 "Apeejay Surrendra Park Hotels IPO: Price band fixed at Rs 147-155")
Apeejay Surrendra Park Hotels on Wednesday said it has set a price band between Rs 147 and Rs 155 per equity share for its initial public offering (IPO).
The company, through its IPO, aims at raising Rs 920 crore comprising Rs 600 crore through a fresh share sale and Rs 320 crore through an offer for sale, it said.
The issue is scheduled to be active from February 5 to February 7.
The floor price of Rs 147 reflects 53.45 times the price-to-earnings ratio based on diluted EPS (earnings per share) for the fiscal year 2023.
While the cap price of Rs 155 translates to a ratio of 56.36 times.
These ratios compare favourably with the industry average of 73.60, the hotel major said.
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Investors can subscribe to the IPO in lots of 96 equity shares and multiples thereof.
Apeejay Surrendra Park Hotels, established in 1987, operates under renowned brands such as 'The Park'. Additionally, the company has a presence in the retail food and beverage sector through its brand 'Flurys'.