Pride Hotels Eyes IPO, Targets 72 Properties

Pride Hotels is set to launch its Initial Public Offering (IPO) by December 2026, with an issue size anticipated to be around Rs 1,000 crore. This move supports the company's aggressive expansion strategy across leisure, weddings, corporate events, and pilgrimage destinations.

The hospitality chain currently manages 40 properties and has plans to reach approximately 72 hotels within the next 18 to 24 months. This growth will be achieved by increasing owned properties while also expanding its managed hotel portfolio.

Expansion efforts are concentrated on strengthening presence in current markets, targeting large venues for weddings and MICE, and entering new leisure and pilgrimage markets. The company views pilgrimage destinations as particularly promising due to repeat visit potential.

Proceeds from the IPO, which includes a fresh issue of Rs 260 crore and an offer for sale, are earmarked for renovating existing hotels, repaying debt, and general corporate needs. The company is also considering a new boutique brand, Pride Lux.

Despite increased operating costs, Pride Hotels is investing in renewable energy solutions. Key challenges identified include licensing delays. The company remains focused on the domestic market but may consider international expansion in the future.