Anchor investors in the APJ Surendra Park Hotels IPO selected shares valued at Rs 409 crore

Anchor investors in the APJ Surendra Park Hotels IPO selected shares valued at Rs 409 crore

Anchor investors in the APJ Surendra Park Hotels IPO selected shares valued at Rs 409 crore

IPO for APJ Surendra Park Hotels Subscriptions for the public issue will be accepted starting on February 5 and must be completed by February 7.

One day before to the IPO opening on February 2, institutional investors purchased shares in the hotel chain Apeejay Surendra Park Hotels for a total of Rs 409.5 crore.

Subscriptions for the public issue will be accepted starting on February 5 and must be completed by February 7.

Via the anchor book, the business raised capital from significant investors like True Capital, Carnelian Capital, Julius Baer India, Citigroup Global, Integrated Core Strategies, and Societe Generale.

The Kolkata-based hotel chain also included participation from domestic investors such as Nippon Life India, ICICI Prudential Mutual Fund, 360 One Special Opportunities Fund, HDFC Life Insurance Company, Quant Mutual Fund, WhiteOak Capital, Mirae Asset, Bandhan Mutual Fund, Edelweiss Trusteeship, Kotak Mahindra Life Insurance Company, Bajaj Allianz Life Insurance, as well as SBI General Insurance.

Park Hotels said in a BSE filing that it has completed anchor investors' allocation of 2,64,19,354 equity shares at a price of Rs 155 per share.

"1,31,61,600 equity shares were allotted to 8 domestic mutual funds, and this have applied through a total of 21 schemes," the business said, out of the total amount allocated to anchor investors.

Through an IPO, which will include a new share offering valued at Rs 600 crore and an offer for sale (OFS) of shares valued at Rs 320 crore by current shareholders, Apeejay Surendra Park Hotels hopes to raise Rs 920 crore.

The OFS's selling stockholders include investor RECP IV Park Hotel and promoter APJ.

The offer's price range is set at Rs 147–155 per share.

Park Hotels, the eighth-largest hotel chain in India in terms of available rooms, would use Rs 550 crore of its net new revenue to pay back the loan. Therefore, after the problem, it is anticipated that the company's debt load would drastically decrease.

By the end of January 2, 2024, the total amount of debt on its books was Rs 582.28 crore.

Under its own brands, including The Park, The Park Collection, Zone by the Park, Zone Connect by the Park, as well as Stop by Zone, the firm manages hotel assets.

The issue's book running lead managers includes ICICI Securities, JM Financial, and Axis Capital.