Pride Hotels eyes IPO by March 2026 for upgrades, debt reduction

Pride Hotels is planning to launch its initial public offering (IPO) by March 2026 to fund renovation of existing properties and reduce debt, Chairman and Managing Director Sureshchand Premchand Jain said.

The Pune-based hospitality chain has filed draft papers with Sebi and is awaiting regulatory approval. The proposed IPO includes a fresh issue of shares worth Rs 260 crore and an offer for sale of 3.92 crore shares by existing shareholders.

From the fresh issue, Rs 159.68 crore will be used to modernise six owned hotels across New Delhi, Ahmedabad, Kolkata, Bengaluru, Pune and Chennai, while Rs 40 crore will go towards debt repayment. Total borrowings stood at Rs 65 crore as of March 2025.

Pride Hotels currently operates 34 properties, including seven owned and 27 managed hotels. CEO Satyen Jain said the company has 32 hotels in the pipeline, largely under an asset-light model.

In FY25, profit after tax rose to Rs 83.5 crore, while revenue increased to Rs 305.62 crore.