Park Hotels IPO: Shares Listed With Nearly 21 Per Cent Premium

IPO of Apeejay Surrendra Park Hotels garnered immense investor interest, recording a subscription rate of 59.66 times on the final bidding day, February 7

Valued at Rs 920 crore, Park Hotels IPO had a price range of Rs 147-155 per share, featuring a fresh issue of up to Rs 600 crore and an offer for sale of up to Rs 320 crore.

Source : Getty

Apeejay Surrendra Park Hotels, renowned for its 'The Park' brand of hotels, saw its shares enter the stock exchanges with a premium of nearly 21 per cent against the issue price of Rs 155 on Monday. The stock commenced trading at Rs 187 on the BSE, marking a significant increase of 20.65 per cent from its issue price. Meanwhile, on the NSE, it made its grand entrance at Rs 186, boasting a premium of 20 per cent.

During the morning session, the BSE Sensex, the 30-share benchmark index, experienced a slight decline of 214.60 points, or 0.30 per cent, settling at 71,380.89 points. Likewise, the NSE Nifty also witnessed a downturn of 0.45 per cent, resting at 21,683.85 points.

The Initial Public Offering (IPO) of Apeejay Surrendra Park Hotels garnered immense investor interest, recording a subscription rate of 59.66 times on the final bidding day, February 7. Notably, qualified institutional buyers demonstrated significant participation in the IPO.

Valued at Rs 920 crore, the IPO had a price range of Rs 147-155 per share, featuring a fresh issue of up to Rs 600 crore and an offer for sale of up to Rs 320 crore.

Apeejay Surrendra Park Hotels operates various hospitality assets under its flagship brands, including The Park, The Park Collection, Zone by The Park, Zone Connect by The Park, and Stop by Zone. Additionally, it has made strides in the retail food and beverage industry with its brand 'Flurys'.

As of September 30, 2023, the company boasts a portfolio of 81 restaurants, nightclubs, and bars, solidifying its position as a leading player in the hospitality sector. Apeejay Surrendra Park Hotels has footprint in major Indian cities including Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, and Delhi-NCR, along with presence in Coimbatore, Jaipur, Jodhpur, Jammu, Navi Mumbai, Raipur, and Visakhapatnam.