The offer received bids for 8.75 crore shares as against 3.47 crore shares on offer.
The initial public offer (IPO) of Apeejay Surrendra Park Hotels received bids for 8,75,33,280 shares as against 3,47,61,903 shares on offer, according to stock exchange data at 17:00 IST on Monday (5 February 2024). The issue was subscribed 2.52 times.The issue opened for bidding on Monday (5 February 2024) and it will close on Wednesday (7 February 2024). The price band of the IPO is fixed at Rs 147-455 per share. An investor can bid for a minimum of 96 equity shares and in multiples thereof.
The offer comprises of fresh issue of equity shares aggregating up to Rs 600 crores and offer for sale of up to Rs 320 crores.
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.
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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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