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Prestige Estates Shares Dip as Hospitality Arm Halts ₹2,700 Crore IPO Plans

CNBC TV18•28-09-2026, 09:25

•Prestige Estates Projects shares fell over 2% after its hospitality subsidiary, Prestige Hospitality Ventures Ltd. (PHVL), withdrew its draft IPO papers.
•PHVL had aimed to raise up to ₹2,700 crore through the IPO but cited strategic considerations and uncertain market conditions for the withdrawal.
•The decision follows Prestige Estates' announcement of a potential ₹3,000 crore investment in PHVL by Canada Pension Plan Investment Board (CPPIB).
•Morgan Stanley maintains an 'Overweight' rating on Prestige Estates with a price target of ₹2,050, retaining its FY27 pre-sales guidance of ₹35,000-36,000 crore.
•The brokerage expects Q2 FY27 pre-sales to be similar to Q1 FY27 at ₹6,570 crore and projects FY27 collections at ₹24,000 crore.

Prestige Hospitality Ventures Ltd (PHVL) withdrew its draft IPO papers due to strategic considerations and uncertain market conditions.

The company had planned to raise up to ₹2,700 crore through the public issue.

Morgan Stanley has an 'Overweight' rating on Prestige Estates Projects Ltd. with a price target of ₹2,050 per share.