Suba Hotels Set for IPO Launch After Securing Rs 21 Crore from Anchor Investors

Ahmedabad-based Suba Hotels has successfully secured Rs 21 crore from anchor investors, as revealed in a recent statement. The company has allocated more than 19.17 lakh shares to these investors, priced at Rs 111 each, as it prepares for its impending initial public offering (IPO).

The Rs 75.47-crore IPO is set to launch on September 29 and will conclude on October 1, with an application lot size of 1,200 equity shares. Suba Hotels aims to issue 67.99 lakh new equity shares under this offering, with a face value of Rs 10 each, set at a price band between Rs 105 and Rs 111 per share.

The proceeds from this IPO will be directed towards capital expenditures for hotel upgrades and general corporate purposes, reinforcing Suba's asset-light business model and expansion into Tier 2 and Tier 3 cities. The company's shares will be listed on NSE's SME platform, with Unistone Capital leading the management of the IPO.

(With inputs from agencies.)