New Delhi, Dec 20 (PTI) The initial public offer of Ventive Hospitality Ltd received 71 per cent subscription on the first day of bidding on Friday.

The IPO received bids for 1,02,39,485 shares against 1,44,34,453 shares on offer, as per NSE data.

Also Read | Ladki Bahin Yojana December Installment Date: When Will Woman Beneficiaries Get INR 1,500 in Maharashtra? CM Devendra Fadnavis Gives Update.

The category for Qualified Institutional Buyers (QIBs) got 1.05 times subscription while the portion for Retail Individual Investors (RIIs) received 61 per cent subscription. Non-Institutional Investors part got subscribed 10 per cent.

Blackstone-backed Ventive Hospitality on Thursday said it has mobilised Rs 719 crore from anchor investors.

Also Read | What Is ChatGPT WhatsApp Number? How Does It Work? Know More About OpenAI’s New Experimental Feature, Step-by-Step Guidelines To Use It.

The issue, with a price band of Rs 610-643 per share, will conclude on December 24.

The IPO is entirely a fresh issue of equity shares of up to Rs 1,600 crore and has no offer-for-sale component.

The company proposes to utilise the net IPO proceeds towards funding the debt payment, including payment of interest accrued thereon.

Ventive Hospitality (formerly ICC Realty) is a joint venture between the US-based Blackstone Group and Panchshil Realty. At present, Panchshil holds a 60 per cent stake in Ventive, while Blackstone owns the remaining 40 per cent stake.

It is a hospitality asset owner primarily focused on luxury offerings across business and leisure segments in India and the Maldives.

As of September 2024, the company's portfolio has 11 operational properties, comprising 2,036 keys across the luxury, upper upscale and upscale segments. All of its assets are operated by or franchised from global operators, including Marriott, Hilton, Minor and Atmosphere.

JM Financial, Axis Capital, ICICI Securities, IIFL Capital Services Ltd (Formerly known as IIFL Securities Ltd), Kotak Mahindra Capital Company, SBI Capital Markets and HSBC Securities and Capital Markets (India) Pvt Ltd are the book-running lead managers for the issue.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)