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In recent news, Apeejay Surrendra Park Hotels, also known as 'The Park' Hotels, filed for an Initial Public Offering (IPO) amounting to a huge INR 920 crores. The IPO comprised a fresh issuance of shares worth INR 600 crores and an Offer for Sale (OFS) of INR 300 crores. A significant portion of the proceeds, about INR 550 crores, was earmarked for the repayment of borrowings, underscoring the company's commitment to strengthening its financial position. The remaining funds would be utilized for general corporate purposes, further fueling the company's growth trajectory.
The response to the IPO was nothing short of phenomenal. The bidding process was open from 5th February 2024 to 7th February 2024, and witnessed robust participation across all investor categories. Notably, the quota for Qualified Institutional Buyers (QIB) was oversubscribed by an impressive 75.14 times, while Non-Institutional Investors (NII) demonstrated strong demand, with subscriptions reaching 52.41 times. Retail investors, too, showed keen interest, with their portion garnering subscription for 30.35 times the shares reserved for them.
In the pre-listing scenario, the gray market buzzed with excitement, indicating a premium of 20-25% above the issue price, a testament to the confidence investors placed in the company's potential. True to expectations, the stock made a stellar debut on the exchanges on 12th February 2024, opening at a premium similar to that suggested by the gray market. In intra-day trading, the stock surged to an impressive high of INR 223.20, eventually closing at INR 203.55, marking substantial gains of over 31% on its first day of listing.
Apeejay Surrendra Park Hotels stands tall as the eighth largest hospitality company, boasting a remarkable inventory of hotel rooms across 30 exquisite properties spread across 20 vibrant cities like Bangalore, Chennai, Hyderabad, New Delhi, Navi Mumbai, and Kolkata, among others. These hotels, operating under four distinct brand names - The Park, The Park Collection, Zone by the Park, and Zone Connect by the Park, offer an unparalleled blend of luxury, comfort, and sophistication to their esteemed guests.
The remarkable success of the IPO not only underscores investor confidence in Apeejay Surrendra Park Hotels but also signals a promising future for the company as it continues to redefine luxury hospitality and solidify its position as a frontrunner in the industry.
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