Ventive Hospitality Limited, formerly ICC Realty (India) Private Limited, has received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The company focuses on luxury hospitality assets across business and leisure segments.
The IPO includes a fresh issue of equity shares with a face value of INR 1 each, totaling up to INR 2000 crores. This offering aims to support the company’s growth and expansion plans.
Initially founded as the hospitality arm of Panchshil Realty, a Pune-based real estate conglomerate, Ventive transitioned into a 50% joint venture with BRE Asia in 2017. BRE Asia, formerly Xander Investment Holding XVI Limited, is an affiliate of Blackstone.
The company’s hospitality portfolio includes prestigious global brands such as Marriott, Hilton, Minor, and Atmosphere. Some flagship properties include JW Marriott Pune, The Ritz-Carlton Pune, Conrad Maldives, and Anantara Maldives. As of March 31, 2024, their portfolio features 11 operational assets in India and the Maldives, with 2,036 keys across luxury, upper-upscale, and upscale segments.
Since its inception in 2007 with just 83 keys, Ventive has expanded significantly through acquisitions and developments. Recent additions include properties in Bengaluru, Varanasi, and the Maldives, focusing on luxury and upscale segments to cater to diverse business and leisure needs. Between 2019 and 2024, they added 1,070 keys, representing more than 50% of their current portfolio.
Luxury properties dominate Ventive’s revenue, contributing over 80% of their pro forma revenue from hotel operations during FY22, FY23, and FY24. Notably, the company’s pro forma revenue and EBITDA consistently ranked among the highest for hospitality asset owners in India during the same period.
Ventive aims to capitalize on increasing hospitality demand and the relatively low supply in key markets like India and the Maldives. India remains one of the fastest-growing major economies, while the Maldives continues to rank among the world’s top tourist destinations.
The company plans to expand its portfolio by adding 367 keys by FY2028. Planned developments include new assets near popular tourist attractions in Varanasi, Bengaluru, and Pottuvil, Sri Lanka.
JM Financial, Axis Capital, HSBC Securities, ICICI Securities, IIFL Securities, Kotak Mahindra Capital, and SBI Capital Markets will manage the IPO.
