Apeejay Surrendra Park Hotels, renowned for its 'The Park' brand of hotels, witnessed overwhelming investor interest as its initial public offering (IPO) closed on Wednesday, with a subscription rate of 59.66 times. According to data from the National Stock Exchange (NSE), the Rs 920 crore IPO received an astonishing 2,07,38,23,392 bids against the offered 3,47,61,903 shares.
Qualified Institutional Buyers (QIBs) led the subscription frenzy with a remarkable 75.14 times oversubscription, while non-institutional investors showed robust interest at 52.41 times. Retail individual investors (RIIs) also participated actively, with their portion oversubscribed 30.35 times.
The IPO, which launched on Monday, saw full subscription on its opening day. It comprised a fresh issue of up to Rs 600 crore and an offer for sale of up to Rs 320 crore, with shares priced in the range of Rs 147-155 each.
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The company plans to utilise the proceeds from the fresh issue primarily for debt repayment and general corporate purposes.
Prior to the IPO launch, Apeejay Surrendra Park Hotels secured Rs 409.5 crore from anchor investors.
Apeejay Surrendra Park Hotels operates under various brands, including The Park, The Park Collection, Zone by The Park, Zone Connect by The Park, and Stop by Zone. The company has also made inroads into the retail food and beverage industry with its brand 'Flurys'. Currently, it manages 81 restaurants, nightclubs, and bars as of September 30, 2023.
The IPO was managed by JM Financial, Axis Capital Limited, and ICICI Securities.
Jana Small Finance Bank IPO
Meanwhile, the IPO of Jana Small Finance Bank was subscribed 88 per cent on the first day of subscription on Wednesday. PE majors TPG and Morgan Stanley-backed IPO received bids for 89,11,404 shares against 1,01,16,284 shares on offer, according to NSE.
Part of Jana Small Finance Bank’s non-institutional investors got subscribed 1.22 times and the category for Retail Individual Investors (RIIs) fetched 1.19 times subscription. The quota for Qualified Institutional Buyers (QIBs) received 14 per cent subscription.
The Bengaluru-headquartered firm's IPO has a fresh issue of up to Rs 462 crore and an offer for sale of up to 2,608,629 equity shares.