Apeejay Surrendra Park Hotels IPO subscribed 59x on Day 3, QIBs lead

Delta Corp Ltd | CMP Rs xx | The counter surged 7 percent on reports that the government could soften its stance on the retro goods and services tax (GST) demand notices issued to online gaming companies.

The Rs 920-crore IPO of Apeejay Surrendra Park Hotels was subscribed 59.66 times by the noon of February 7, the final day of bidding, with bids coming in for 207 crore equity shares against an offer size of 3.47 crore.

Qualified institutional buyers or QIBs lead the pack, subscribing 75.14 times their allotted quota of shares, followed by non-institutional investors whose potion had been booked 52.41 times. Retail investors bought 30.35 times their reserved quota.

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The offer is a mix of a fresh issue of Rs 600 crore worth of shares and an offer-for-sale (OFS) of shares worth Rs 320 crore by the promoter and investor.

Promoter Apeejay and investor RECP IV Park Hotel are the sellers in the OFS.

Kolkata-based Apeejay Surrendra Park raised Rs 409.5 crore from anchor investors. The anchor book saw participation from entities such as Citigroup Global, Carnelian Capital, Julius Baer India, Troo Capital, Societe Generale, ICICI Prudential Mutual Fund, 360 One Special Opportunities Fund, HDFC Life Insurance Company, Quant Mutual Fund, and Whiteoak Capital.

Also read: Capital Small Finance Bank IPO: 10 things to know before subscribing to Rs 523-crore issue

In the grey market, the share was trading at a premium of 22.58 percent over the issue price of Rs 155.

The grey market is an unofficial ecosystem where shares start trading much before the allotment and until the listing day. Investors typically track the grey market premium, which can fluctuate wildly, to get an indication of the listing price.

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