With retail and HNI backing, Apeejay Surendra Park Hotels IPO receives 5.82x subscription on its second day

With retail and HNI backing, Apeejay Surendra Park Hotels IPO receives 5.82x subscription on its second day

In contrast to the company's offer of 3.47 crore shares, investors purchased 20.24 crore equity shares.

Since its launch, the Apeejay Surendra Park Hotels IPO has seen strong interest from a wide range of investors. The public offering was subscribed 5.82 times on the second day of bidding, February 6, when buyers purchased 20.24 crore equity shares of the business against the offer size of 3.47 crore shares.

Retail investors and non-institutional investors (high net worth individuals) have provided the most support so far, choosing to invest 13.14 times and 10.35 times, respectively, of the allocated quota.

Employees purchased 2.09 times the share allotted to them, while qualified institutional investors purchased 1.26 times the share.

Park Hotels2.4 times as many people subscribed to the Rs 920 crore public issue on February 5, the opening day of bidding.

The IPO consists of an offer for sale (OFS) of shares by the promoter and investor valued at Rs 320 crore, together with a new issuance of shares valued at Rs 600 crore. The OFS's selling stockholders include investor RECP IV Park Hotel and promoter APJ.

The offer's price range is between Rs. 147 and Rs. 155 per share.

The hotel company with its headquarters in Kolkata collected Rs 409.5 crore on February 2, one day before the issue opened, from a number of anchor investors. Investors in the anchor book included Citigroup Global, Carnelian Capital, Julius Baer India, True Capital, Societe Generale, ICICI Prudential Mutual Fund, 360 One Special Opportunities Fund, HDFC Life Insurance Company, Quant Mutual Fund, as well as WhiteOak Capital. Was.

Park Hotels, which is the eighth-largest chain-affiliated hotel room inventory in India, plans to utilize Rs 550 crore of the total net new issue proceeds to settle the debt recorded on its books as a consequence of the issuance. The amount of debt has significantly decreased.