Juniper Hotels Limited | Globe Capital Market LTD.
Juniper Hotels Limited
Price Band
₹342 to ₹360 per share
IPO Issue Period
Feb 21, 2024 to Feb 23, 2024
Issue Size
₹1,800.00 Cr
Face value
Fresh issue
₹1,800.00 Cr
Offer for sale
Minimum Shares for Retail
Listing on
Issue Type
Book Building
Registrar to the Issue
Kfin Technologies Limited
Tentative Listing Date
Feb 28, 2024

Jm Financial Limited
Clsa India Private Limited
ICICI Securities Limited

Incorporated in September 1985, Juniper Hotels Limited is a luxury hotel development and ownership company. As of September 30, 2023, the company operates seven hotels and serviced apartments with a total of 1,836 rooms.

The company’s hotels and serviced apartments in Mumbai, Delhi, Ahmedabad, Lucknow, Raipur, and Hampi are landmarks in the luxury, upper upscale and upscale categories. Grand Hyatt Mumbai Hotel and Residences is India’s largest luxury hotel, while Hyatt Regency Lucknow and Hyatt Regency Ahmedabad are the biggest upper upscale hotels in their respective markets. Finally, Hyatt Raipur is the only upper upscale hotel in Raipur.

Juniper Hotels is co-owned by Saraf Hotels Ltd and Two Seas Holdings Ltd, an affiliate of Hyatt Hotels Corporation, forming a strategic partnership between a hotel developer and an international hospitality company.

The company has been honored with several awards, including the “Best Luxury Business Hotel in Delhi” at the Today’s Traveller Awards in 2022 for Andaz Delhi, and the “Best 5 Star Hotel in Gujarat” at the Gujarat Tourism Awards in 2022 for Hyatt Regency Ahmedabad.

The revenue from operations increased from ₹1,663.51M in Fiscal 2021 to ₹3,086.89M in Fiscal 2022 and ₹6,668.54M in Fiscal 2023.

As of Sep 30, 2023, the company has 116 serviced apartments in Grand Hyatt Mumbai and 129 serviced apartments in Hyatt Delhi.

As of September 30, 2023, the company had a total of 1,631 permanent employees. The CHPL Group had a total of 362 permanent employees. Together, they had a total of 1,993 employees.

For year/ period ended ( in Cr.)

Particulars H1FY23 FY22 FY21
Total Revenue 717.29 343.76 192.85
Profit After Tax (1.50) (188.03) (199.49)
EPS (0.10) (13.08) (13.88)
OPM (%)
PATM (%)


For year/ period ended ( in Cr.)

Company Name Market Cap (Cr.) Price P/BV P/E Sales (Cr.)
Net Profits(Cr.)
Juniper Hotels Ltd. *8010 360 14.4 666.9 -1.6
Samhi Hotels Ltd. 4,106 188 4.09 0 738.6 -338.6
Chalet Hotels Ltd. 17,618 857 9.99 75.8 1336.9 232.4
Tree House Education & Accessories Ltd. 128 30 0.59 0 11.4 -1.7


*Market cap @upper band 

  • Juniper Hotels Ltd. is the only hospitality company with global partner “Hyatt” as investor as well.
  • The company used debt model to expand its capacities during the pandemic.
  • The company is repaying around 67% debt from the IPO proceeds that will bring finance cost saving in coming years.
  • Though the issue is at a negative P/E due to its loss making status at the net level for the reported financial performance, it’s a worthy bet.
  • Well-informed investors may park funds for medium to long term rewards.
  • Repayment/ prepayment/ redemption, in full or in part, of certain outstanding borrowings availed by the Company and its recent acquisitions, namely CHPL and CHHPL; and
  • General corporate purposes.

At the upper band, the issue is at a negative P/E due to its loss making status at the net level. Hence, investors should apply for handsome rewards in medium to long term.

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