• Source:PTI
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The initial public offer of Apeejay Surrendra Park Hotels, which operates hotels under the "The Park" brand, was fully subscribed on the first day of bidding. The IPo was subscribed 2.52 times.

According to NSE data, it received bids for 8,75,33,280 shares as against 3,47,61,903 shares. The company aims to raise Rs 920 crore with the IPO.

The retail individual investors (RIIs) category received 5.70 times the subscription while the non-institutional investor quota received 3.24 times the subscription. The share of qualified institutional buyers (QIBs) was subscribed 1.17 times.

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The initial public offering (IPO) has fresh shares worth 600 crore and Shares worth Up to 320 crore as offered for sale.

The price range for the IPO is Rs 147-155. 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 Limited.

Currently, promoters and promoter group members hold a 94.18 per cent stake in the company and two investors hold a 5.82 per cent stake in the company.

The proceeds of the fresh issue will be used for debt repayment and general corporate purposes. APJ Surendra Park Hotels Ltd has raised Rs 409.5 crore from anchor investors.

The company manages hospitality properties under The Park, The Park Collection, Zone by Park, Zone Connect by Park and Stop by Zone brands. Over five decades of experience in the hospitality business of owning and managing hotels with the first hotel launched under the brand "The Park" on Kolkata's iconic Park Street.

It has established a presence in the retail food and beverage industry through its retail brand 'Floris'. Also, it operates 81 restaurants, nightclubs and bars as of September 30, 2023.

The company has a presence in Bangalore, Chennai, Hyderabad, Kolkata, Mumbai and Delhi-NCR as well as other major cities like Coimbatore, Jaipur, Jodhpur, Jammu, Navi Mumbai, Raipur and Visakhapatnam.

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