Juniper Hotels Sets Date for INR 1,800 Crore IPO Under Hyatt Brand

Juniper Hotels Sets Date for INR 1,800 Crore IPO Under Hyatt Brand

By Author

Published on February 17, 2024

In a significant development for India's hospitality sector, Juniper Hotels, known for its affiliation with the prestigious Hyatt brand, has declared the opening of its initial public offering (IPO) valued at INR 1,800 crore. Scheduled to open for subscription on February 21 and closing on February 23, this IPO marks a pivotal moment for the company as it seeks to expand its footprint and consolidate its position in the luxury hotel market.

Structured entirely as a fresh equity issue with a face value of Rs 10 per share, the IPO lacks an offer for sale (OFS) component. The pricing band for the public offer is to be announced shortly, with a significant portion of the IPO being strategically reserved: 75 percent for qualified institutional buyers, 15 percent for non-institutional investors, and the remaining 10 percent for retail investors.

Juniper Hotels intends to allocate the net proceeds from the IPO—estimated at INR 1,500 crore—towards the repayment, prepayment, or redemption of certain outstanding borrowings and for general corporate purposes. This financial maneuver is expected to strengthen the company’s balance sheet and support its ongoing and future projects.

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The company, a joint venture between Saraf Hotels and Two Seas Holdings (affiliated with Hyatt Hotels Corp.), currently boasts ownership of 20 percent of the total 1836 Hyatt-affiliated keys in India as of June 2023. Its portfolio encompasses seven hotels and serviced apartments spread across Mumbai, Delhi, Ahmedabad, Lucknow, Raipur, and Hampi, catering to a variety of market segments from luxury to upscale.

Highlighting its financial growth, Juniper Hotels reported a significant increase in revenue from operations, jumping 116 percent to INR 667 crore in fiscal 2023 from INR 309 crore the previous year. Moreover, the net loss for the company considerably narrowed to INR 1.5 crore in fiscal 2023 from INR 188.03 crore in fiscal 2022, indicating robust recovery and operational efficiency.

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The IPO is being managed by leading financial institutions such as JM Financial, CLSA India, and ICICI Securities, with KFin Technologies appointed as the registrar of the offer. Furthermore, the equity shares of Juniper Hotels are proposed to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), offering investors a valuable opportunity to partake in the company's growth journey.

As Juniper Hotels prepares to embark on this new chapter, the IPO stands as a testament to the company's resilience and commitment to excellence in the highly competitive hospitality industry.


Bangkok’s Funk Meets Bangalore: FunkyTown x Muro Collaboration

Bangkok’s Funk Meets Bangalore: FunkyTown x Muro Collaboration

By Author

Published on November 27, 2024

Mark your calendars for November 29th and 30th, 2024, as FunkyTown, Bangkok’s culinary sensation, teams up with Muro, Bangalore, for two nights of bold, boundary-pushing flavors. Led by the talented team of Pae Ketumarn, Earth Pirwkram, and Theo from FunkyTown and Sarnies Thailand, the event promises an extraordinary menu of innovative small bites and cocktails exploring the depth of Thai cuisine with a unique "funk level" scale, ranging from mild to daringly intense.

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Guests can indulge in creations like Scallop Crudo Tart, Beef Tartare Cone, and Duck & Apple Snail Tsukune, paired with signature drinks such as the Durian Colada, Mango Martini, and the adventurous Green Curry Cocktail. Each dish and drink combines creative flair, sustainability, and locally rooted ingredients to offer a one-of-a-kind sensory experience.

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Whether you prefer subtle tastes or are ready for the ultimate funky adventure, this exclusive collaboration is a must-attend for food and cocktail enthusiasts. Limited seats available—book now for an unforgettable celebration of Thai-inspired innovation and artistry!


Odia Bhoj - Transcend to the Flavors of Odisha in Mumbai with Chef Biswajit Odia Pop-Up at Momo Café, Courtyard by Marriott!

Odia Bhoj - Transcend to the Flavors of Odisha in Mumbai with Chef Biswajit  Odia Pop-Up at Momo Café, Courtyard by Marriott!

By Author

Published on November 25, 2024

What if you could savor the essence of Odisha—its coastal breeze, vibrant spices, and time-honored recipes—right here in Mumbai? Well here's your chance! At Courtyard by Marriott Mumbai International Airport's Momo Cafe, Chef Biswajit Moharathi, a MasterChef India Season 7 Top 25 contestant, invites you to embark on an unforgettable gastronomic adventure. This exclusive pop-up, running from 22nd November to 1st December 2024, brings the heart of Odisha's cuisine to the city that never stops craving new culinary experiences.

Chef Biswajit, a Bhubaneswar native and engineer-turned-culinary visionary, known for his ability to elevate Indian cuisine while staying true to its roots, invites you to explore the flavors of his homeland through a thoughtfully curated buffet that promises a symphony of taste, tradition, and innovation. "Odisha's food is about balancing flavours—earthy, tangy, spicy, and sweet. I'm excited to bring this experience to Mumbai, a city that appreciates bold flavors and culinary innovation," shares Chef Biswajit Moharathi

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 Indulge in a symphony of taste, as Chef Biswajit curates a delectable buffet showcasing the best of Odia cuisine. From the fiery spices to the delicate flavors, each dish is a testament to the region's rich culinary heritage. Start with the refreshing Mandia Guda Sherbet, a traditional Odian drink made from jaggery and roasted ragi. Move on to the savoury Dali Bara with Tamarind Dip, a popular Odia snack. For the main course, savour the rich and spicy Kankada Jhola, a crab curry, or the tender Chicken Kassa. Accompaniments such as Badi ChuraAmbula Rai, and the smoky Tomato Poda will make your journey to the eastern even more delightful. And to conclude your meal on a sweet note, indulge in the heavenly Manda Pitha, a steamed rice cake filled with coconut and jaggery or the crispy Malpua, and creamy Rabdi.

 Indulge in a culinary journey that will transport you to the sun-kissed shores of Odisha. Book your table now and experience the magic of Odia cuisine!

Timings - 7pm to 11pm 

Date – 22nd November- 1st December 2024

Address – CTS 215, Andheri - Kurla Rd, opposite Carnival Cinemas, Andheri East, Mumbai, Maharashtra 400059

About Marriott International

Marriott International, Inc. (Nasdaq: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of approximately 9,000 properties across more than 30 leading brands in 141 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world. The company offers Marriott Bonvoy®️, its highly awarded travel program.  For more information, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com.  In addition, connect with us on Facebook and @MarriottIntl on X and Instagram.


Proost Secures INR 30 Crore in Series-A Funding to Expand Operations

Proost Secures INR 30 Crore in Series-A Funding to Expand Operations

By Nithyakala Neelakandan

Published on November 21, 2024

Proost, a homegrown beer startup founded in 2017 by Tarun Bhargava and Vijay P. Sharma, has successfully raised INR 30 crore as part of its ongoing Series-A funding round. The investment was led by existing backers Chimes Group and Srinivasan Namala of Porus Laboratories, with participation from Hyderabad Angels, The Chennai Angels, and other high-net-worth individuals (HNIs).

The newly acquired funds will bolster Proost’s supply chain, support its entry into new markets, and deepen its reach in existing regions. The company also plans to expand its product portfolio and strengthen brand-building initiatives to position itself as a leading player in India’s beer market.

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Tarun Bhargava, Co-Founder & CEO of Proost

“We are thrilled to announce this new round of funding, which represents a significant step forward in Proost's journey,” said Tarun Bhargava, Co-Founder & CEO of Proost. “With these funds, we will focus on expanding production capacity, exploring new markets, and deepening our presence in current ones. This brings us closer to our goal of capturing a substantial share of the Indian beer market by the end of the decade.”

Proost operates under the banner of Grano69 Beverages and has already established a robust presence across Delhi, Punjab, Uttar Pradesh, Kerala, Jharkhand, and Karnataka. The company aims to capture a 5% market share in India’s beer industry by the end of the decade, leveraging customer-focused product development, strategic market expansion, and innovation.

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Vijay Prakash Sharma, MD & Co-Founder of Proost

The brand is known for its premium quality beers characterized by low bitterness and high drinkability. Proost also prides itself on being a “Made in India” brand, sourcing 99% of its raw materials locally.

A representative from Chimes Group expressed enthusiasm about Proost’s growth trajectory, stating, “Proost’s strong market presence and vision reflect the team’s deep understanding of the Indian consumer. We are excited to support their mission to transform the beer industry with high-quality, innovative products.”

Proost intends to use the funds to introduce new beer variants that cater to evolving consumer preferences. The company also seeks to maintain its competitive edge by tapping into emerging trends and developing products that resonate with the Indian audience.

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