Pride Hotels IPO
Pride Hotels Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. SEBI issued its observations on 16 January 2026, so the company can open the IPO any time up to 16 January 2027. The draft proposes a fresh issue of up to ₹260 crore and an offer for sale of up to 3,92,39,446 shares by its seven promoters and eight promoter group entities. In FY25 the company made a profit of ₹83.51 crore on revenue of ₹305.62 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI observations issued16 Jan 2026
- SEBI received draft
- 8 Oct 2025
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Motilal Oswal Investment Advisors Limited
- Must open by
- 16 Jan 202712 months from observations
- Price band and dates
- Not announced
Where it stands
Pride Hotels IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI8 Oct 2025
- SEBI reviewDone
- SEBI observations16 Jan 2026
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has issued its final observations, which in practice is the go-ahead. The company can now file a red herring prospectus and open the IPO within 12 months.
DRHP at a glance
Pride Hotels DRHP at a glance
Draft red herring prospectus, 30 Sep 2025What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 231) and Risk Factors (p. 43)Pride Hotels owns, develops, operates and manages hotels and resorts under the Pride Hotels and Resorts banner. It opened its first owned hotel in Pune in 1987 and began managing hotels for other owners in 2008. The registered office is in New Delhi and the corporate office in Mumbai.
At the DRHP date it had 2,723 keys across 34 hotels in 32 cities. Seven owned hotels in Delhi, Ahmedabad, Kolkata, Pune, Bengaluru, Nagpur and Chennai have 1,136 keys, and 27 managed hotels have 1,587 keys. The Delhi hotel gave 49.07% of FY25 total income.
The offer
DRHP cover page, The Offer (p. 88) and Capital Structure (p. 106)| Fresh issue | Up to ₹260 croreMoney goes to the company |
| Offer for sale | Up to 3,92,39,446 sharesBy seven promoters and eight promoter group entities; their average costs range from ₹0.04 to ₹42.53 a share |
| Shares before the IPO | 18,55,91,970Face value ₹5. The offer for sale is about 21.1% of them (ours) |
| Pre-IPO placement | Up to ₹52 croreOptional; would reduce the fresh issue |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead managers | Motilal Oswal Investment Advisors Limited and JM Financial Limited |
| Registrar | KFin Technologies Limited |
| Promoters | Sureshchand Premchand Jain, Satyen Suresh Jain, Meena Sureshchand Jain, A.S.P. Enterprises Private Limited, Kopra Estate Private Limited, Pride Plaza (I) Private Limited and The Executive Inn Limited |
What the company plans to do with the money
DRHP, Objects of Offer (p. 154 to 155)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Renovating existing hotels | 159.68 | 61.4% |
| Repaying or prepaying certain borrowings | 40.00 | 15.4% |
| General corporate purposes (set later, up to 25% of the fresh issue) |
Each object's share of the ₹260 crore fresh issue, shown in the table, is our calculation. Offer expenses are deducted before these amounts. The offer for sale money goes to the selling shareholders, not the company.
Financials
DRHP, Summary Financial Information (p. 90 to 93) and Basis for Offer Price, KPIs (p. 182), ₹ crore| ₹ crore | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from operations | 246.19 | 270.04 | 305.62 |
| EBITDA | 97.10 | 133.33 | 150.26 |
| EBITDA margin | 38.97% | 46.85% | 47.07% |
| Profit after tax | 37.66 | 66.03 | 83.51 |
| Diluted EPS (₹) | 2.03 | 3.56 | 4.50 |
| Net worth | 358.75 | 527.60 | 656.97 |
| Cash from operations | 83.98 | 94.81 | 118.20 |
| Return on equity | 10.50% | 12.52% | 12.71% |
| Net debt to equity | 0.31 | 0.13 | 0.04 |
| Average occupancy | 72.53% | 68.22% | 72.42% |
| Average daily room rate (₹) | 5,265.95 | 6,147.58 | 6,569.01 |
Restated consolidated figures. The DRHP works out EBITDA margin on total income, not revenue from operations. Net worth is total equity. Revenue grew about 11.4% a year from FY23 to FY25 (our calculation).
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 181). Peer prices as of 19 Sep 2025 on BSE.The P/E for Pride Hotels is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Pride Hotels (FY25) | 4.50 | Set with the price band | 20.00% |
| Indian Hotels Company | 13.4 | 57.83x | 17.96% |
| ITC Hotels | 3.05 | 77.69x | 5.74% |
| EIH | 11.82 | 33.15x | 16.83% |
| Schloss Bangalore | 1.97 | 212.97x | 0.82% |
| Lemon Tree Hotels | 2.48 | 69.88x | 14.91% |
| Apeejay Surrendra Park Hotels | 3.92 | 40.24x | 6.51% |
| Kamat Hotels (India) | 15.6 | 19.85x | 17.03% |
| Royal Orchid Hotels | 17.23 | 29.33x | 20.08% |
Risks the draft lists first
DRHP, Risk Factors (p. 42 to 47)- BrandAny harm to the quality or reputation of the Pride brands could cut occupancy and revenue. (Risk factor 1, p. 42)
- Owned hotelsMost revenue and profit come from seven owned hotels, so trouble at these locations would hurt. (Risk factor 2, p. 42)
- Delhi hotelThe Delhi hotel gave 49.07% of FY25 total income. (Risk factor 3, p. 43)
- Room revenueRoom revenue from the seven owned hotels was 66.09% of FY25 revenue from operations. (Risk factor 4, p. 43)
- Managed hotelsHotel owners in the managed portfolio may end, not renew or default on their agreements. (Risk factor 7, p. 45)
- Corporate guestsCorporate accounts gave about 33.21% of FY25 room revenue. (Risk factor 9, p. 47)
Documents
Pride Hotels DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Pride Hotels IPO FAQs
When will the Pride Hotels IPO open?
The date is not announced. SEBI issued observations on 16 January 2026, and SEBI rules require the IPO to open within 12 months of that date, so by 16 January 2027 (our calculation). The company announces the dates in its red herring prospectus and price band notice.
Has SEBI approved the Pride Hotels IPO?
Yes. SEBI issued its final observations on 16 January 2026 (SEBI processing status archive, April 2025 to March 2026). SEBI does not "approve" an IPO as such; its observations let the company go ahead.
What is the Pride Hotels IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Pride Hotels IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Pride Hotels IPO?
Motilal Oswal Investment Advisors Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will Pride Hotels do with the IPO money?
According to the DRHP, the fresh issue money goes to renovating existing hotels (₹159.68 crore), repaying or prepaying certain borrowings (₹40.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Pride Hotels do?
Pride Hotels owns, develops, operates and manages hotels and resorts under the Pride Hotels and Resorts banner. It opened its first owned hotel in Pune in 1987 and began managing hotels for other owners in 2008. The registered office is in New Delhi and the corporate office in Mumbai.
Where can I read the Pride Hotels DRHP?
On SEBI's website, where the draft red herring prospectus was published on 9 October 2025. The draft is dated 30 September 2025 and runs to 533 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 30 September 2025. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.