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Chalet Hotels Limited IPO (Chalet Hotels Limited IPO) Detail

January 29, 2019 - January 31, 2019

Chalet Hotels Limited IPO is a book built issue of Rs 1,641.18 crores. The issue comprises of fresh issue of Rs 950.00 crore and offer for sale of 2.47 crore shares.

Chalet Hotels Limited IPO bidding started from January 29, 2019 and ended on January 31, 2019. The allotment for Chalet Hotels Limited IPO was finalized on Tuesday, February 5, 2019. The shares got listed on BSE, NSE on February 7, 2019.

Chalet Hotels Limited IPO price band is set at ₹275 to ₹280 per share. The minimum lot size for an application is 53 Shares. The minimum amount of investment required by retail investors is ₹14,840.

Axis Capital Limited, Jm Financial Limited and Morgan Stanley India Company Pvt Ltd are the book running lead managers of the Chalet Hotels Limited IPO, while Kfin Technologies Limited is the registrar for the issue.

Refer to Chalet Hotels Limited IPO RHP for detailed information.

Chalet Hotels Limited IPO Details

IPO Date January 29, 2019 to January 31, 2019
Listing Date February 7, 2019
Face Value ₹10 per share
Price Band ₹275 to ₹280 per share
Lot Size 53 Shares
Total Issue Size58,613,571 shares
(aggregating up to ₹1,641.18 Cr)
Fresh Issue[.] shares
(aggregating up to ₹950.00 Cr)
Offer for Sale24,685,000 shares of ₹10
(aggregating up to ₹[.] Cr)
Issue Type Book Built Issue IPO
Listing At BSE, NSE

Chalet Hotels Limited IPO Reservation

Chalet Hotels Limited IPO offers 41,326,672 shares. 11,711,444 (28.34%) to QIB, 8,884,569 (21.50%) to NII, 20,730,659 (50.16%) to RII. 391,144 RIIs will receive minimum 53 shares and (sNII) and (bNII) will receive minimum 742 shares. (in case of oversubscription)

Investor Category Shares OfferedMaximum Allottees
Anchor Investor Shares Offered-NA
QIB Shares Offered11,711,444 (28.34%)NA
NII (HNI) Shares Offered8,884,569 (21.50%)
Retail Shares Offered20,730,659 (50.16%)391,144
Total Shares Offered41,326,672 (100%)

Chalet Hotels Limited IPO Timeline (Tentative Schedule)

Chalet Hotels Limited IPO opens on January 29, 2019, and closes on January 31, 2019.

IPO Open Date Tuesday, January 29, 2019
IPO Close Date Thursday, January 31, 2019
Basis of Allotment Tuesday, February 5, 2019
Initiation of Refunds Wednesday, February 6, 2019
Credit of Shares to Demat Thursday, February 7, 2019
Listing Date Thursday, February 7, 2019
Cut-off time for UPI mandate confirmation 5 PM on January 31, 2019

Chalet Hotels Limited IPO Lot Size

Investors can bid for a minimum of 53 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.

Application Lots Shares Amount
Retail (Min) 1 53 ₹14,840
Retail (Max) 13 689 ₹192,920
Lot Size Calculator

Chalet Hotels Limited IPO Promoter Holding

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.

Share Holding Pre Issue 100% (171,095,293 Equity Shares)
Share Holding Post Issue At least 10% of the post-Offer paid-up Equity Shar

About Chalet Hotels Limited

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 Rs 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 Rs 15 lacs per key at Renaissance Vs others at over Rs 1 cr per key
  • Consolidated land spend Rs 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 - Rs 500 Crs
    • FY22 - Rs 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 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 (Chalet Hotels Limited IPO Objectives)

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 Review (May apply)

[Dilip Davda]  Currently hospitality sector is witnessing subdued sentiment. This company has shown loss for first half that raises concern. Considering these, risk savvy cash surplus investors may consider investment at their own risk. Read detail review...

Chalet Hotels Limited IPO Subscription Status (Bidding Detail)

The Chalet Hotels Limited IPO is subscribed 1.57 times on January 31, 2019 6:00:00 PM. The public issue subscribed 0.03 times in the retail category, 4.66 times in the QIB category, and 1.10 times in the NII category. Check Day by Day Subscription Details (Live Status)

CategorySubscription (times)

Chalet Hotels Limited IPO Prospectus

Chalet Hotels Limited IPO Rating

Rating:Rated 3.5 stars
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Chalet Hotels Limited IPO Listing Details

Listing Date February 7, 2019
BSE Script Code 542399
ISIN INE427F01016
Final Issue Price ₹280 per share

Pre-Open Session - NSE Pre-Open Session - BSE

Listing Day Trading Information

Price Details
Final Issue Price
Last Trade

Check IPO Performance…

Chalet Hotels Limited Contact Details

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

Chalet Hotels Limited IPO Registrar

Kfin Technologies Limited

Phone: 04067162222, 04079611000

Chalet Hotels Limited IPO - Buy or Not

Chalet Hotels Limited IPO Recommendation Summary

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Members 0 0 0

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Chalet Hotels Limited IPO FAQs

Chalet Hotels Limited IPO is a main-board IPO of 58,613,571 equity shares of the face value of ₹10 aggregating up to ₹1,641.18 Crores. The issue is priced at ₹275 to ₹280 per share. The minimum order quantity is 53 Shares.

The IPO opens on January 29, 2019, and closes on January 31, 2019.

Kfin Technologies Limited is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

The Chalet Hotels Limited IPO opens on January 29, 2019 and closes on January 31, 2019.

Chalet Hotels Limited IPO lot size is 53 Shares, and the minimum amount required is ₹14,840.

You can apply in Chalet Hotels Limited IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, HDFC Bank and SBI Bank.

The finalization of Basis of Allotment for Chalet Hotels Limited IPO will be done on Tuesday, February 5, 2019, and the allotted shares will be credited to your demat account by Thursday, February 7, 2019. Check the Chalet Hotels Limited IPO allotment status.

The Chalet Hotels Limited IPO listing date is on February 7, 2019.
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Chalet Hotels Limited IPO Message Board

Ranked Members of Forum  Ranked Members | Members with Most Likes



49. Logical Investor |   Link |  Bookmark |March 8, 2019 10:52:26 AM
Should I hold or sell at this price?
I am not confident about business numbers. Thus thinking not to take risk.
Open for suggestion
49.1. Dhan Ki Baat |   Link |  Bookmark |March 9, 2019 10:29:43 AM
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) take your own your stock in that 30% category...only time will tell...

Luxury hotel business in India will only survive, not thrive
48. Dhan Ki Baat |   Link |  Bookmark |February 6, 2019 12:10:58 AM
IPO Mentor IPO Mentor (500+ Posts, 500+ Likes)
637. Tushar Singhal Jul 27, 2018 11:02:06 AM | Reply
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 Rs 200 CMP Rs 313

Now, Next Target Price Rs 100 CMP Rs 197
48.3. ???? IPO Adhyadesh ???? |   Link |  Bookmark |February 8, 2019 8:50:51 AM
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.
48.4. Dhan Ki Baat |   Link |  Bookmark |February 10, 2019 7:12:40 AM
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
47. Regulagedda Ambica Prasad |   Link |  Bookmark |February 8, 2019 9:14:12 PM
Top Contributor Top Contributor (400+ Posts, 200+ Likes)
Today it touched 291 and will hit 300 soon next week.
Those who bought at 250 on the listing day are the luckiest
47.1. Regulagedda Ambica Prasad |   Link |  Bookmark |March 12, 2019 11:04:09 AM
Top Contributor Top Contributor (400+ Posts, 200+ Likes)
Prediction is proving right. No regrets for accumulating. Doing the same with Westlife development, whom I trust for long term reward.
46. hajarimal prajapati |   Link |  Bookmark |February 8, 2019 6:16:38 PM
sell sell sell and book profit
may go below issue price
45. Rajni |   Link |  Bookmark |February 8, 2019 5:29:10 PM
***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.
44. Regulagedda Ambica Prasad |   Link |  Bookmark |February 8, 2019 10:10:38 AM
Top Contributor Top Contributor (400+ Posts, 200+ Likes)
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.
43. Regulagedda Ambica Prasad |   Link |  Bookmark |February 8, 2019 9:00:32 AM
Top Contributor Top Contributor (400+ Posts, 200+ Likes)
Thank you Chalet.
Risky bet had become rewarding.
I wish I could have applied for maximum lots in both applications!!!!
43.1. PavanM |   Link |  Bookmark |February 8, 2019 9:27:47 AM
IPO Mentor IPO Mentor (500+ Posts, 400+ 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.
42. VIJAY GALANI |   Link |  Bookmark |February 7, 2019 3:40:11 PM
42.3. ???? IPO Adhyadesh ???? |   Link |  Bookmark |February 8, 2019 8:58:25 AM
@ Team Chittorgarh

Admin , in IPO tentative date / Timetable it is mentioned Listing on 8th Feb. Last Box.
42.4. Team |   Link |  Bookmark |February 8, 2019 9:01:37 AM
IPO Mentor IPO Mentor (900+ Posts, 1500+ Likes)
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.

@ Team

Thank you,
Admin @

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41. hajarimal prajapati |   Link |  Bookmark |February 8, 2019 8:26:07 AM
Selll sellll sellll
40. hajarimal prajapati |   Link |  Bookmark |February 7, 2019 12:01:25 PM
buy and hold for excellent profit
40.1. Loss investor |   Link |  Bookmark |February 8, 2019 8:19:58 AM
Ab bolo Kya kerna hai???
39. Loss investor |   Link |  Bookmark |February 8, 2019 5:33:00 AM
Listing to ho gai.....mai chittorgarah site dekhta Raha...or Sara focus surani per tha..... 300 291 Kya kerna me?????
38. Prabahar P M |   Link |  Bookmark |February 5, 2019 3:34:04 PM
Ha ha ha! Amount got debited. Lets see how much going to loose.
38.1. Prabahar P M |   Link |  Bookmark |February 7, 2019 8:40:34 AM
Listed at 300 ?!
37. Rajni |   Link |  Bookmark |February 6, 2019 9:37:39 PM
Mazagon Dock Shipbuilders is likely to raise Rs 500-600 crore through an initial public offer (IPO) by the end of this month.
36. hajarimal prajapati |   Link |  Bookmark |February 6, 2019 4:27:30 PM
listing around 420
36.1. ksanghavi |   Link |  Bookmark |February 6, 2019 6:31:11 PM
35. hajarimal prajapati |   Link |  Bookmark |February 5, 2019 2:40:38 PM
allotment out
35.3. Dinesh Singh |   Link |  Bookmark |February 5, 2019 3:39:38 PM
IPO Guru IPO Guru (1300+ Posts, 500+ Likes)
@small Investor

This will list at premium because there were no seller.

You will regret.
35.4. smeanalysts |   Link |  Bookmark |February 5, 2019 4:38:41 PM
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.
34. hajarimal prajapati |   Link |  Bookmark |February 4, 2019 2:33:08 PM
Due to low subscription by retails
share price will go up
34.2. Quality Comment |   Link |  Bookmark |February 4, 2019 3:21:15 PM
Hajarimal bhai. Tukka Marvanu Reva Do.
34.3. Small Investor |   Link |  Bookmark |February 4, 2019 4:29:12 PM
IPO Guru IPO Guru (2000+ Posts, 1000+ Likes)
Sheela Foam ki jese listing ho sakti h kya
33. Regulagedda Ambica Prasad |   Link |  Bookmark |January 31, 2019 4:04:33 PM
Top Contributor Top Contributor (400+ Posts, 200+ Likes)
Investors with high risk appetite will gain in long term if they take calculated risks
I am bullish on this in long term
33.1. Er.Kalpesh |   Link |  Bookmark |February 1, 2019 10:04:08 AM
but why to invest in ipo, when you can buy from market in low price
33.2. Regulagedda Ambica Prasad |   Link |  Bookmark |February 1, 2019 12:28:22 PM
Top Contributor Top Contributor (400+ Posts, 200+ Likes)
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.
32. Hiteshji |   Link |  Bookmark |January 31, 2019 7:10:10 PM
IPO Mentor IPO Mentor (600+ Posts, 400+ Likes)
Earlier told you, avoid and saved your money.
31. Earthking |   Link |  Bookmark |January 31, 2019 3:37:56 PM
IPO Mentor IPO Mentor (1000+ Posts, 400+ Likes)
Will this be repeat of lemon tree ... Fingers crossed
30. Small Investor |   Link |  Bookmark |January 31, 2019 3:35:15 PM
IPO Guru IPO Guru (2000+ Posts, 1000+ Likes)
Discount Listing not possible Now