Indore: Pride Hotels plans to launch its initial public offering (IPO) by December, with an issue size of around ₹1,000 crore, as the hospitality chain accelerates its expansion across India. CEO Satyen Jain said the company has opened nine hotels in the past 12 months, with its latest property coming up in Indore.Portfolio set to reach 72 hotelsPride Hotels currently operates 40 properties, comprising eight owned hotels and 32 managed properties.
The company has signed agreements for another 32 hotels, which are expected to open over the next 18 months to two years. This would take its total portfolio to around 72 properties.
The expansion strategy focuses on strengthening existing markets, developing large wedding and MICE hotels, entering new leisure destinations and expanding in pilgrimage centres.Jain said pilgrimage destinations offer strong potential because of repeat visits. Puri, for instance, can attract both religious tourists and wedding-related business.The company also expects domestic leisure travel to grow as incomes rise and air and highway connectivity improves.₹1,000-crore IPO plannedPride Hotels is preparing to tap the capital markets alongside its expansion.The Mumbai-based company filed its draft papers with Sebi in October 2025 and received approval for the IPO in January 2026.According to the draft papers, the IPO includes a fresh issue worth ₹260 crore and an offer for sale of up to 3.92 crore shares by promoters and promoter group entities. Proceeds from the fresh issue are proposed to be used for renovating existing hotels, repaying debt and general corporate purposes.Pride Hotels is also considering launching an upper-upscale boutique brand called Pride Lux.Rising costs remain a concernChairman and Managing Director S P Jain said gas and electricity expenses have increased by 8-9%, putting pressure on profitability.To control costs, the company is investing in wind and solar energy and energy-efficient equipment.The management also identified multiple licensing requirements as a major challenge for the hospitality industry.For now, Pride Hotels remains focused on India, although it could explore overseas markets with strong Indian traveller demand in the future.