Another Indian Hotel Chain Files For an IPO

India’s Pride Hotels on Wednesday announced it has filed its draft paper with the Securities Exchange Board of India for an IPO. The company plans to raise about INR 2.6 billion ($29 million) from a fresh issue, plus an offer for sale by promoters of up to 39 million shares.

The offer includes shares being sold by promoter shareholders Sureshchand Premchand Jain, Meena Sureshchand Jain, Satyen Suresh Jain, A.S.P. Enterprises, Kopra Estate, Pride Plaza and The Executive Inn.

Pride Hotels is a homegrown Indian hospitality group that owns, develops, operates and manages hotels and resorts under the “Pride Hotels and Resorts” umbrella. As per the draft paper the company’s operating portfolio comprised 2,723 keys across 34 operational hotels and resorts. This was made up of seven owned hotels (1,136 keys) and 27 managed properties (1,587 keys). The group runs four sub-brands – Pride Plaza (upscale), Pride Premier (upper-midscale), Pride Elite (mid