Park Hotels Shares Surge 32% on Debut

Feb 12, 2024 18:49

Apeejay Surrendra Park Hotels shares soared over 32% in their debut trade on the NSE and BSE, closing at Rs 205 and Rs 203.45 respectively. The IPO was oversubscribed 59 times.

New Delhi, Feb 12 (PTI) Shares of Apeejay Surrendra Park Hotels, which runs hotels under the 'The Park' brand, climbed more than 32 per cent in its debut trade on Monday against the issue price of Rs 155.

The stock listed at Rs 186 with a premium of 20 per cent on the NSE. During the day, it hit an intra-day high of Rs 223.20 and later settled 32.26 per cent higher at Rs 205 apiece.

On the BSE, the shares of Park Hotels made its debut at Rs 187, up 20.65 per cent from the issue price. Finally, it ended 31.26 per cent higher at Rs 203.45 apiece on the exchange.

In terms of volumes, 49.06 lakh shares were traded on the BSE and 5.80 crore shares were traded on the NSE during the day.

The company's market valuation stood at Rs 4,341.10 crore on the BSE.

The shares gained on a day when the benchmark Sensex tumbled 523 points to close at 71,072.49 points and the broader Nifty fell 166.45 points to settle at 21,616.05 points.

The Initial Public Offering (IPO) of the company got subscribed 59.66 times on the final day of bidding on February 7. The Rs 920-crore IPO had a price range of Rs 147-155 per share.

The Kolkata-based 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 also established a presence in the retail food and beverage industry through its brand 'Flurys'.