Prestige Hospitality Shelves IPO Plan Amid Market Uncertainty

Prestige Hospitality Ventures Ltd (PHVL), a subsidiary of Prestige Estates Projects Ltd, has withdrawn its proposed ₹2,700-crore initial public offering for its hospitality business, citing strategic considerations and uncertain market conditions. PHVL had filed its Draft Red Herring Prospectus (DRHP) with SEBI in April 2025. The company’s board has now approved the withdrawal of the draft papers. It may consider filing a fresh DRHP in the future, subject to market conditions and necessary approvals. In August, Prestige Estates said Canada-based CPPIB would invest up to ₹3,000 crore in its hospitality arm.

Meanwhile, several companies have moved ahead with their IPO plans. Kolkata-based Anmol Industries has filed papers for a ₹1,800-crore IPO, while J Infratech has filed DRHP for a ₹600-crore fresh issue along with an offer for sale by promoters. Arete 22 has proposed a ₹440-crore fresh issue, while Baanganga Gold & Diamond has filed papers for a ₹720-crore IPO comprising a ₹540-crore fresh issue and a ₹180-crore OFS. Deon Energy has also filed draft papers for an IPO. Vishal Nirmiti’s ₹178-crore IPO is scheduled to open on September 30 and close on October 5, with a price band of ₹208–220 per share.