Park Hotels’ Rs 920-cr IPO to open on Feb 5
The IPO is a combination of a fresh issue of equity shares worth Rs600 crore and an offer-for-sale of equity shares to the tune of Rs320 crore by promoters and investor shareholders
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The offer
- Price band set at Rs147-155 per share
- The IPO is mix of fresh issue and OFS
- Fresh equity shares of Rs600-cr
- OFS to the tune of Rs320-cr
- 75% reserved for qualified institutional investors
- 15% for non-institutional investors
- 10% for retail investors
New Delhi: Apeejay Surrendra Park Hotels Ltd, which runs hotels under The Park brand, on Wednesday fixed a price band of Rs147-155 per share for its Rs920-crore initial public offering (IPO). The initial share-sale will open for public subscription on February 5 and conclude on February 7 and the bidding for anchor investors will open for a day on February 2, the company said. The IPO is a combination of a fresh issue of equity shares worth Rs600 crore and an offer-for-sale (OFS) of equity shares to the tune of Rs320 crore by promoters and investor shareholders.
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. At present, promoters and promoter group members hold a 94.18 per cent stake in the company, and the two investors own 5.82 per cent shareholding in the firm. Proceeds of the fresh issue would be utilized toward payment of debt and for general corporate purposes.
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 five decades of experience in the hospitality business of owning and operating hotels, with the first hotel being launched under brand “The Park” at the iconic Park Street in Kolkata.
