Juniper Hotels IPO stock jumps 11% after sluggish listing
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Juniper Hotels IPO Listing: Shares of Juniper Hotels Limited, which runs hotels under the Hyatt brand, were listed on Wednesday with a very slight rise at its issue price of Rs 360. However, later it rose by 11 percent. The company’s shares were listed at Rs 361.20 on BSE, 0.33 percent above the issue price. Later it gained momentum and jumped 10.36 percent to reach Rs 397.30, which is its upper circuit limit. The company’s shares were listed on NSE at Rs 365 with a gain of 1.38 percent. Later it increased by 10.47 percent to Rs 397.70.
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Subscribed 2.08 times in the last day
The initial public offering (IPO) of Juniper Hotels was subscribed 2.08 times on the last day of the issue on Friday. The company has issued only new shares in the IPO worth Rs 1,800 crore. This does not include any offer for sale (OFS). The price range for the IPO was Rs 342-360 per share. Out of the amount raised from IPO, the company will use Rs 1,500 crore to repay the loan. Apart from this, a part of it will be used for general company functioning.
IPO details
Juniper Hotels IPO Through this, the company has raised Rs 1800 crore from the market. There was no offer for sale of any kind in this IPO. All fresh issues were included. The company allotted shares on 26 February. Whereas, on February 27, the company started refunding investors. After refund, the shares were credited to the demat account of the allottees on the same day. The company has stated in its IPO letter that the money received from investors will be used for general corporate purposes. This includes acquiring a new company and also paying off old dues. The company will also make full or partial repayment of certain outstanding borrowings made by Chartered Hotels Pvt Ltd and Chartered Hampi Hotels Pvt Ltd from the same funds.
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