Juniper Hotels shares rose 10% in early deals today, here’s why

Shares of Juniper Hotels Ltd gained nearly 10% today as Norges Bank, on account of the Government Pension Fund Global, bought 21,77,724 equity shares (or 0.98% stake) in the luxury hotel chain. The bulk deal was carried out at an average price of Rs 398.15 per share. The stock of Juniper Hotels rose 9.74% to Rs 436 against the previous close of Rs 397.30 on BSE.

Juniper Hotels stock ended 10.36% higher at Rs 397.30 on its market debut in the previous session against the IPO issue price of Rs 360 apiece.

A total of 1.67 lakh shares of the firm changed hands amounting to a turnover of Rs 7.02 crore on BSE today. Market cap of the firm rose to Rs 9,257 crore.

Shares of Juniper Hotels Ltd made a tepid listing on Wednesday

Juniper Hotels listed at Rs 365 apiece on NSE, a premium of 1.33 per cent over the issue price. The stock listed on a flat note at Rs 361.20 on BSE, a premium of 0.33 per cent to the issue price.

Juniper Hotels' IPO was open from February 21 to February 23. Shares were offered in a price band of Rs 342-360 apiece. The lot size of the IPO was 40 shares. The company raised a total of Rs 1,800 crore through, which was entirely a fresh share sale of up to 5,00,00,000 equity shares.

The IPO was subscribed 2.08 times on the final day. The quota for qualified institutional bidders was subscribed 2.96 times while the portion reserved for retail investors saw bids 1.28 times the allocated portion. The allocation for non-institutional investors was undersubscribed and was booked merely 85 per cent.

JM Financial Limited, CLSA India Private Limited and ICICI Securities Limited were the book running lead managers of the Juniper Hotels IPO, while KFin Technologies was the registrar for the issue.

Juniper Hotels is a luxury hotel development and ownership company. As of September 30, 2023, the company operated seven hotels and serviced apartments with a total of 1,836 rooms.