Ahead of IPO, Park Hotels Garners Rs 409 Crore from Anchor Investors – News18

Apeejay Surrendra Park Hotels Ltd, which runs inns below the “The Park” model, has mobilised Rs 409.5 crore from anchor traders days earlier than its preliminary public providing. The firm has determined to allocate 2.64 crore fairness shares to 37 funds at Rs 155 apiece, which can be the higher finish of the worth band, in response to a round uploaded on BSE’s web site 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 many anchor traders. In addition, ICICI Prudential Mutual Fund (MF), Edelweiss Mutual Fund, Whiteoak Capital, Bandhan Mutual Fund and Quant Mutual Fund participated within the anchor spherical.

The challenge with a value band of Rs 147 to Rs 155 per share will open for public subscription on February 5 and conclude on February 7. The Rs 920-crore IPO is a mixture of a contemporary challenge of fairness shares value Rs 600 crore and a proposal on the market (OFS) of fairness shares to the tune of Rs 320 crore by promoters and investor shareholders.

Those providing shares within the OFS are Apeejay Surrendra Trust, Apeejay Pvt Ltd, RECP IV Park Hotel Investors Ltd, and RECP IV Park Co-Investors Ltd. At current, promoters and promoter group members maintain a 94.18 per cent stake within the firm, and the 2 traders personal 5.82 per cent shareholding within the agency.

Proceeds of the contemporary challenge can be utilized in direction of the cost of debt and for common company functions. The firm operates hospitality property below its manufacturers, The Park, The Park Collection, Zone by The Park, Zone Connect by The Park, and Stop by Zone. It has 5 a long time of expertise within the hospitality enterprise of proudly owning and working inns, with the primary lodge being launched below model “The Park” on the iconic Park Street in Kolkata.

It has established a presence within the retail meals and beverage business by way of its retail model ‘Flurys’. Also, it operates 81 eating places, evening golf equipment and bars as of September 30, 2023.

The firm has a presence in Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, and Delhi-NCR in addition to in different main cities akin to Coimbatore, Jaipur, Jodhpur, Jammu, Navi Mumbai, Raipur, and Visakhapatnam. JM Financial, Axis Capital, and ICICI Securities are the ebook-operating lead managers to the problem.

(This story has not been edited by News18 employees and is printed from a syndicated information company feed – PTI)