Apeejay Surrendra Park Hotels is set to open its initial public offering (IPO) for subscription on February 5 as it looks to raise ₹920 crore. The issue will close on February 7. The anchor book will be opened for a day on February 2.
What we know about Apeejay Surrendra Park Hotels IPO?
The Apeejay Surrendra Park Hotels IPO is a mix of fresh issue of shares worth ₹600 crore. It also has an offer-for-sale of shares worth ₹320 crore by the promoter and investors- promoter Apeejay is offering shares worth ₹296 crore for sale while investors RECP IV Park Hotel Investors and RECP IV Park Hotel Co-Investors will offload ₹23 crore and ₹1 crore worth of shares. Apeejay holds a 94.18 per cent stake in the hospitality chain while RECP IV Park Hotel Investors have 5.53 per cent.
Read more: Tim Cook's update on Apple’s generative AI features: Coming ‘later this year’
What you need to know about the company Apeejay Surrendra Park Hotels?
The company operates brands such as THE PARK, THE PARK Collection, Zone by The Park, and Zone Connect by The Park. Apeejay Surrendra Park Hotels ranks as the eighth largest in India in terms of chain-affiliated hotel rooms inventory. As of September 2023, it owned 45,800 rooms.
What are Apeejay Surrendra Park Hotels' plans with the IPO?
{{/usCountry}}The company operates brands such as THE PARK, THE PARK Collection, Zone by The Park, and Zone Connect by The Park. Apeejay Surrendra Park Hotels ranks as the eighth largest in India in terms of chain-affiliated hotel rooms inventory. As of September 2023, it owned 45,800 rooms.
What are Apeejay Surrendra Park Hotels' plans with the IPO?
{{/usCountry}}The company plans to use most ₹550 crore of the fresh issue proceeds to repay debt. As of January 2, Apeejay Surrendra Park Hotels had a debt of ₹582.28 crore on consolidated basis.
For the issue, JM Financial, Axis Capital, and ICICI Securities are the merchant bankers.