Suba Hotels Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹111
Per ShareLot Size
1200 Shares
Minimum Investment
₹1,33,200
Issue Size
₹75.47 Cr
Face Value
₹10
Per ShareIPO Type
Book Building - SME
Retail Quota
35%
QIB Quota
50%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Suba Hotels Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
84.69%
Promoter Holding (Post-Issue)
60.93%
Issue Type
Book Building - SME
ISIN
INE0RYR01018
About the Company
We are one of India's largest domestic hotel chains in the mid-market sector with 88 operational hotels as of July 2025, comprising 4,096 keys across over 50 cities, around 81% of which are located in emerging markets in tier 2 and 3 cities. The hotel chain also boasts a portfolio of 40 hotels in the pre-opening phase, encompassing 1,831 rooms. (Source: JLL Report). We operate in the mid-market hotel sector, consisting of upscale, upper-midscale, midscale, and economy brands domestic as well as international. We primarily cater to guests across business, leisure, and religious tourism, delivering superior service standards at attractive price points. Our hotel portfolio encompasses a diverse range of business models, including owned, managed, revenue share & lease, and franchised properties. We currently categorize our hotel portfolio into four distinct hotels categories based on business models that includes owned, managed, revenue share & lease and franchised hotels.
Industry Overview
India stands as the most populous country in the world with an estimated population of 1.45 billion people1. Over its extensive history spanning thousands of years, India has experienced significant transformation to emerge as a highly dynamic and diverse economic force. The country's economy has demonstrated remarkable growth, positioning it among the fastest-growing major economies worldwide. This success can be attributed to a range of factors, including a large and diverse population, robust domestic consumption, a strategic geographical location, a skilled workforce, and a thriving entrepreneurial ecosystem. As of 2024, India ranked as the world's fifth-largest economy in terms of nominal gross domestic product (GDP). Looking ahead, projections indicate that India will surpass Japan in 2025 and is expected to overtake Germany by 2028, becoming the world's thirdlargest economy. This underscores the significant growth potential and undeniable momentum of India's economy.
Company History
Our Company was incorporated on October 23, 1997, under the Companies Act, 1956 with the corporate name "Trupti Supercaterers and Hotels Private Limited" on with a certificate of incorporation granted by the Registrar of Companies, Mumbai ("RoC Mumbai"). On May 21, 2008, the corporate name of our company was changed to "Trupti Caters and Hotels Private Limited" pursuant to a fresh certificate of incorporation granted by Roc Mumbai. On October 8, 2014, the name of our company was subsequently changed to "Hotel Suba Star Private Limited" pursuant to a fresh incorporation granted by RoC Mumbai and then on October 11, 2023, was further changed to "Suba Hotels Private Limited". On conversion of our Company to a public limited company and pursuant to a resolution passed by our shareholders on October 30, 2023, the corporate name of our company was changed to "Suba Hotels Limited" and we obtained a fresh certificate of incorporation from the Registrar of Companies, Gujarat, Dadra & Nagar Haveli at Ahmedabad ("RoC") on November 17, 2023.
Products & Services
- The Company is one of India's largest domestic hotel chains in the mid-market sector with 88 operational hotels as of July 2025, comprising 4,096 keys across over 50 cities, around 81% of which are located in emerging markets in tier 2 & 3 cities.
Growth Strategy
- Invest in hotels stuck for last mile funding.
- Identifying and renovating distressed hotel properties.
- Increase in sales and marketing team bandwidth.
- Deploy loyalty program.
Customer Base
Wholesaler and Retailer
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY23 to FY25.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public issue of up to o 67,99,200 equity shares of face value of Rs. 10/- each (the "Equity Shares") of Suba Hotels Limited ("Suba" or the Company or the "Issuer") at an issue price of Rs. 111/- per equity share (Inclduing Share Premium of Rs. 101 Per Equity Share) for cash, aggregating to Rs. 75.47 crores ("Public Issue") out of which 3,40,800 equity shares of face value of Rs. 10/- each, at an issue price of Rs. 111 per equity share for cash, aggregating up to Rs. 3.78 crores will be reserved for subscription by the market maker to the issue (the Market Maker Reservation Portion). The public issue, less market maker reservation portion i.e., issue of 64,58,000 equity shares face value of Rs. 10/- each, at an issue price of Rs. 111 per equity share for cash, aggregating up to Rs. 71.69 crores is herein after referred to as the "Net Issue". The public issue and the net issue will constitute 28.05%, and 26.64% respectively of the post-issue paid-up equity share capital of the company. Price Band: Rs. 105/- to Rs. 111/- for equity share of face value of Rs. 10 each. The floor price is 10.50 times times the face value and cap price is 11.10 times of the face value of the equity shares. Bids can made for a minimum of 2,400 equity shares and in multiples of 1,200 equity shares thereafter.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- One of India's leading domestic hotel chains in the mid-scale sector with a differentiated business model.
- Wide geographical coverage.
- Established distribution network.
- Ability to acquire non / underperforming hotels and demonstrated track record to re-rate hotel's performance through renovation and / or rebranding.
- Experienced promoters and management team.
- A large portion of our revenue is realised from our Owned Hotels and revenue share and lease, contributing approximately 22.08% and 45.63%, respectively for the financial year 2025 of the revenue from operations in key geographies and any adverse developments affecting these hotels or the regions in which they operate, could have an adverse effect on our business, results of operation, cash flows and financial condition.
- We derive a significant portion of our room revenue from corporate and leisure accounts from our owned and revenue share and lease hotels. Changes in travellers' preferences due to increased use of telepresence equipment, cost of travel, spending habits, and other factors may adversely affect the demand for hotel rooms, thereby adversely impacting our business, results of operations, financial condition, and cash flows.
- Certain of our hotels which we operate are leased from third parties. If we are unable to comply with the terms of the lease or license agreements, renew our agreements or enter into new agreements on favourable terms, or at all, our business, results of operations and financial condition and cash flows may be adversely affected.
- We have entered into master franchise agreement dated May 13, 2022 with Choice Hotels Licensing B.V. for three brands of Choice Hotels in India - Clarion (upscale), Quality (upper midscale) and Comfort (midscale). For the Financial Year 2025, our hotels franchised under MFA of Choice Hotels - contributed 9.97% to our revenue from operations. If these agreements are terminated or not renewed, our business, results of operations and financial condition may be adversely affected.
- Our company has not complied with the provisions of Sections 185 and 186 of the Companies Act, 2013, regarding loans, investments, guarantees, and securities.