Apeejay Surrendra Park Hotels, known for operating the esteemed “The Park” brand hotels, has initiated its Initial Public Offering (IPO) today, aiming to gather ₹920 crore. The share pricing for this public offering is set within a range of ₹147 to ₹155. The IPO comprises a fresh issuance of shares worth ₹600 crore and an offer for sale (OFS) amounting to ₹320 crore. Prospective investors can purchase shares in batches, each containing 96 shares. This offering will be accessible until February 7, 2024, with plans to list on the BSE and NSE.
Before the IPO’s official opening, Apeejay Surrendra Park Hotels successfully raised ₹409.5 crore from anchor investors, showcasing strong pre-market confidence. Among the notable investors were ICICI Prudential Mutual Fund, Kotak Mahindra Life Insurance, Edelweiss Mutual Fund, and several others, who acquired 2.64 crore equity shares at the upper price limit of ₹155 each.
This strategic move to raise funds highlights the company’s robust foothold in India’s hospitality industry, underscored by a diverse portfolio and high occupancy rates. The funds from the IPO are earmarked for debt repayment and to support general corporate ventures, setting the stage for future growth and expansion.
Apeejay Surrendra Park Hotels operates under several brands, including The Park, The Park Collection, and Zone by The Park, demonstrating over five decades of experience in the hospitality sector. Their first hotel under “The Park” was launched in Kolkata’s iconic Park Street, marking the beginning of a long-standing legacy in the hotel industry.
Beyond its hotel operations, the company has ventured into the retail food and beverage sector with ‘Flurys,’ a well-known retail brand. As of September 30, 2023, the company manages 81 restaurants, nightclubs, and bars, expanding its presence in major Indian cities like Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, and Delhi-NCR, along with other significant locations like Coimbatore, Jaipur, and Visakhapatnam.
This IPO not only represents a significant milestone for Apeejay Surrendra Park Hotels but also reflects the growing investor confidence in India’s hospitality sector, promising an exciting avenue for potential shareholders.
