September 28, 2025
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IPO Key Dates
| Anchor Investor Subscription | |
| IPO opens on | 29 Sept. 2025 |
| IPO Closes on | 1 Octo 2025 |
| Allotment on | 3 Octo. 2025 |
| Credit of shares on | 6 Octo. 2025 |
| Tentative Listing on | 7 Octo.2025 |
| Registered office in.. |
| Ahmedabad, Gujarat Email-compliance@subahotels.com |
| Lead Manager of the IPO |
| Unistone Capital Pvt ltd ltd |
| Registrar to the IPO |
| Bigshare Services Pvt ltd |
Business:
Established in October 1997, Suba Hotels Limited is a fast-growing domestic hotel chain operating in the mid-market segment. As of July 2025, it manages 88 hotels with 4,096 keys across 50 cities, largely in Tier-II and Tier-III locations, with another 40 hotels (1,831 rooms) in the pipeline. The portfolio covers upscale, upper-midscale, midscale and economy brands, catering to both domestic and international travelers. The group operates through a mix of owned, managed, revenue-share/lease and franchised models. As of July 31, 2025, it owns 5 hotels (227 rooms), manages 19 hotels, has 14 revenue-share/lease properties and 48 franchise hotels. Suba Hotels has established strong presence in Gujarat and Madhya Pradesh with owned properties in Ahmedabad, Bhuj, Junagadh, Vadodara and Pithampur.
IPO Details
| IPO opens on | 29 September 2025 |
| IPO closes on | 1 October 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 67,99,200 Shares / Rs 75.49 Crore |
| * Fresh Issue | – |
| * Offer for Sale – | – |
| Market Maker Portion | 340,800 Shares |
| Net offer to Public | 64,58,400 Shares Rs. 71.69 Crores |
| Face Value per share | Rs. 10 |
| Price Band | Rs. 105-111 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 1200 Shares |
| Listing will at | NSE SME |
How shares are being offered
| Investor Category | Shares Offered |
| QIB | 50% |
| NII (HNI) | 15% |
| Retail Shares | 35% |
| Total Shares | 100.00% |
| Application | Shares | Amount Rs. |
| Retail (Min) | 2,400 | 2,66,400 |
| Retail (Max) | 2,400 | 2,66,400 |
| S-HNI (Min) | 3,600 | 3,99,600 |
| S-HNI (Max) | 8,400 | 9,32,400 |
| B-HNI (Min) | 9,600 | 10,65,600 |
The Promoters’ Holding
The promoters hold 84.69% of the pre-IPO capital
The Objects of the IPO
The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects
| Objects of the Issue | Rs. in crores |
| Funding Capital Expenditure Requirements towards upgradation and last-mile funding of hotel premises | 53.48 |
| General Corporate Purposes |
Financials Snapshot
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 123.04 | 100.07 | 85.23 |
| Total Income | 79.98 | 53 | 35.2 |
| Profit After Tax | 15.15 | 8.96 | 2.78 |
| EBITDA | 23.27 | 8.75 | 13.87 |
| NET Worth | 47.61 | 32.33 | 23.46 |
| Reserves and Surplus | 30.17 | 27.57 | 18.7 |
| Total Borrowing | 50.23 | 45.73 | 46.09 |
| Amount in Rs. Crore | |||
Peer Comparison:
| Company Name | P/E (x) | RoNW (%) |
| Suba Hotels Limited | 8.69 | 31.82 |
| Royal Orchids Hotels | 29.81 | 20.58 |
| Sayaji Hotels Ltd. | 247.58 | 1.3 |
Key Financial Indicators
| KPI | Values |
| ROE | 31.82% |
| ROCE | 35.55% |
| Debt/Equity | 1.06 |
| RoNW | 31.82% |
| PAT Margin | 18.94% |
| EBITDA Margin | 29.09% |
| Price to Book Value | 4.07 |
| EPS | 8.69 |
| PER | 12.78 |
IPO Recommendation/Concise Review-
May Apply
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