Juniper Hotels share made a dull D-St debut; stock lists at 1% premium at Rs 365 on NSE

Shares of Juniper Hotels Ltd made a muted debut at Dalal Street on Wednesday as the hotel chain listed at Rs 365 apiece on the NSE, a premium of merely 1.33 per cent over its issue price of Rs 360. Similarly, the stock debuted on BSE on a flat note, just one-third per cent higher, at Rs 361.20 per share.

The listing, at best, can be said on the expected line, if one goes by the grey market premium. Ahead of its listing,  Juniper Hotels was trading on the issue price, with no premium in the official market, suggesting no listing pop for the investors. However, its GMP stood at Rs 10 when the price band for the issue was announced.

The initial public offering (IPO) of Juniper Hotels was open for bidding between February 21 and February 23. It sold its shares in the range of Rs 342-360 apiece with a lot size of 40 equity shares to raise a total of Rs 1,800 crore through IPO, which was entirely a fresh share sale of up to 5 crore equity shares.

The issue was overall subscribed merely 2.08 times, thanks to muted buying interest across all categories of investors. The quota for qualified institutional bidders was subscribed 2.96 times while the portion reserved for retail investors was subscribed 1.28 times. The allocation for non-institutional investors was undersubscribed and was booked merely 85 per cent.

Juniper Hotels, incorporated in September 1985, is a luxury hotel development and ownership company. It operates seven hotels and serviced apartments with a total of 1,836 rooms as of September 30, 2023, It has hotels and serviced apartments in Mumbai, Delhi, Ahmedabad, Lucknow, Raipur, and Hampi in the luxury, upper upscale and upscale categories.
 

Brokerage firms had a mixed view on the stock, when the IPO was open for bidding. JM Financial, CLSA India and ICICI Securities were the book running lead managers of the Juniper Hotels IPO, while Kfin Technologies served as the registrar for the issue. 

Also read: Stock recommendations by analysts for February 28: Tata Communications, BEL and V-Guard

Also read: ABB India & Glenmark Pharma: What Kiran Jani of Jainam Broking says on these 2 stocks