Luxury hotel chain Juniper Hotels Ltd witnessed a rise in its stock price during morning trading on February 29 following news that Norges Bank, representing the Government Pension Fund Global, acquired 21.7 lakh equity shares, equivalent to a 0.98 percent stake in the company. The bulk deal was executed at an average price of Rs 398.15 per share.
During the trading session, a total of 50 lakh shares of Juniper Hotels changed hands on both the BSE and NSE.
By 11:55 am, Juniper Hotels shares were trading 9 percent higher at Rs 437.95 on the NSE, pushing the company’s market capitalization to Rs 9,767.8 crore.
Juniper Hotels is a luxury hotel development and ownership firm known for operating hotels under the prestigious “Hyatt” brand. The company made its stock market debut on February 28, opening at Rs 365 on the NSE, a premium of 1.33 percent over the issue price. On the BSE, the stock debuted at Rs 361.20, a 0.33 percent premium, before closing 10.36 percent higher at Rs 397.30 on its first day of trading.
The IPO of Juniper Hotels was open for subscription from February 21 to February 23, offering shares in the price band of Rs 342-360 each. The company successfully raised Rs 1,800 crore through the issuance of fresh shares totaling up to 5 crore equity shares.
Based in Mumbai, the luxury hotel development and ownership company manages a portfolio of seven hotels and serviced apartments with a combined total of 1,836 rooms. Its operations are segmented into luxury, upper upscale, and upscale categories, operating under brands such as Grand Hyatt Mumbai Hotel and Residences, Andaz Delhi, and Hyatt Regency, among others.
While Juniper Hotels reported a net loss of Rs 26.5 crore for the months ending September FY24, widening from a loss of Rs 17.5 crore in the corresponding period of the previous year, its revenue from operations showed growth, increasing to Rs 336.1 crore from Rs 294.3 crore year-on-year.
