Park Hotels IPO Oversubscribed 59.66 Times

New Delhi, Feb 7 (PTI) The initial share sale of Apeejay Surrendra Park Hotels, which runs hotels under the 'The Park' brand, got subscribed 59.66 times on the final day of bidding on Wednesday.

The Rs 920 crore IPO received bids for 2,07,38,23,392 shares against 3,47,61,903 shares on offer, as per NSE data.

The quota for Qualified Institutional Buyers (QIBs) garnered 75.14 times subscription while the portion for non-institutional investors subscribed 52.41 times. The category for retail individual investors (RIIs) received 30.35 times the subscription.

The initial share sale of Apeejay Surrendra Park Hotels was fully subscribed on the first day of bidding on Monday.

The Initial Public Offer (IPO) has a fresh issue of up to Rs 600 crore and an offer for sale of up to Rs 320 crore.

The IPO had a price range of Rs 147-155 a share.

Proceeds from the fresh issue would be utilised towards payment of debt and for general corporate purposes.

Apeejay Surrendra Park Hotels Ltd mobilised Rs 409.5 crore from anchor investors.

The 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 retail brand 'Flurys'.

Further, it operates 81 restaurants, nightclubs and bars as of September 30, 2023.

JM Financial, Axis Capital Limited and ICICI Securities were the managers to the offer.