Apeejay Surrendra Park Hotels IPO clocks 5.82x subscription on day 2 with retail, HNIs support

Apeejay Surrendra Park Hotels IPO gets healthy subscription

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The Apeejay Surrendra Park Hotels IPO continued to see healthy demand from across categories of investors since day one. On the second day of bidding, i.e. February 6, the public issue saw a subscription of 5.82 times as participants bought 20.24 crore equity shares of the company against an offer size of 3.47 crore shares.

The biggest support, so far, has been seen from retail investors and non-institutional investors (high networth individuals) who picked 13.14 times and 10.35 times the allotted quotas, respectively.

Qualified institutional investors bought 1.26 times the part reserved for them, while employees lapped up 2.09 times the portion set aside for them.

The Rs 920-crore public issue of Park Hotels was subscribed 2.4 times on the first day of bidding, i.e. February 5.

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The IPO 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 selling shareholders in the OFS.

The price band for the offer is Rs 147-155 per share.

The Kolkata-based hotels chain has already mobilised Rs 409.5 crore from several anchor investors on February 2, a day before the issue opening. 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 were among the investors, who participated in the anchor book.

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Park Hotels ranked as the eighth largest in India in terms of chain-affiliated hotel rooms inventory intends to use Rs 550 crore of the total net fresh issue proceeds for repaying debts, which resulted in a significant decline in debt on its books post issue.