Pride Hotels steps up expansion, plans ₹1,000 crore IPO by December
Pride Hotels is looking to launch its initial public offering (IPO) by December, with the issue size expected to be around Rs 1,000 crore, as the hospitality chain accelerates expansion across leisure, wedding and corporate events and pilgrimage destinations, CEO Satyen Jain said.
"We have opened nine hotels in the last 12 months.
This is the ninth in Indore," Jain said in an interaction with PTI.
The expansion has taken Pride Hotels' portfolio to 40 properties, including eight owned hotels and 32 managed properties.
The company has also signed contracts for another 32 hotels, which are expected to open over the next one-and-a-half to two years, taking its portfolio to about 72 properties.
"Our focus is on four segments -- going deep in the markets where we are already present, targeting large wedding and MICE (Meeting, Incentive, Conference and Exhibition) hotels, entering new leisure destinations and expanding in pilgrimage," Jain said.
Among these, pilgrimage destinations are ..
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