Park Hotels IPO Gains Momentum, Subscribed 4.98 Times on Day 2

6 Feb 2024 , 03:50 PM

The IPO of Park Hotels demonstrates strong momentum on the second day of bidding, with an overall subscription of 4.98 times. Click here to subscribe the IPO

Retail investors lead the subscription, with a rate of 12.01 times, followed by non-institutional investors at 7.82 times and qualified institutional buyers at 1.24 times.

The IPO consists of a fresh issue of equity shares amounting to ₹600 Crore and an offer for sale (OFS) of ₹320 Crore, with promoter group entity Apeejay Pvt Ltd selling shares worth ₹296 Crore. Other selling shareholders include RECP IV Park Hotel Investors and Co-Investors.

The price band for the IPO is set at ₹147-155 per share, with 75% reserved for qualified institutional buyers, 15% for non-institutional investors, and 10% for retail investors.

Park Hotels ranks as the eighth largest hotel chain in India, owning hospitality assets under brands like The Park, The Park Collection, and Zone by Park.

With over five decades of experience in the hospitality industry, the company operates 27 hotels across luxury boutique upscale brands and upper midscale categories. It also runs 80 restaurants, nightclubs, and bars, contributing ₹228 Crore to total income in FY23 through food and beverage sales.

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