The scrip was listed at 112.90, almost matching the initial public offer (IPO) price. The stock was currently down 2.04% over its listing price.
The counter hit a high of Rs 112.90 and a low of Rs 107.25. About 4.04 lakh shares of the company changed hands at the counter.
Grand Continent Hotels' IPO was subscribed 1.73 times. The issue opened for bidding on 20 March 2025 and it closed on 24 March 2025. The price band of the IPO was set at Rs 107 to Rs 113 per share.
The company intends to utilize the net proceeds for repayment or prepayment, in full or in part, of certain outstanding borrowings availed by the company, expansion of the hotel properties in India and general corporate purposes.
Ahead of the Grand Continent Hotels on 19 March 2025, raised Rs 21.16 crore from anchor investors. The board has allotted 18.73 lakh shares at Rs 113 per share to 7 anchor investors.
Grand Continent Hotels is a player in the mid-scale hotel sector, targeting the upper-mid priced, mid-priced, and economy hotel segments. The company focuses on providing a differentiated and superior service experience for middle-class Indian guests and business travelers, with a strong emphasis on offering value-for-money propositions. As of 30 September 2024, the company operated 16 hotels across various states, including Karnataka (Bengaluru), Tamil Nadu (Hosur), Goa (Anjuna), Andhra Pradesh (Tirupati), and Telangana (Secunderabad), with a total of 753 keys. The adjusted occupancy rate across all properties for the six-month period ending 30 September 2024, stood at 72.33%. For FY 2024, the occupancy rate was 75.17%, compared to 79.00% in FY 2023 and 61.90% in FY 2022. As of 30 September 2024, the company had 538 employees.
The company recorded revenue from operations of Rs 31.84 crore and net profit of Rs 6.81 crore for the period ended 30 September 2024.