Apeejay Surrendra Park Hotels makes decent debut

Shares of Apeejay Surrendra Park Hotels were currently trading at Rs 173 at 10:28 IST on the BSE, representing a premium of 11.61% as compared with the issue price of Rs 155.

The scrip was listed at Rs 187, exhibiting a premium of 20.65% to the issue price.

So far, the stock has hit a high of 188.90 and a low of 170.15. On the BSE, over 17.90 lakh shares of the company were traded in the counter so far.

The initial public offer (IPO) of Apeejay Surrendra Park Hotels was subscribed 59.66 times. The issue opened for bidding on 5 February 2024 and it closed on 7 February 2024. The price band of the IPO was fixed at Rs 147-455 per share.

 

The offer comprised a fresh issue of equity shares aggregating up to Rs 600 crore and an offer for sale of up to Rs 320 crore.

Out of the proceeds from the fresh issue, Rs 550 crore will be used for repayment/ prepayment/ redemption, in full or in part, of certain borrowings availed of by the company and the balance for general corporate purpose.

Apeejay Surrendra Park Hotels is in the hospitality business operating under the brand names of The Park,The Park Collection, Zone by The Park,Zone Connect by The Park and Stop by Zone.

ApeejaySurrendra Park Hotels currently operates 30 hotels, which are spread across different categories such as luxury boutique upscale, and upper midscale in cities like New Delhi, Chennai, Hyderabad, Kolkata, Bangalore, Mumbai, Coimbatore, Indore, Goa, Jaipur, Jodhpur, Jammu, Navi Mumbai, Visakhapatnam, Port Blair, and Pathankot, offering a total of 2,298 rooms as of 29 January 2024.

The firm reported a net profit of Rs 22.95 crore and net sales of Rs 264.41 crore for the six months ended on 30 September 2023.

Powered by Capital Market - Live News