Chalet Hotels IPO – Review, DRHP, Allotment, Subscription, GMP Price & more

Chalet Hotels is an owner, developer and asset manager of high-end hotels in key metro cities in India. The hotel platform comprises five operating hotels, including a hotel with a co-located serviced residence, located in the Mumbai Metropolitan Region, Hyderabad and Bengaluru. Chalet Hotels IPO comprises of *Equity shares, face value of Rs.10 each.

Let’s have a detailed review of the company and analytics of the Chalet Hotels IPO release date, IPO offer price, subscription, Chalet Hotels IPO allotment, grey market price and other details like the company’s background, its financial positions, its promoters and other related things.

 


Chalet Hotels IPO Review & Ratings

Chalet Hotels IPO Ratings & Review
CriteriaRatings
Industry Sentiments 8.3/10
Industry Ranking 7.3/10
Company Background8.1/10
Company Reputation7.4/10
Competitive Edge8.4/10
Financial Statements8.5/10
Popularity Index7.2/10
Promoters Reputation7.3/10
Retail Appetite 6.2/10
Top Brokers Review7.3/10
Overall Ratings 7.6/10
Star Ratings★★★★☆

Summary of Chalet Hotels IPO

Chalet Hotels IPOChalet Hotel are an owner, developer and asset manager of high-end hotels in key metro cities in India. The hotel platform comprises five operating hotels, including a hotel with a co-located serviced residence, located in the Mumbai Metropolitan Region, Hyderabad and Bengaluru, representing 2,328 keys, as of March 31, 2018. Their hotels are branded with globally recognized hospitality brands and are in the luxury-upper upscale and upscale hotel segments, according to the Horwath Report.

The hotel platform emphasizes strategic locations, efficient design and development, appropriate positioning in hotel segments together with branding and operational tie-ups with leading hospitality companies. The Issue comprises of a Public Issue of Equity shares of face value of Rs.10.00 each fully paid  up.

From FY 2014-15 to FY 2016-2017, as per the Restated Financial Statements,

From fiscal 2016 to 2017, company’s revenue from operations and net profit has increased at a growth rate of 42.19% and 0.40%, respectively.

For the period ended March 31, 2018, FY 2016-17 and FY 2015-16, its revenue from operations was Rs.  8,938.16  Millions, Rs. 7,373.54 Millions and Rs.5,824.57  Millions, respectively representing growth of  21.21% from the FY 2017-16 to FY 2018-17. For the period ended March 31, 2018, FY 2016-17 and FY 2015-16 our net profit was Rs.278.52Millions, Rs. 858.97 Millions and Rs. (1,587.83) Millions, respectively, representing a growth of  46.11 % from the FY 2015-16 to FY 2016-17.

  • During the financial year 2017-18 the Other Income of our company decreased to Rs356.98 Millions as against Rs. 1,871.83 Millions for the financial year 2016-17 .
  • Company’s Net Profit after tax for the year 2017-18 is Rs.284.26 Millions from the year 2017-16 of Rs.  1,274.38 Millions .

The Promoter of this company is Ravi C. Raheja, Neel C. Raheja, K Raheja Corp Private Limited, K Raheja Private Limited, Ivory Properties and Hotels Private Limited, GENEXT HARDWARE &
PARKS PRIVATE LIMITED, TOUCHSTONE PROPERTIES AND HOTELS PRIVATE LIMITED, CAPE TRADING LLP, CAPSTAN TRADING LLP, CASA MARIA PROPERTIES LLP, ANBEE CONSTRUCTIONS LLP, PALM
SHELTER ESTATE DEVELOPMENT LLP, RAGHUKOOL ESTATE DEVELOPMENT LLP AND IVORY PROPERTY TRUST. The lead manager to the issue is JM Financial Limited and the Registrar to this issue is Karvy Computershare Private Limited.


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    Chalet Hotels IPO Date

    The opening and the closing date of Chalet Hotel IPO is Jan 29, 2019 to Jan 31, 2019.


    Chalet Hotels IPO Subscription

    Day / DateQIBNIIRIITotal Subscription
    Day 1:  Jan 290.01x 0.36x0.00x 0.07x 
    Day 2: Jan 30 0.63x 0.47x 0.01x0.28x 
    Day 3: Jan 31 4.66x1.10x  0.03x1.57x 
    – – – – 
    Shares Offered or Net Issue 11,711,4448,884,56920,730,659 41,326,672 

    The shares subscribed by the public will be updated herein on a daily basis, once the IPO is open for subscription.


    Chalet Hotels IPO Allotment Status

    Here, you can find the Allotment Status of this IPO. The issue, allotment of the Equity Shares pursuant to the Fresh Issue and transfer of the Offered Shares to successful Bidders pursuant to the Offer.

    Basis of Allotment Finalization5-Feb-19
    Refunds Initiation6-Feb-19
    Credit of Shares to Demat Account7-Feb-19
    Share Listing Date8-Feb-19

    Chalet Hotels IPO Price Band

    The face value of each share is Rs 10, but the price band of the IPO is Rs 275 – Rs 280 Per Equity Share


    Chalet Hotels IPO Equity Share Offering

    The Offer for Sale of 24,685,000 Equity Shares of Rs 10/- each, and Issue Price is Rs 280. The Minimum Order Quantity or Market lot is 53 Shares.


    Chalet Hotel Limited – Company Overview

    Chalet Hotel is an owner, developer and asset manager of high-end hotels in key metro cities in India. The hotel platform comprises five operating hotels, including a hotel with a co-located serviced residence, located in the Mumbai Metropolitan Region, Hyderabad and Bengaluru, representing 2,328 keys, as of March 31, 2018. Their hotels are branded with globally recognized hospitality brands and are in the luxury-upper upscale and upscale hotel segments, according to the Horwath Report. The hotel platform emphasizes strategic locations, efficient design and development, appropriate positioning in hotel segments together with branding and operational tie-ups with leading hospitality companies.

    The Company seek to brand  hotels with leading global hospitality brands, which they believe are well matched to the location, size, target customer base and intended hotel segment of their hotel properties. This allows the company to save on the time and cost required to build, develop and maintain their ‘own hotel brand’

    The Company is promoted by Ravi C. Raheja, Neel C. Raheja, K Raheja Corp Private Limited, K Raheja Private Limited, Ivory Properties and Hotels Private Limited and is the guiding force behind the growth and strategic decisions of the Company.

    Competitive Strengths of Chalet Hotel Limited

    • High-End Branded Hotels Strategically Located in Key Metro Cities of India .
    • Active Asset Management Model 
    • Well Positioned to Benefit from Industry Trends.
    • Experienced Management Team

    Business strategies of Chalet Hotel Limited

    • Focus on Maximizing Performance in Existing Portfolio through Active Asset Management .
    • Disciplined Development of Assets in the Current Pipeline
    • Expand Portfolio by way of Opportunistic and Accretive Acquisitions 
    • Maintain a Sustainable Capital Structure and Ensure Prudent Capital Allocation

    Chalet Hotel Limited – Financial Statements

    A quick look into the past financial performance of the company to understand its performance of business and evaluate the growth prospectus:

    Financial Summary:

    Amount (in INR & Millions)
    31-Mar-1831-Mar-1731-Mar-1631-Mar-1531-Mar-14
    Total Assets37,159.97  36,226.90 34,376.45 33,248.5230,313.43
    Total Revenue8,938.16 7,373.54 5,824.57 4,414.53 5,011.31
    Total Expense5,781.08   4,937.06 4,416.673,772.614,019.12
    Profit After Tax284.26   1,274.38 (1,124.89)(1,263.91)(1,088.05)

    Earnings per Equity Share (in Millions)

    31-Mar-1831-Mar-1731-Mar-16
    Basic & Diluted1.198.14(7.43)

    From the above statements, one could find that the Chalet Hotel Limited may perform well.


    Chalet Hotels IPO – Promoters

    The Promoter of this company are:

    1. : RAVI C. RAHEJA,
    2. NEEL C. RAHEJA,
    3. K RAHEJA CORP PRIVATE LIMITED,
    4. K RAHEJA PRIVATE LIMITED,
    5. IVORY PROPERTIES AND HOTELS PRIVATE LIMITED,
    6. GENEXT HARDWARE & PARKS PRIVATE LIMITED,
    7. TOUCHSTONE PROPERTIES AND HOTELS PRIVATE LIMITED,
    8. CAPE TRADING LLP,
    9. CAPSTAN TRADING LLP,
    10. CASA MARIA PROPERTIES LLP,
    11. ANBEE CONSTRUCTIONS LLP,
    12. PALM SHELTER ESTATE DEVELOPMENT LLP,
    13. RAGHUKOOL ESTATE DEVELOPMENT LLP AND
    14. IVORY PROPERTY TRUST

    Interest in promotion of the Company

    Company is currently promoted by the Promoters in order to carry on its present business. Promoters are interested in the Company to the extent of their shareholding and directorship of the Individual Promoter in the Company and the dividend declared, if any, by the Company. The Promoters are interested in the transactions entered into the Company and the Promoter Group.

    Property Interest

    The promoters along with the promoter group will continue to hold collectively some percentage of the equity share capital of the company. As a result of the same, they will be able to exercise significant influence over the control of the outcome of the matter that requires approval of the majority shareholders vote.

    Interest in Intellectual Rights of the Company

    Promoters has not shown any interest in acquiring the intellectual rights of the company.


    Chalet Hotels IPO Offer Details or Issue Details

     Particulars No. Of Equity Shares
     Equity Shares Offered [•] Equity Shares of Rs.10 each
     Of which:
    Fresh IssueUp to [•] Equity Shares aggregating up to Rs 9,500 million
     Offer for SaleUp to 24,685,000 Equity Shares aggregating up to Rs [●] million
     Of which:
     Retail Investors Portion Not less than [•] Equity Shares or Offer less allocation to QIBs and Non-Institutional Investors
     Non-Retail Investors PortionNot less than [•] Equity Shares or Offer less allocation to QIBs and Retail Individual Investors

    Chalet Hotels IPO Issue Object

    These are the IPO Issue Objects of the company

    • repayment/prepayment of certain indebtedness 
    •  general corporate purposes.

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    Chalet Hotels IPO – Basis of the Offer Price

    The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.

    Qualitative factors are:

    • High-End Branded Hotels Strategically Located in Key Metro Cities of India
    • Active Asset Management Model 
    • Well Positioned to Benefit from Industry Trends
    • Experienced Management Team; and 
    • Backed by Leading Indian Real Estate Developer

    The relevant quantitative factors are:

    Basic & Diluted EPSRONW (%)NAV (Rs.)
    31-Mar-16-7.395.7430.53
    31-Mar-177.97-27.29
    31-Mar-181.6621.75
    • Industry P/E Ratio:
    ParticularsP/E ratio
    Average
    Highest
    Lowest
    • Competitive Peers:
    ParticularsFace Value (in Rs.)EPS     (In Rs.)P/E RatioRONW (%) NAV (In Rs.)
    The Indian Hotels Company Limited11.66146.212.0941.69
    EIH Limited20.9151.276.6351.66
    Lemon Tree Hotels Limited103.14405.831.1715.81

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    Manorama Industries IPO Lead Managers

    Lead Managers
    JM Financial Limited
    7th Floor, Cnergy Appasaheb Marathe Marg, Prabhadevi
    Mumbai 400 025 Maharashtra, India
    Tel: +91 22 6630 3030, Fax: +91 22 6630 3330
    Email: chalet.ipo@jmfl.com
    Investor grievance email: grievance.ibd@jmfl.com
    Website: www.jmfl.com
    Contact Person: Prachee Dhuri
    SEBI Registration No.: INM000010361

    Chalet Hotels IPO Registrar to offer

    Registrar to the Offer
    Karvy Computershare Private Limited
    Karvy Selenium Tower B, Plot 31-32
    Gachibowli, Financial District ,Nanakramguda, Hyderabad 500 032 India
    Tel: +91 40 6716 2222, Fax: +91 40 2343 1551
    E-mail: einward.ris@karvy.com
    Investor grievance e-mail: chalethotels.ipo@karvy.com
    Website: https://karisma.karvy.com
    Contact person: M Murali Krishna
    SEBI Registration No.: INR000000221

    Other Details:

    • Statutory Auditor –  M/s B S R & Co. LLP Chartered Accountants
    • Peer Review Auditor – M/s B S R & Co. LLP Chartered Accountants
    • Bankers to the Company –  Yes bank, ICICI Bank   Standard Chartered Bank

    Chalet Hotels IPO Review by Top 10 Stock Brokers

    Top Stock Brokers ReviewCompany ReputationCompetitive EdgeFinancial StatementPopularity IndexPromoters Reputation
    Angel Broking6.5/106.6/106.6/106.4/106.4/10
    Sharekhan6.7/106.4/106.6/106.1/106.2/10
    Kotak Securities6.7/106.7/106.7/106.4/106.3/10
    ICICI Direct6.6/106.3/106.7/106.5/106.5/10
    IIFL6.4/106.7/106.8/106.4/106.7/10
    Edelweiss6.7/106.4/106.4/106.3/106.7/10
    Zerodha6.5/106.4/106.7/106.4/106.5/10
    5Paisa6.7/106.4/106.3/106.7/106.5/10
    Karvy6.8/106.3/106.7/106.4/106.0/10
    Motilal Oswal6.6/106.4/106.6/106.6/106.4/10

    Chalet Hotels IPO Grey Market Premium

    The Chalet Hotels IPO Grey Market Premium price is Rs X, the Kostak rate is Rs X and the Subject to Sauda is X. 



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