Apeejay Surrendra Park Hotels IPO Oversubscribed 56.20 times on Day 3

7 Feb 2024 , 03:36 PM

Apeejay Surrendra Park Hotels IPO received a positive response from investors on the third day of subscription. At the time of writing, the subscription status was 56.20 times, according to BSE data. 

At the time of writing, Retail investors subscribed 27.65 times, Non-Institutional Investors (NII) subscribed 50.72 times, and Qualified Institutional Buyers (QIB) subscribed 70.28 times on the third day.

The subscription period for Apeejay Surrendra Park Hotels IPO began on February 5 and closed on February 7. The IPO price band was set at ₹147 to ₹155 per equity share with a face value of ₹1 each.

The IPO comprises a combination of a fresh issue of shares valued at ₹600 Crore and an offer-for-sale (OFS) of shares worth ₹320 Crore by the promoter and investor. The selling shareholders in the OFS include Promoter Apeejay and investor RECP IV Park Hotel.

Ranked as the eighth largest in India in terms of chain-affiliated hotel room inventory, Park Hotels plans to allocate Rs 550 crore of the net fresh issue proceeds towards debt repayment. This strategic move aims to substantially reduce the debt burden on its balance sheet following the issue.

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