Prestige Group Withdraws ₹2,700 Crore Hospitality IPO Citing Market Conditions

Prestige Estates Projects Ltd has withdrawn its planned initial public offering of ₹2,700 crore for its hospitality subsidiary, Prestige Hospitality Ventures Ltd (PHVL). The company cited uncertain market conditions and strategic considerations for the decision, announced in a regulatory filing on Friday.

PHVL had filed its draft red herring prospectus with the Securities and Exchange Board of India (SEBI) in April last year. The board has decided to withdraw the IPO papers, though the company left open the possibility of resubmitting a fresh draft prospectus if market conditions improve and necessary approvals are obtained.

The withdrawal follows a separate funding announcement in August, when Canada-based investment firm CPPIB agreed to invest up to ₹3,000 crore in PHVL through a binding framework agreement made in multiple tranches.