Suite Dreams to Stock Streams: Park Group announces its IPO bilkulonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bilkulonline.com Daily Mail and Mail on Sunday newspapers.
Park Hotels IPO: The Rs 920-crore IPO of Apeejay Surrendra Park Hotels, the eighth-largest hotel chain in India, will open for public subscription from February 5-7. The price band is set at Rs 147-155 per share. The IPO includes a fresh issue of equity shares totaling up to Rs 600 crore and an offer for sale (OFS) of Rs 320 crore. The hotel chain aims for a post-issue market capitalization of Rs 3,307 crore based on the upper price band.
The chain that runs hotels under THE Park brands across segments such as luxury boutique, upscale and upper midscale, currently has 30 hotels across 20 cities. The fresh issue of the chain is of Rs 600 crore and the offer for sale is of Rs 320 rore. The price brand is Rs 147-155 per equity share. The offer opens on February 5 and closes on February 7. The company said the IPO proceeds of about Rs 550 crore will be utilised towards the repayment of the debt. The company had a net debt Rs 550 crore at the end of fiscal year 2023.