The offer received bids for 2.19 crore shares as against 42.50 lakh shares on offer.
The initial public offer (IPO) of Saj Hotels received bids for 2,19,70,000 shares as against 42,50,000 shares on offer. The issue was subscribed 5.16 times.
Retail investors bid for 1,74,68,000 shares, non-institutional investors bid for 41,94,000 shares and qualified institutional investors bid for 3,08,000 shares.
Click here to connect with us on WhatsApp
The issue opened for bidding on 27 September 2024 and it closed on 1 October 2024. The price band of the IPO was set at Rs 65 per share. The equity shares will list on NSE’s SME platform.
The IPO comprised fresh issue of 42,50,000 equity shares. The promoter and promoter group shareholding diluted to 61.94% from 84.12% pre-issue.
The company intends to utilize the net proceeds to meet capital expenditure requirements towards expansion of existing resort properties, funding of long term working capital requirements and general corporate purpose.
Saj Hotels operates in the hospitality industry, offering a wide range of services across B2B, B2B2C, and B2C sectors. Its portfolio includes traditional resorts, villa rentals, and restaurant and bar properties, providing guests with comfort and convenience. Its resorts feature well-appointed rooms and various dining venues, alongside event hosting capabilities for conferences, weddings, and social gatherings. The company has three resorts in Mahabaleshwar, Pune, Madhya Pradesh. The company has 144 employees.
Saj by the Lake (Malshej Ghat) generated 50% of the total revenue. Saj on the Mountain (Mahabaleshwar) contributed 35.35%, and Saj in the Forest (Pench, Madhya Pradesh) accounted for the remaining 12.87%.
The company recorded revenue from operations of Rs 14.25 crore and net profit of Rs 3.45 crore for the period as of 31 March 2024.
Powered by Capital Market – Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
First Published: Oct 03 2024 | 3:25 PM IST
