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Prestige Estates Projects has appointed JM Financial, JP Morgan, and CLSA as bankers for the initial public offering (IPO) of its hospitality business, hinting at the launch of its IPO soon, a report said on June 12.
Additionally, Prestige Estates will also consider monetisation of its hospitality business via primary or secondary issue of shares, it said.
Earlier, CNBC TV18 had reported citing unidentified sources that Prestige Estates is looking to raise Rs 2,000-3,000 crore in its hospitality business IPO, valuing the unit at Rs 20,000 crore. The company has reportedly appointed JM Financial, JPMorgan and CLSA as investment bankers for the public offer.
Prestige Estates share price has jumped 20 percent in the last 1 month and 69 percent in the last 6 months, far outpacing Nifty, which has gained 5 percent and 10 percent, respectively.
Prestige Estates hospitality portfolio includes brands such as Mariott, Sheraton, Conrad and others. The company in March this year signed an agreement with Mariott International to develop six hotel projects in the country. The hotels will be developed in next 2-5 years.
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