The Saj Hotels IPO is a fixed-price offering, aiming to raise Rs 27.63 crores through the issuance of 42.5 lakh fresh equity shares. The IPO will open for subscription on September 27, 2024, and close on October 1, 2024. The allotment of shares is expected to be finalized on Thursday, October 3, 2024, with a tentative listing on the NSE SME scheduled for Monday, October 7, 2024.
Priced at ₹65 per share, the minimum application size is 2,000 shares, requiring a retail investment of ₹130,000. For HNIs, the minimum investment is 4,000 shares (2 lots), totaling ₹260,000.
Corpwis Advisors Private Limited is the lead manager for the issue, Satellite Corporate Services Private Limited is the registrar, and Nnm Securities serves as the market maker.
Below are the details of Saj Hotels Limited IPO Details, Timeline, Lot Size, Anchor Investor, and Promoter Holding.
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Saj Hotels Limited IPO Details
| IPO Date | September 27, 2024 to October 1, 2024 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price | ₹65 per share |
| Lot Size | 2000 Shares |
| Total Issue Size | 4,250,000 shares (aggregating up to ₹27.63 Cr) |
| Fresh Issue | 4,250,000 shares (aggregating up to ₹27.63 Cr) |
| Issue Type | Fixed Price Issue IPO |
| Listing At | NSE SME |
| Share holding pre issue | 11,875,000 |
| Share holding post issue | 16,125,000 |
| Market Maker portion | 214,000 shares |
Saj Hotels Limited IPO Timeline
| IPO Open Date | Friday, September 27, 2024 |
| IPO Close Date | Tuesday, October 1, 2024 |
| Basis of Allotment | Thursday, October 3, 2024 |
| Initiation of Refunds | Friday, October 4, 2024 |
| Credit of Shares to Demat | Friday, October 4, 2024 |
| Listing Date | Monday, October 7, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on October 1, 2024 |
Saj Hotels Limited IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 2000 | ₹130,000 |
| Retail (Max) | 1 | 2000 | ₹130,000 |
| HNI (Min) | 2 | 4,000 | ₹260,000 |
Saj Hotels Limited IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| Anchor Investor Shares Offered | – |
| Market Maker Shares Offered | 2,14,000 (5.04%) |
| Other Shares Offered | 20,18,000 (47.48%) |
| Retail Shares Offered | 20,18,000 (47.48%) |
| Total Shares Offered | 42,50,001 (100%) |
Saj Hotels Limited IPO Financial Informaiton
| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 9,808.46 | 9,892.53 | 9,626.45 | 3,286.02 |
| Revenue | 1,455.49 | 1,282.19 | 1,287.90 | 812.14 |
| Profit After Tax | 344.68 | 355.76 | 144.25 | -120.18 |
| Net Worth | 1,734.49 | 1,316.84 | 891.08 | 754.46 |
| Reserves and Surplus | 7,721.70 | 8,325.19 | 7,977.20 | 1,748.59 |
| Total Borrowing | 291.52 | 614.14 | 1,053.54 | 938.51 |
| Amount in ₹ Lakhs | ||||
Saj Hotels Limited IPO Review
Saj Hotels Ltd. (SHL) operates in the hospitality sector, offering a diverse range of services, including B2B, B2B2C, and B2C hospitality options such as resort accommodations, villa rentals, and restaurant properties. Committed to providing memorable experiences, SHL ensures guest satisfaction through comprehensive services, including food and beverage offerings, recreational facilities, and event hosting capabilities. The company is developing Saj Villas in Goa, featuring curated 2BHK and 4BHK options, complete with a swimming pool. Additionally, SHL operates a restaurant and bar property and has strategically invested in My Own Rooms Dot In Private Limited, which manages the Morjim Retreat resort in Goa.
SHL is launching its maiden IPO of 4,250,000 equity shares at a fixed price of Rs. 65 per share, aiming to raise Rs. 27.63 crores, with the subscription period from September 27 to October 1, 2024. The IPO proceeds will fund capital expenditures for existing properties, working capital, and general corporate purposes. The company has experienced fluctuating financial performance due to the pandemic and recent weather challenges, but it has shown improvement in recent years, with a total income of Rs. 14.56 crores and a net profit of Rs. 3.45 crores in FY24.
With a current paid-up equity capital of Rs. 11.88 crores expected to rise to Rs. 16.13 crores post-IPO, the company seeks a market cap of Rs. 104.81 crores. Although the IPO appears aggressively priced, given the ongoing demand for hospitality services and the company’s expansion plans, investors may consider this opportunity for medium to long-term investment.