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Chalet Hotels Limited IPO (Chalet Hotels Limited IPO) Detail

Jan 29, 2019 - Jan 31, 2019

Incorporated in 1986, Mumbai based Chalet Hotels Limited is a company engaged in the business of owning, developing and asset management of high-end hotels in major metro cities across India. It is a part of K. Raheja Corp group which is a leading business group in the country.

The company's hotels are currently branded with global hospitality brands such as JW Marriott, Westin, Marriott, Marriott Executive Apartments etc. Its hotel platform includes 5 operating hotels located in the Mumbai Metropolitan Region, Hyderabad and Bengaluru.

The total revenue of the company was Rs 9,295.14 million for 2018, and the total revenue grew at a CAGR of 14.83% between 2014 and 2018.

Chalet Hotels Key Highlights
  • International tie-ups with Marriott and relationships. The Chalet Hotels was the first partner in India for Marriott 20 yrs ago.
  • Locations of the cities and location within micro-city
  • Active asset manager model
  • EBITDA CAGR double-digit growth
  • RoCe ratio positive
  • Valuation ratios comparable to Indian Hotels (Taj) in terms of Price to Book Value or EV/ EBITDA and P/E lower than that of Lemon Tree
  • Demand (FY18-22: 12%) growth outpacing supply growth (FY18-22: 7%)
  • Occupancies have reached 75% for Chalet portfolio - ARR growth to follow
  • Chalet EBIDTA (FY18) at 41% Vs industry (All India 5 star Deluxe Average) is at 34%
  • Highest return on capital - Lower per room construction cost
    • JW Sahar built at ₹1.4 Crs per key (1,100 sq ft per key)
    • Most hotels are built at the higher cost (average of 1,500 - 2,000 sq ft per key)
  • Renovation cost of ₹15 lacs per key at Renaissance Vs others at over ₹1 cr per key
  • Consolidated land spend ₹208 crs vs others much higher
  • Returns to key investors:
    • HDFC returns (1999 - 2012) - IRR 14.46%
    • IDFC returns (2012 - 2015) - IRR 12.73%
    • Shoppers stop returns: (Since IPO) - 7.9%
  • Annualized EBIDTA
    • FY20 - ₹500 Crs
    • FY22 - ₹700 Crs

Competitive Strengths of the Company

1. Luxury upscale properties located in major metro cities
2. Part of K. Raheja Corp group
3. An active asset management model

Company Promoters:

The Promoters of the company are Ravi C Raheja, Neel C Raheja and K Raheja Corp Pvt Ltd. The Promoters hold, in the aggregate, 171,095,293 Equity Shares which constitutes 100.00 % of the Company's pre-Offer paid-up Equity Share capital.

K Raheja Corp was incorporated in 1979and is primarily engaged in the business Hotels and real estate.

Company Financials:

Summary of financial Information (Restated)

Particulars For the year/period ended (in Rs. Million)
30-Sep-18 31-Mar-18 31-Mar-17 31-Mar-16 31-Mar-15
Total Assets 37,388.22 38,300.39 37,379.91 35,529.46 34,401.52
Total Revenue 4,970.43 9,295.14 9,245.37 5,975.61 4,670.55
Profit After Tax -436.69 311.60 1,274.38 -1,124.89 -1,263.91

Objects of the Issue:

The Issue consists of a fresh issue and an Offer for Sale. The Company will not receive any proceeds from the Offer for Sale and all such proceeds will go to the Selling Shareholder.

The objects of the fresh Issue are-
1. Repayment/pre-payment of certain indebtedness
2. General corporate purposes

Chalet Hotels Limited IPO Details

Issue OpenJan 29, 2019 - Jan 31, 2019
Issue TypeBook Built Issue IPO
Issue Size58,613,571 Eq Shares of Rs 10
(aggregating up to Rs 1,641.18 Cr)
Fresh Issue[.] Eq Shares of Rs 10
(aggregating up to Rs 950.00 Cr)
Offer for Sale24,685,000 Eq Shares of Rs 10
(aggregating up to Rs [.] Cr)
Face ValueRs 10 Per Equity Share
Issue PriceRs 275 - Rs 280 Per Equity Share
Market Lot53 Shares
Min Order Quantity53 Shares
Listing AtBSE, NSE

Chalet Hotels Limited IPO Tentative Date / Timetable

Bid/Offer Opens OnJan 29, 2019
Bid/Offer Closes OnJan 31, 2019
Finalisation of Basis of AllotmentFeb 5, 2019
Initiation of RefundsFeb 6, 2019
Credit of Shares to Demat Acct:Feb 7, 2019
IPO Shares Listing Date:Feb 8, 2019

Chalet Hotels Limited IPO Promoter Holding

Pre Issue Share Holding100% (171,095,293 Equity Shares)
Post Issue Share HoldingAt least 10% of the post-Offer paid-up Equity Shar

Chalet Hotels Limited IPO Subscription Status (Bidding Detail)

Chalet Hotels Limited IPO how much subscribed?

No. of Times Issue Subscribed (BSE + NSE)

As on Date & Time

QIB

NII

RII

Total

Shares Offered

11,711,444

8,884,569

20,730,659

41,326,672

Jan 31, 2019 18:00

4.66x

1.10x

0.03x

1.57x

Chalet Hotels Limited IPO Prospectus

Chalet Hotels Limited IPO Rating

220
3.5
Rating:Rated 3.5 stars

Vote Here ...

Chalet Hotels Limited IPO Listing Date

  •   ›  Listing Date: Thursday, February 7, 2019
  •   ›  BSE Script Code: 542399
  •   ›  NSE Symbol: CHALET
  •   ›  Listing In:
  •   ›  ISIN: INE427F01016
  •   ›  Issue Price: Rs 280 Per Equity Share
  •   ›  Face Value: Rs 10 Per Equity Share

Listing Day Trading Information

.
Issue Price
Open
Low
High
Last Trade
Volume
BSE
Rs 280.00
Rs 291.00
Rs 250.15
Rs 295.30
Rs 290.40
944,983
NSE
Rs 280.00
Rs 291.00
Rs 250.00
Rs 300.00
Rs 291.70
9,442,180

Chalet Hotels Limited IPO Reviews / Ratings

Company Contact Information

Chalet Hotels Limited
Raheja Tower, Plot No.C-30, Block 'G',
Next to Bank of Baroda, Bandra Kurla Complex,
Bandra (East), Mumbai 400051

Phone: +91 22 26564000
Email: investorrelations@chalethotels.com
Website: http://www.chalethotels.com/

Chalet Hotels Limited IPO Registrar

Karvy Computershare Private Limited
   Karvy Registry House, 8-2-596, St. No. 1,
   Banjara Hills, Hyderabad - 500 034
   Andhra Pradesh, India

Phone: +91-40-23312454
Email: einward.ris@karvy.com
Website: https://karisma.karvy.com/

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Chalet Hotels Limited IPO Review / Comments

avatar
49. Logical Investor  Mar 8, 2019 10:52 I Like It. | Report Abuse
Should I hold or sell at this price?
I am not confident about business numbers. Thus thinking not to take risk.
Open for suggestion
avatar
49.1. Dhan Ki Baat  Mar 9, 2019 10:29 I Like It. | Report Abuse
IPO Mentor IPO Mentor (500+ Posts, 500+ Likes)
70% of stocks listed worldwide WILL COMPULSORILY under-perform their respective benchmark index over long term (this is an extraordinary natural phenomena)...so take your own call...is your stock in that 30% category...only time will tell...

Luxury hotel business in India will only survive, not thrive
avatar
48. Dhan Ki Baat  Feb 6, 2019 00:10 I Like It. 3 | Report Abuse
IPO Mentor IPO Mentor (500+ Posts, 500+ Likes)
637. Tushar Singhal Jul 27, 2018 11:02:06 AM | Reply
HI,
I have 28 shares of ICICI Securities. Can anyone told me what can i do for that I bought it in 520

637.3. Dhan Ki Baat Jul 27, 2018 11:45:54 AM |
Top Contributor (400+ Posts, 400+ Likes)
Sell ICICI Sec Target ₹200 CMP ₹ 313

Now, Next Target Price ₹100 CMP ₹197
avatar
48.3. 👉 IPO Adhyadesh 💃  Feb 8, 2019 08:50 I Like It. | Report Abuse
IPO Mentor IPO Mentor (500+ Posts, 1200+ Likes)
Thank you very much for the reply.
Do you have any inside info about yes bank ? Any big concern regarding balance sheet/PCR ? as I am holding account with YB.Thank You.
avatar
48.4. Dhan Ki Baat  Feb 10, 2019 07:12 I Like It. 1 | Report Abuse
IPO Mentor IPO Mentor (500+ Posts, 500+ Likes)
No inside info, all information are publicly available and the issue is CORPORATE GOVERNANCE. Change in top boss had only given a relief rally but it did not sustain means informed funds are getting out of this. Indian Banks Private or public are under strict RBI regulation they will make sure account holders interests are protected. I don't find any issues here
avatar
47. Regulagedda Ambica Prasad  Feb 8, 2019 21:14 I Like It. | Report Abuse
Today it touched 291 and will hit 300 soon next week.
Those who bought at 250 on the listing day are the luckiest
avatar
47.1. Regulagedda Ambica Prasad  Mar 12, 2019 11:04 I Like It. | Report Abuse
Prediction is proving right. No regrets for accumulating. Doing the same with Westlife development, whom I trust for long term reward.
avatar
46. hajarimal prajapati  Feb 8, 2019 18:16 I Like It. | Report Abuse
sell sell sell and book profit
may go below issue price
avatar
45. Rajni  Feb 8, 2019 17:29 I Like It. 6 | Report Abuse
***Mazagon Dock IPO**""

to raise Rs 500-600 cr, plans to hit market by this month-end

sale of over 2.24 crore equity shares, amounting to 10 percent stake of the government.
avatar
44. Regulagedda Ambica Prasad  Feb 8, 2019 10:10 I Like It. | Report Abuse
I saw the price only today. I still feel it is good bet in the long term.
I am entitled to my views and very conscious while posting. Prefer to ignore rude comments. Raheja group is trustworthy and Marriot hotels are not small.
avatar
43. Regulagedda Ambica Prasad  Feb 8, 2019 09:00 I Like It. | Report Abuse
Thank you Chalet.
Risky bet had become rewarding.
I wish I could have applied for maximum lots in both applications!!!!
avatar
43.1. PavanM  Feb 8, 2019 09:27 I Like It. 8 | Report Abuse
Top Contributor Top Contributor (400+ Posts, 300+ Likes)
why are you thinking that u could have applied for max lots? yesterday it dipped to 250 naah. How many did u buy yesterday? does it make any sense to wish now that you could have applied for max lots when Chalet didn't give much listing gains and instead dipped by 10%? how come it became rewarding bet when it gave less than 10% listing returns (+20 on issue price of 280)? Can you please explain ur thought process? please elaborate or be conscious when u r posting on public forum.
avatar
42. VIJAY GALANI  Feb 7, 2019 15:40 I Like It. | Report Abuse
CHALET LISTING WAS. TODAY BUT IN SITE IT IS SHOWING 8TH FEB.
CAN ANYONE SUGGEST ME FOR HOLDING 2 LOTS OF RPPL SINCE LISTING.
TO HOLD OR TO GET OUT FROM STOCK.
CAN WAIT TILL MARCH.
avatar
42.3. 👉 IPO Adhyadesh 💃  Feb 8, 2019 08:58 I Like It. | Report Abuse
IPO Mentor IPO Mentor (500+ Posts, 1200+ Likes)
@ Team Chittorgarh

Admin , in IPO tentative date / Timetable it is mentioned Listing on 8th Feb. Last Box.
avatar
42.4. Team Chittorgarh.com  Feb 8, 2019 09:01 I Like It. 1 | Report Abuse
Oh ok.

The tentative dates are provided by the company before the IPO opens. The listing could be a day before or after based on the approval from the exchange.

Note that the tentative date should only used for reference. The actual date may differ slightly.

Once again, thank you for pointing it out.

Admin
@ Team Chittorgarh.com

Thank you,

Chittorgarh.com Admins

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avatar
41. hajarimal prajapati  Feb 8, 2019 08:26 I Like It. | Report Abuse
Selll sellll sellll
avatar
40. hajarimal prajapati  Feb 7, 2019 12:01 I Like It. 1 | Report Abuse
buy and hold for excellent profit
avatar
40.1. Loss investor  Feb 8, 2019 08:19 I Like It. | Report Abuse
Ab bolo Kya kerna hai???
avatar
39. Loss investor  Feb 8, 2019 05:33 I Like It. | Report Abuse
Listing to ho gai.....mai chittorgarah site dekhta Raha...or Sara focus surani per tha..... 300 gya.....now 291 Kya kerna h.....help me?????
avatar
38. Prabahar P M  Feb 5, 2019 15:34 I Like It. | Report Abuse
Ha ha ha! Amount got debited. Lets see how much going to loose.
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38.1. Prabahar P M  Feb 7, 2019 08:40 I Like It. | Report Abuse
Listed at 300 ?!
avatar
37. Rajni  Feb 6, 2019 21:37 I Like It. | Report Abuse
Mazagon Dock Shipbuilders is likely to raise Rs 500-600 crore through an initial public offer (IPO) by the end of this month.
avatar
36. hajarimal prajapati  Feb 6, 2019 16:27 I Like It. | Report Abuse
listing around 420
avatar
36.1. ksanghavi  Feb 6, 2019 18:31 I Like It. 1 | Report Abuse
TUMHARE MUH ME GHEE /SHAKKAR
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35. hajarimal prajapati  Feb 5, 2019 14:40 I Like It. | Report Abuse
allotment out
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35.3. Dinesh Singh  Feb 5, 2019 15:39 I Like It. 1 | Report Abuse
Top Contributor Top Contributor (200+ Posts)
@small Investor

This will list at premium because there were no seller.

You will regret.
avatar
35.4. smeanalysts  Feb 5, 2019 16:38 I Like It. | Report Abuse
There will be no regret,

it will list only mildly positive and there will be both buyers and seller. meybe will remain in range of 290-300 only

what is big deal.
avatar
34. hajarimal prajapati  Feb 4, 2019 14:33 I Like It. 1 | Report Abuse
Due to low subscription by retails
share price will go up
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34.2. Quality Comment  Feb 4, 2019 15:21 I Like It. 2 | Report Abuse
Hajarimal bhai. Tukka Marvanu Reva Do.
avatar
34.3. Small Investor  Feb 4, 2019 16:29 I Like It. 3 | Report Abuse
IPO Mentor IPO Mentor (700+ Posts, 200+ Likes)
Sheela Foam ki jese listing ho sakti h kya
avatar
33. Regulagedda Ambica Prasad  Jan 31, 2019 16:04 I Like It. 4 | Report Abuse
Investors with high risk appetite will gain in long term if they take calculated risks
I am bullish on this in long term
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33.1. Er.Kalpesh  Feb 1, 2019 10:04 I Like It. 4 | Report Abuse
but why to invest in ipo, when you can buy from market in low price
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33.2. Regulagedda Ambica Prasad  Feb 1, 2019 12:28 I Like It. 4 | Report Abuse
Given the subscriptions by QII and NII, market price is unlikely to be below issue price. That is my assessment. I will buy more and average in the event market price is lower.
avatar
32. Hiteshji  Jan 31, 2019 19:10 I Like It. 4 | Report Abuse
Top Contributor Top Contributor (200+ Posts, 100+ Likes)
Earlier told you, avoid and saved your money.
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31. Earthking  Jan 31, 2019 15:37 I Like It. 3 | Report Abuse
Will this be repeat of lemon tree ... Fingers crossed
avatar
30. Small Investor  Jan 31, 2019 15:35 I Like It. | Report Abuse
IPO Mentor IPO Mentor (700+ Posts, 200+ Likes)
Discount Listing not possible Now



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