Upcoming IPO: Prestige Group's hospitality arm files draft papers to raise ₹2,700 crore

In an exchange filing on Thursday, Prestige Estates said that the company's board has approved the participation in the offer for sale (OFS) of its subsidiary, Prestige Hospitality Ventures Ltd (PHVL), aggregating up to ₹1,000 crore.

"The Hospitality Fund Raising Committee of the board of directors of the Company...considered and approved the participation in the offer for sale of our subsidiary, Prestige Hospitality Ventures Limited, aggregating up to ₹10,000.00 million (“Offer for Sale” or “OFS” and such equity shares, “Offered Shares”), pursuant to an initial public offer of equity shares of face value of ₹5 each of PHVL (“IPO”) for cash at such offer price and within such price band as may be determined by PHVL in consultation with the book running lead managers," it said.

The initial share sale will be a mix of fresh issuance and OFS. The funds generated will likely be utilised to develop new properties and clear debt.

Bengaluru-based Prestige Estates is among the company's leading real estate developers. It develops housing, retail, office, and hotel projects.

Upcoming IPOs

Tata Group's financial services unit, Tata Capital Ltd, has filed a DRHP with SEBI for a $2 billion IPO via a confidential route.