Ahead of IPO, Park Hotels raises Rs 409 crore from Anchor Investors | Top Vip News

Apeejay Surrendra Park Hotels Ltd, which runs hotels under the brand name ‘The Park’, has mobilized Rs 409.5 crore from anchor investors days ahead of its initial public offering. The company has decided to allocate 2.64 million equity shares to 37 funds at Rs 155 each. which is also the upper end of the price band, according to a circular uploaded to the BSE website on Friday.

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 are among the anchor investors. 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 with a price band of Rs 147 to Rs 155 per share will open for public subscription on February 5 and will conclude on February 7. The Rs 920 crore IPO is a combination of a fresh issue of shares worth Rs 600 crore and an offer for sale (OFS) of shares worth Rs 320 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. Currently, the promoters and members of the promoter group hold a 94.18 stake. percent in the company, and The two investors own a 5.82 percent stake in the company.

Proceeds from the new issue would be used for debt repayment and general corporate purposes. The company operates hotel assets under its brands, The Park, The Park Collection, Zone by The Park, Zone Connect by The Park and Stop by Zone. He has five decades of experience in the hospitality business of owning and operating hotels, with the first hotel being launched under the brand name ‘The Park’ on Kolkata’s iconic Park Street.

It has established presence in the food and beverage retail industry through its retail brand ‘Flurys’. Additionally, it operates 81 restaurants, nightclubs and bars as of September 30, 2023.

The company has presence in Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai and Delhi-NCR as well as other major cities like Coimbatore, Jaipur, Jodhpur, Jammu, Navi Mumbai, Raipur and Visakhapatnam. JM Financial, Axis Capital and ICICI Securities are the lead managers of the issue.