Juniper Hotels’ stock had a modest start, debuting with a 1.38 percent premium over the IPO price on February 28. It opened at Rs 365 on the NSE and Rs 361.2 on the BSE, slightly higher than the issue price of Rs 360.
Before its debut, the stock’s grey market premium had disappeared, although it had a 1 percent premium when the IPO opened on February 21. The grey market is an informal platform where shares trade before IPO allotment and until the listing day. Many investors monitor the Grey Market Premium (GMP) to estimate the potential listing price.
The IPO consisted entirely of a fresh issue of 5 crore shares with a price band set at Rs 342-350 per share. The raised funds will be utilized to repay loans, including those from recent acquisitions—CHPL and CHHPL. The remaining funds will serve general corporate purposes.
The lead managers for the IPO were JM Financial, CLSA India, and ICICI Securities, with Kfin Technologies acting as the registrar. The company’s promoters include Arun Kumar Saraf, Saraf Hotels, Two Seas Holdings, and Juniper Investments.