Ventive Hospitality IPO 0.75T/Day1

December 21, 2024 admin Leave a reply Post Comment

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A Note on the business of Ventive Hospitality?

Ventive Hospitality is a hospitality asset owner with a primary focus on luxury offerings across business and leisure segments. All of its hospitality assets are operated by or franchised from global operators, including Marriott, Hilton, Minor and Atmosphere. Its luxury hospitality assets comprise JW Marriott, Pune, The Ritz-Carlton, Pune, Conrad, Maldives, Anantara, Maldives and Raaya by Atmosphere, Maldives.
Its luxury hospitality assets collectively contributed to over 80% of its pro forma revenue from hotel operations for FY24, FY23 and FY22. Its pro forma revenue and pro forma EBITDA were the highest among listed hospitality asset owners1 in India in FY24, FY23 and FY22. Among listed hospitality companies in India, 2 our pro forma revenue was the third highest in each of FY24 and FY23 and second highest for FY22 and its pro forma EBITDA was the third highest in FY24 and second highest for each of FY23 and FY22.

Its Portfolio comprises 11 operational hospitality assets in India and Maldives, totalling 2,036 keys across the luxury, upper upscale and upscale segments as at March 31, 2024. The Ritz-Carlton, Pune is one of only two “The Ritz-Carlton” hotels in India, which is a luxury brand within the Marriott portfolio. JW Marriott, Pune is the largest luxury hotel based on the number of keys in Pune and is one of only eight luxury hotels in India with inventory of between 400 to 500 keys as at March 31, 2024. It has the largest ballroom among luxury hotels in Western India, which is ideal for hosting large scale MICE events and weddings.

 It owns three luxury hospitality assets in the Maldives, which has been ranked consistently as one of the best tourist island destinations globally (including World’s Leading Destination (2023) and Indian Ocean’s Leading Destination (2024) at the World Travel Awards) with its unique “one island, one resort” concept. The Maldives is a high rate destination and benefits from sizeable demand for luxury and upper upscale hotels, consistent with its offerings. Conrad, Maldives houses the Muraka, a flagship experience that offers private accommodation comprised as an integrated undersea residence.

 It is reportedly the first such resort product globally along with an underwater restaurant known as Ithaa (Source: Horwath HTL Report). Muraka Suite was named one of the greatest luxury hotel suites in the world in Robb Report’s The 50 Greatest Luxury Hotel Suites in the World.  hospitality assets command an ARR premium vis-à-vis their peers in India and Maldives, which we believe is a testament to their superior asset quality, contemporary offerings and customer experience.

In Pune, seven of its restaurants feature in the top 10 fine dining restaurants according to TripAdvisor rankings as at September 1, 2024, including Alto Vino, an Italian restaurant, and Tao Fu, a Chinese restaurant at JW Marriott, Pune and Ukiyo, a Japanese restaurant at The Ritz-Carlton, Pune. Its F&B offerings are also a key strength of its Maldives hospitality assets. Conrad, Maldives features Ithaa, a unique underwater restaurant. Anantara, Maldives has nine F&B outlets with differentiated cuisines spread across three integrated islands, with distinct offerings tailored for servicing customers across price points. Pro forma revenue from the sale of food and beverages contributed to 35.04%, 34.76% and 35.89% of its pro forma revenue from hotel operations for FY24, FY23 and FY22 respectively.

For more information, click: www.ventivehospitality.com

Ventive Hospitality IPO GMP grey market premium, review, Subscription, allotment, listing estimate

Ventive Hospitality IPO Review

Ventive Hospitality is a leading hospitality asset owner, specializing in luxury offerings across both business and leisure segments. The company’s assets are operated or franchised by renowned global operators, including Marriott, Hilton, Minor, and Atmosphere. Its portfolio boasts prestigious properties such as JW Marriott, Pune, The Ritz-Carlton, Pune, Conrad Maldives, Anantara Maldives, and Raaya by Atmosphere Maldives.

These luxury assets contribute over 80% of the company’s pro forma revenue from hotel operations for FY24, FY23, and FY22. Notably, Ventive owns three luxury properties in the Maldives, a globally renowned destination consistently ranked among the top tourist island spots. The Maldives’ appeal as a high-demand, luxury hotel destination aligns perfectly with the company’s offerings.

Ventive’s Maldives resorts feature unique experiences, including the Muraka Suite, recognized as one of the greatest luxury hotel suites globally by the Robb Report. Additionally, Ithaa, an underwater restaurant, is reportedly the first of its kind in the world (Source: Horwath HTL Report). In Pune, the company’s restaurants are also highly rated, with seven of its venues ranked in the top 10 fine dining restaurants on TripAdvisor as of September 1, 2024, including Alto Vino and Tao Fu at JW Marriott, Pune, and Ukiyo at The Ritz-Carlton, Pune.

Ventive’s food and beverage offerings are a significant strength, particularly in its Maldives properties, further bolstering its luxury reputation.

The IPO is valued at Rs. 1600 crore, with the retail portion at Rs. 160 crore (10% of the issue size) expected to see full subscription. The HNI portion, amounting to Rs. 240 crore, is likely to experience substantial oversubscription. The shares are offered at a price-to-earnings (PE) multiple of 40.39 based on FY 2023-24 earnings, which is reasonable and could generate listing gains. With its strong market positioning and bright long-term prospects, Ventive Hospitality presents an attractive opportunity for both short-term gains and long-term investment.

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Ventive Hospitality IPO GMP grey market premium, review, Subscription, allotment, listing estimate