Akash Jha
Apeejay Surrendra Park Hotels Ltd, operator of hotels under the “The Park” name, has submitted draught documents to the capital markets regulator Sebi in an effort to raise Rs 1,050 crore through an initial public offering (IPO). According to the draught red herring prospectus (DRHP) filed on Saturday, the IPO will consist of a fresh issue of equity shares worth Rs 650 crore and an offer for sale (OFS) of equity shares by promoters and investment shareholders worth Rs 400 crore.
According to the draught red herring prospectus (DRHP) filed on Saturday, the IPO will consist of a fresh issue of equity shares worth Rs 650 crore and an offer for sale (OFS) of equity shares by promoters and investment shareholders worth Rs 400 crore.
Offering participants include Apeejay Surrendra Trust, Apeejay Pvt Ltd, RECP IV Park Hotel Investors Ltd, and RECP IV Park Co-Investors Ltd. Currently, the promoters and promoter group members own 94.18 percent of the company, with the two investors owning 5.82 percent. Currently, the promoters and promoter group members own 94.18 percent of the company, with the two investors owning 5.82 percent.
The new issue’s proceeds would be used for debt retirement and the company’s general operations. The Park, The Park Collection, Zone by The Park, Zone Connect by The Park, and Stop by Zone are all brands under which the corporation manages hospitality properties. Through its retail brand ‘Flurys,’ the company has made a name for itself in the grocery and beverage retail sectors. The Park, The Park Collection, Zone by The Park, Zone Connect by The Park, and Stop by Zone are all brands under which the corporation manages hospitality properties. Through its retail brand ‘Flurys,’ the company has made a name for itself in the grocery and beverage retail sectors.
It has been in the hotel ownership and management industry for half a century, having opened its first hotel under the brand name “The Park” on Kolkata’s storied Park Street. The organisation operates in key cities across India, including Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, and Delhi-NCR as well as Coimbatore, Jaipur, Jodhpur, Jammu, Navi Mumbai, Raipur, and Visakhapatnam. The organisation operates in key cities across India, including Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, and Delhi-NCR as well as Coimbatore, Jaipur, Jodhpur, Jammu, Navi Mumbai, Raipur, and Visakhapatnam. The issue is being book-run by JM Financial, Axis Capital, and ICICI Securities. The hotel chain submitted its IPO draught papers in October 2019 and was granted approval by the regulator in December of same year.
Also Read : Shiva Pharmachem files draft papers to raise Rs 900 crore via IPO
The company ultimately decided not to proceed with the launch. The hotel chain submitted its IPO draught papers in October 2019 and was granted approval by the regulator in December of same year. The company ultimately decided not to proceed with the launch.
