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Apeejay Surrendra Park Hotels IPO ends with strong subscribption

Published on Feb 08, 2024 17:44

The initial public offer (IPO) of Apeejay Surrendra Park Hotels received bids for 2,07,38,43,552 shares as against 3,47,61,903 shares on offer. The issue was subscribed 59.66 times.

The Qualified Institutional Buyers (QIBs) category was subscribed 75.14 times. The Non Institutional Investors (NIIs) category was subscribed 52.41 times. The Retail Individual Investors (RIIs) category was subscribed 30.35 times.

The issue opened for bidding on 5 February 2024 and it closed on 7 February 2024. The price band of the IPO was fixed at Rs 147-455 per share.

The offer comprised a fresh issue of equity shares aggregating up to Rs 600 crore and an offer for sale of up to Rs 320 crore.

Out of the proceeds from the fresh issue, Rs 550 crore will be used for repayment/ prepayment/ redemption, in full or in part, of certain borrowings availed of by the company and the balance for general corporate purpose.

Ahead of the IPO, Apeejay Surrendra Park Hotels on Friday, 2 February 2024, raised Rs 409.49 crore from anchor investors. The board allotted 2.64 crore shares at Rs 155 each to 37 anchor investors.

Apeejay Surrendra Park Hotels is in the hospitality business operating under the brand names of �The Park�,�The Park Collection�, �Zone by The Park�,�Zone Connect by The Park� and �Stop by Zone�.

ApeejaySurrendra Park Hotels currently operates 30 hotels, which are spread across different categories such as luxury boutique upscale, and upper midscale in cities like New Delhi, Chennai, Hyderabad, Kolkata, Bangalore, Mumbai, Coimbatore, Indore, Goa, Jaipur, Jodhpur, Jammu, Navi Mumbai, Visakhapatnam, Port Blair, and Pathankot, offering a total of 2,298 rooms as of 29 January 2024.

The firm reported a net profit of Rs 22.95 crore and net sales of Rs 264.41 crore for the six months ended on 30 September 2023.

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