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Park Hotels IPO subscribed 5.82 times on second day of offer

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NewsDrum Desk
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New Delhi, Feb 6 (PTI) The initial public offering of Apeejay Surrendra Park Hotels, which runs hotels under the 'The Park' brand, got subscribed 5.82 times on the second day of the offer on Tuesday.

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The Rs 920 crore-IPO received bids for 20,21,97,696 shares against 3,47,61,903 shares on offer, as per NSE data.

The portion for Retail Individual Investors (RIIs) fetched 13.11 times subscription while the quota for non-institutional investors got subscribed 10.35 times. The category for Qualified Institutional Buyers (QIBs) attracted 1.26 times subscription.

The initial share sale of Apeejay Surrendra Park Hotels was fully subscribed on the first day of bidding on Monday.

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The Initial Public Offering (IPO) has a fresh issue of up to Rs 600 crore and an Offer For Sale (OFS) component of up to Rs 320 crore.

Price range for the offer is Rs 147-155 a share.

Those offering shares in the OFS are Apeejay Surrendra Trust, Apeejay Pvt Ltd, RECP IV Park Hotel Investors Ltd and RECP IV Park Co-Investors Ltd.

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At present, promoters and promoter group members hold a 94.18 per cent stake in the company.

Proceeds from the fresh issue would be utilised towards payment of debt and for general corporate purposes.

Apeejay Surrendra Park Hotels Ltd has mobilised Rs 409.5 crore from anchor investors.

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The company operates hospitality assets under its brands -- The Park, The Park Collection, Zone by The Park, Zone Connect by The Park, and Stop by Zone.

It has also established a presence in the retail food and beverage industry through its retail brand 'Flurys'.

Further, it operates 81 restaurants, night clubs and bars as of September 30, 2023.

JM Financial, Axis Capital and ICICI Securities are the managers to the offer. PTI SUM SGC RAM

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