Realty firm Prestige Estates has shelved plans to launch <a href="https://www.mid-day.com/business/business-news/article/ipo-a-guide-to-understanding-how-companies-get-listed-on-the-stock-exchanges-23644953" target="_blank" rel="none noopener">an initial public offering</a> of its hotel business because of uncertain market conditions and other factors.
In April last year, Prestige Estates Projects Ltd's subsidiary Prestige Hospitality Ventures Ltd (PHVL) filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) to launch an IPO.
The company planned to raise up to Rs 2,700 crore through a public issue.
In a regulatory filing on Friday, the company informed that the board of directors decided to "withdraw the DRHP on account of strategic considerations and uncertain market conditions".
PHVL might consider filing a fresh <a href="https://www.mid-day.com/business/business-news/article/jsw-one-platforms-files-draft-papers-with-sebi-plans-to-raise-rs-3054-crore-via-ipo-23651890" target="_blank" rel="none noopener">draft red herring prospectus with Sebi</a> in the future for an initial public offering of its equity shares subject to suitable market conditions, receipt of requisite approvals and other considerations.
In August this year, Prestige Estates said that Canada-based investment firm CPPIB will invest up to Rs 3,000 crore in its hospitality arm.
A binding framework agreement was executed between the companies, CPP Investment Board Pvt Holdings Inc (CPPIB) and PHVL.
After the agreement, CPPIB proposed to invest up to Rs 3,000 crore in PHVL in multiple tranches.
Bengaluru-based Prestige Estates is one of the leading real estate developers. It develops homes, offices, malls and hotels across major cities. The company has many hotels.
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.

In April 2025, Prestige Hospitality Ventures had filed a DRHP with SEBI to launch an initial public offering

Prestige Group shelves Rs 2,700 crore-IPO plan for hospitality arm

Biscuit maker Anmol Industries files draft papers for Rs 1,800-crore IPO

In April last year, Prestige Estates Projects' subsidiary Prestige Hospitality Ventures filed a Draft Red Herring Prospectus with the Securities and Exchange Board of India to launch an IPO

Prestige Group shelves Rs 2,700 crore-IPO plan for hospitality arm; cites bad market conditions

Trending Stories

Latest Photos

Latest Videos

Latest Web Stories

Mid-Day Fast

Home / Business / Business News / Article / Prestige Group shelves Rs 2,700 crore-IPO plan for hospitality arm; cites bad market conditions