Apeejay Surrendra Park Hotels Ltd, which operates hotels under the brand 'The Park', has raised ₹409.5 million from anchor investors days ahead of its IPO.
According to a circular uploaded on the BSE website on Friday, the company has decided to distribute 2.64 crore equity shares to 37 funds at ₹155 apiece, which is also at the upper end of the price range.
Anchor investors include Societe Generale, Citigroup Global Markets Mauritius, Integrated Core Strategies (Asia) Pte Ltd, Bajaj Allianz Life Insurance Company, SBI General Insurance Company, Kotak Mahindra Life Insurance Company and CLSA Global Markets Pte Ltd.
Additionally, ICICI Prudential Mutual Fund (MF), Edelweiss Mutual Fund, Whiteoak Capital, Bandhan Mutual Fund and Quant Mutual Fund participated in the anchor round.
The issue, priced at ₹147 to ₹155 per share, will open for public subscription on February 5 and close on February 7.
The ₹920 crore IPO is a combination of a fresh issue of shares worth ₹600 crore and an offer for sale (OFS) of shares worth ₹320 crore by promoters and investors.
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.
Currently, promoters and members of the promoter group hold 94.18 percent stake in the company and the two investors hold 5.82 percent shares in the company.
The proceeds of the new issue would be used for debt repayment and general corporate purposes.
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The Company operates hotel properties under its brands The Park, The Park Collection, Zone by The Park, Zone Connect by The Park and Stop by Zone. The company has five decades of experience in the hospitality industry owning and operating hotels. The first hotel was opened under the brand “The Park” on the famous Park Street in Kolkata.
The company has established a presence in food and beverage retail through its retail brand “Flurys”.
In addition, the Company operates 81 restaurants, nightclubs and bars as of September 30, 2023.
The company is present in Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai and Delhi-NCR and other major cities such as Coimbatore, Jaipur, Jodhpur, Jammu, Navi Mumbai, Raipur and Visakhapatnam.
JM Financial, Axis Capital and ICICI Securities are the underwriters of the issue.
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