Apeejay Surrendra Park Hotels Ltd, which runs hotels under the ”The Park” brand, has filed preliminary papers with capital markets regulator Sebi to raise Rs 1,050 crore through an initial public offering (IPO).
The IPO comprises a fresh issue of equity shares worth Rs 650 crore and an offer for sale (OFS) of equity shares to the tune of Rs 400 crore by promoters and investor shareholders, according to the draft red herring prospectus (DRHP) filed on Saturday.
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Those offering shares in the OFS are Apeejay Surrendra Trust, Apeejay Pvt Ltd, RECP IV Park Hotel Investors Ltd, and RECP IV Park Co-Investors Ltd.
At present, promoters and promoter group members hold a 94.18 per cent stake in the company, and the two investors own 5.82 per cent shareholding in the firm.
Proceeds of the fresh issue would be utilised toward the payment of debt and for general corporate purposes.
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 established a presence in the retail food and beverage industry through its retail brand ’Flurys’.
It has five decades of experience in the hospitality business of owning and operating hotels, with the first hotel being launched under brand ”The Park” at the iconic Park Street in Kolkata.
The company has a presence in Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, and Delhi-NCR as well as in other major cities such as Coimbatore, Jaipur, Jodhpur, Jammu, Navi Mumbai, Raipur, and Visakhapatnam.
JM Financial, Axis Capital, and ICICI Securities are the book-running lead managers to the issue.
Earlier, the hotel chain had filed its draft papers for the IPO in December 2019 and received the regulator’s approval too. However, the company did not go ahead with the launch.
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