India`s Samhi Hotels up 7.9% in debut trade at $357 million valuation
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Samhi Hotels, which operates Marriott, Hyatt and IHG hotels in India, rose as much as 7.9% in its trading debut on Friday, valuing the company at 29.63 billion rupees ($357.31 million).
Shares of the company, which opened at 134.5 rupees, climbed as much as 135.9 rupees, and have so far stayed above its initial public offer price (IPO) of 126 rupees.
Samhi Hotels managed to garner bids worth 41.96 billion rupees after the company's IPO was oversubscribed by more than five times earlier this week.
Revenue from operations more than doubled to 7.39 billion rupees in the year ended March 31, helping its net loss narrow to 3.39 billion rupees from 4.43 billion rupees a year earlier.
Marriott accounted for more than 60% of its revenue last financial year, while Hyatt and InterContinental Hotels Group (IHG) contributed a little over 18% each.
Gurugram-based hotel owner Samhi, incorporated in 2010, has a portfolio of 31 operating hotels in 14 cities.
Samhi Hotels' listing is the first for a hotel operator since Lemon Tree Hotels' debut in April 2018. Shares of Lemon Tree Hotels have so far gained over 30% this year and climbed 57.7% since listing.
($1 = 82.9250 Indian rupees)
