership uncertainties on leased land(p.85)
- • Inability to obtain necessary regulatory approvals and licenses(p.85)
- • Environmental and health & safety compliance requirements(p.84)
- • Significant exposure to safety, security and crisis management risks(p.92)
- • Hospitality industry sensitive to political environment and terrorism(p.92)
- • Exposure to macroeconomic risks including inflation, exchange rates and interest rates(p.95)
- • Risk of compulsory land acquisition by government(p.96)
- • Illiquidity of real estate assets limiting flexibility(p.96)
- • COVID-19 pandemic impact on travel and tourism industry(p.95)
- • Global financial market disruptions and capital market volatility(p.97)
- • Downgrading of sovereign debt ratings affecting borrowing costs(p.98)
- • Compliance with data privacy regulations creating operational constraints(p.91)
- • Maldives operations exposed to international tourism volatility(p.156)
- • High capital expenditure and project development risks(p.204)
- • Regulatory approval complexities(p.204)
- • Operating losses in recently acquired entities impacting consolidated performance(p.174)
- • Manpower and talent retention challenges in hospitality(p.204)
- • Exposure to currency fluctuations in Maldives operations(p.151)
- • Moderate inventory growth in key markets limiting organic growth(p.203)
- • Bank financing constraints and debt service pressures(p.204)
- • Discretionary nature of luxury hotel demand vulnerable to economic slowdown(p.235)
- • Seasonality impact on revenue particularly in leisure destinations(p.235)
- • Increasing competitive supply in key markets pressuring rates(p.235)
- • Source market concentration risk from European and Russian tourists(p.233)
- • Health and security risks affecting destination appeal(p.235)
- • Currency fluctuation risks affecting Maldives operations(p.235)
- • Maldives market underperformance relative to market benchmarks(p.229)
- • High development costs and barriers to entry in Maldives(p.217)
- • Hospitality industry is intensely competitive with influx of international players(p.283)
- • Hotel development in India faces barriers to entry including land availability and cost(p.283)
- • Footfalls at ICC Pavilion declined significantly from 4.17 million to 1.92 million(p.272)
- • Tenant sales at ICC Pavilion declined from 4,693.94 million to 2,154.44 million(p.272)
- • Anantara, Maldives occupancy declined from 67.21% to 54.16%(p.279)
- • High interest rate exposure from significant debt obligations(p.370)
- • Regulatory and approval risks for ongoing acquisition integration(p.333)
- • Dependency on brand partnerships and franchise agreements(p.339)
- • Foreign exchange risk from international operations(p.370)
- • Liquidity constraints from elevated debt service requirements(p.369)
- • High interest rate environment impacting borrowing costs and debt servicing capacity(p.418)
- • Foreign currency exposure from USD-denominated borrowings with SOFR-based interest rates(p.411)
- • Regulatory and legal risks including license suspension in hospitality operations(p.424)
- • Commercial real estate market cyclicality and tenant revenue dependency(p.423)
- • Weather and monsoon dependency of renewable energy operations(p.416)
- • Concentration of promoter shareholding creating governance risk(p.407)
- • Dependency on post-acquisition integration execution(p.484)
- • Hotel industry cyclicality and economic sensitivity affecting occupancy rates(p.497)
- • Foreign exchange volatility impacting Maldives operations and consolidated results(p.492)
- • Regulatory and compliance risks in multiple jurisdictions including Maldives(p.484)
- • Refinancing risk from substantial debt obligations(p.473)
- • Tourism dependency affecting resort occupancy in Maldives(p.482)
- • Seasonality and cyclicality in hospitality demand(p.520)
- • Intense competition in hospitality and commercial real estate industries(p.522)
- • Economic sensitivity and travel demand volatility(p.519)
- • Impact of global events and health concerns on travel(p.519)
- • Dependence on commercial real estate market conditions(p.519)
- • Foreign exchange and macro-economic risks in Maldives operations(p.515)
- • Seasonality volatility in hospitality business affects earnings stability(p.556)
- • High operational leverage from significant fixed costs including depreciation(p.546)
- • Exposure to foreign currency risk from Maldives operations(p.554)
- • Interest rate risk on floating-rate debt obligations(p.562)
- • Litigation risks related to land title and Hindu undivided family claims(p.565)
- • Government policy changes on FDI could impact foreign investment(p.639)
- • Regulatory changes to foreign investment restrictions could affect investor base(p.639)
- • Regulatory amendments to FEMA rules could impact FDI participation(p.639)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Premsagar Infra Realty Private Limited | Promoter | 41.73% | — |
| Atul I. Chordia | Promoter | 1.85% | — |
| Atul I. Chordia HUF | Promoter | 1.11% | — |
| BRE Asia ICC Holdings Ltd | Promoter | 24.97% | — |
| BREP Asia III India Holding Co VI Pte. Ltd. | Promoter | 11.25% | — |
| Premsagar Infra Realty Private Limited | Promoter | 41.73% | — |
| Atul I. Chordia | Promoter | 1.85% | — |
| Atul I. Chordia HUF | Promoter | 1.11% | — |
| BRE Asia ICC Holdings Ltd | Promoter | 24.97% | — |
| BREP Asia III India Holding Co VI Pte. Ltd. | Promoter | 11.25% | — |
| Premsagar Infra Realty Private Limited (PIRPL) | Promoter | 41.73% | — |
| BRE Asia (formerly known as Xander Investment Holding XVI Limited) | Promoter | 24.97% | — |
| BREP Asia III India Holding Co VI Pte. Ltd. | Promoter | 11.25% | — |
| Atul I. Chordia | Promoter | 1.85% | — |
| Atul I. Chordia HUF | Promoter Group | 1.11% | — |
| Panchshil Realty | Promoter Group | — | — |
| Blackstone | Promoter Group | — | — |
| Panchshil Realty and affiliates (Panchshil Promoters) | Promoter/Promoter Group | — | — |
| BRE Asia (Blackstone affiliate) (BRE Promoters) | Promoter/Promoter Group | 50% | — |
| BRE Asia ICC Holdings Limited | Promoter Group | — | — |
| Premsagar Infra Realty Private Limited | Promoter Group | — | — |
| Atul I. Chordia | Promoter | — | — |
| Atul I. Chordia | Promoter | 1.85% | — |
| Atul I. Chordia HUF | Promoter | — | — |
| Premsagar Infra Realty Private Limited | Promoter | — | — |
| BRE Asia ICC Holdings Ltd | Promoter | — | — |
| BREP Asia III India Holding Co VI Pte. Ltd. | Promoter | — | — |
| Atul I. Chordia | Promoter | 1.85% | 1.85% |
| Premsagar Infra Realty Private Limited | Promoter | 41.73% | 41.73% |
| Atul I. Chordia - HUF | Promoter | 1.11% | 1.11% |
| BRE Asia ICC Holdings Limited | Promoter | 24.97% | 24.97% |
| BREP Asia III India Holding Co VI Pte Ltd | Promoter | 11.25% | 11.25% |
| Atul Chordia | Promoter/Director | — | — |
| Premsagar Infra Realty Private Limited | Shareholder/Promoter Group | — | — |
| BRE Asia ICC Holdings Limited | Investor (till July 28, 2024) | — | — |
| Panchshil Realty (Panchshil Promoter Group) | Promoter/Promoter Group | — | — |
| BRE Asia (Blackstone affiliate, formerly known as Xander Investment Holding XVI Limited) | Promoter/Promoter Group | 50% | — |
| Panchshil Group | Promoter Group | — | — |
| Blackstone Group | Promoter Group | — | — |
Leadership
Atul I. Chordia · Promoter
Pradip Bhatambrekar · Company Secretary and Compliance Officer
Paresh Bafna · 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.
Ventive Hospitality IPO FAQs
What is the lot size of Ventive Hospitality IPO?
The minimum lot size of Ventive Hospitality IPO is 23 shares. One lot costs ₹14,789 at the cut-off price.
When does Ventive Hospitality IPO open and close?
Ventive Hospitality IPO opened for subscription on 20 Dec 2024 and closed on 24 Dec 2024.
What is the listing date of Ventive Hospitality IPO?
Ventive Hospitality IPO listed on 30 Dec 2024.