Hospitality agency Resort Polo Towers has filed its Draft Pink Herring Prospectus (DRHP) with market regulator SEBI, marking its intent to go public. The proposed preliminary public providing (IPO) will comprise a contemporary difficulty of fairness shares value as much as Rs 300 crore and a suggestion on the market (OFS) of as much as 71.2 lakh shares by present promoters.
The IPO will probably be managed by Equirus Capital Non-public Restricted and Motilal Oswal Funding Advisors Restricted, with MUFG Intime India Non-public Restricted appearing because the registrar to the provide.
Promoters Kishan Tibrewalla, Prem Tibrewalla, Deval Tibrewalla, and Kishan Tibrewalla HUF will offload shares as a part of the OFS. The weighted common value of acquisition for these shares ranges between Rs 0.14 and Rs 0.35 per share, as licensed by unbiased chartered accountants Golchha Daga & Associates.
The provide is being made below Regulation 6(1) of SEBI’s Problem of Capital and Disclosure Necessities (ICDR) Rules, 2018. The fairness shares will carry a face worth of Rs 2 every, and the IPO will probably be open to Certified Institutional Consumers (QIBs), Non-Institutional Bidders (NIBs), and Retail Particular person Bidders (RIBs), with particular reservations detailed within the provide construction.
Resort Polo Towers operates from its registered workplace in Shillong, Meghalaya, and company workplace in Kolkata, West Bengal. Raghav Jhunjhunwala serves because the Firm Secretary and Compliance Officer.
The Firm develops, owns, operates and manages a sequence of upscale and midscale resorts and resorts in Northeast, East, and North India below the ‘Polo’ and ‘Max’ manufacturers. The Hospitality portfolio contains 9 operational resorts and resorts with an mixture stock of 425 keys, along with 17 on-premise cafés and eating places, and two standalone cafés.