Investment Banking for Hospitality & Tourism
[ 01/04 ] · WHY NOW
Strong Recovery in Hospitality Demand
Domestic leisure, weddings and MICE have lifted occupancy and ADR firmly above pre-COVID levels
Normalised Travel Flows Driving Inbound Growth
Visa easing and expanded air capacity are boosting international arrivals and conversions
Asset-Light Models Enabling Faster Expansion
Management and franchise strategies are accelerating unit growth while reducing capital intensity
Tourism & Infra Push Expanding Demand Corridors
State-led tourism initiatives, infra upgrades and G20 city improvements are widening travel inflows
[ 02/04 ] · OUR FOCUS
What We Focus On
A detailed look at the operational, compliance and analytics levers we evaluate to strengthen your IPO readiness
Portfolio quality: brand ladder, city mix, key counts, pipeline and ramp-up curves
Unit economics: RevPAR, flow-through, GOP margin, franchise and management fee take
Contracts: HMAs, franchise, minimum guarantees, owner payout and termination terms
Leases: IFRS-16 recognition, fixed vs variable rent, maturity profile and coverage
Working capital and cash: advances, loyalty liabilities, refunds and chargebacks
[ 03/04 ] · DELIVERABLES
Our Deliverables
A comprehensive, end-to-end IPO execution stack delivered with precision and consistency
Readiness Score & Fix List
In 48 hours
DRHP Chapter Set
Data-room index with evidence trails
Indicative Pricing Bands
Vs India and global comps (hotel chains, resorts, online travel, events) with sensitivity to RevPAR and pipeline
Anchor Map
Book-build plan across domestic and global consumer, travel and real estate specialists
IR Toolkit
KPI pack (keys, occupancy, ADR, RevPAR, flow-through, GOP, lease coverage, net unit growth, channel mix, MICE share), analyst deck and earnings model
*Timelines are indicative and depend on issuer readiness, audit completion, legal diligence, SEBI observations and market conditions. We do not guarantee pricing or allotment
[ 04/04 ] · FAQs
Answers to Common Questions
Learn about S45's IPO services, process, and what to expect
What is S45?
S45 is an AI-enabled Investment Bank helping Indian companies go public on SME and Main Board. We pair sector bankers with proprietary analytics for readiness, pricing, bookbuilding, listing, and post-IPO investor relations
What exactly do you do?
Three things end to end:
1) Source – eligibility, Demand Thesis (cohort view), teach-ins.
2) Diligence – Readiness Scan, data room, DRHP/RHP with auditors, counsel, and the Lead Manager.
3) List – price-band work, bookbuilding and allocation with Registrar/RTA, listing day and 30/90-day investor relations
Who is your merchant banking partner?
We execute IPOs with Narnolia as Category-I Merchant Banker (Lead Manager). S45 runs AI-led readiness, demand mapping, pricing support, and after-market investor relations
Which sectors do you cover?
Aerospace & Defence, Automotive, Chemicals, Consumer, Energy, Financial Services, Healthcare, Industrials, Technology, Agriculture, Education, and Hospitality. Each has bankers with India-specific operating and regulatory depth
What does the IPO process involve and how long does it take?
Pre-filing readiness → DRHP (SEBI) → RHP → pricing & bookbuilding (or fixed-price where applicable) → allotment with Registrar/RTA (ASBA/UPI) → listing (NSDL/CDSL) → post-IPO IR.
For SME, market maker coordination applies. Main Board is typically 6–12 months from engagement to listing, depending on audit readiness, SEBI observations, and market conditions. SME timelines can be as short as 2–3 months. We map a realistic calendar for your current state
How do you determine pricing and who are the key investor categories?
We build a valuation range using sector comps and cash-flow methods, then refine it with pre-IPO soundings and demand during the bookbuild. We do not guarantee a price or allocation. Indian IPOs allocate to QIBs (institutions), NIIs/HNIs (larger-ticket applicants), and Retail. Anchor investors may participate before the issue opens, per rules.
What are SEBI's core disclosure needs and what if we are not IPO-ready yet?
SEBI requires three years of audited financials, risk factors, related-party transactions, promoter details, use of proceeds, material contracts, and litigation. All SEBI observations must be addressed before the RHP. If you are not ready, we run a Readiness Scan and give a clear plan covering governance, disclosures, board independence, controls, and investor messaging. Many teams work with us 12–18 months before filing.
How does S45 charge and what about investor introductions?
A retainer for readiness and filing work plus milestone-linked fees tied to issue execution. Terms are discussed upfront and documented in the engagement letter. Investor previews are cohort-level only before mandate. Investor identities are shared after NDA or mandate, and outreach is coordinated with the Lead Manager.
Do you coordinate market makers for SME and support post-listing IR??
Yes. For eligible SME issues we shortlist market makers, align obligations, and integrate this into the post-listing liquidity plan. We also set an investor relations calendar, prepare earnings materials, target investors, and coordinate with analysts for coverage and liquidity over the first 30/90 days and beyond.
Do you guarantee timelines, pricing, or allotment?
No. Outcomes depend on SEBI review, market conditions, and investor demand. Our job is to prepare you thoroughly, map demand, and execute with discipline
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