Apeejay Surrendra Park Hotels Ltd, which runs hotels under "The Park" brand, on Wednesday fixed a price band of Rs 147-155 per share for its Rs 920-crore initial public offering (IPO).
The initial share-sale will open for public subscription on February 5 and conclude on February 7 and the bidding for anchor investors will open for a day on February 2, the company said.
The IPO is a combination of a fresh issue of equity shares worth Rs 600 crore and an offer-for-sale (OFS) of equity shares to the tune of Rs 320 crore by promoters and investor shareholders.
Those offering shares in the OFS are -- Apeejay Surrendra Trust, Apeejay Pvt Ltd, RECP IV Park Hotel Investors Ltd, and RECP IV Park Co-Investors Ltd.
At present, promoters and promoter group members hold a 94.18 per cent stake in the company, and the two investors own 5.82 per cent shareholding in the firm.
Proceeds of the fresh issue would be utilized toward payment of debt and for general corporate purposes.
The company operates hospitality assets under its brands, The Park, The Park Collection, Zone by The Park, Zone Connect by The Park and Stop by Zone. It has five decades of experience in the hospitality business of owning and operating hotels, with the first hotel being launched under brand "The Park" at the iconic Park Street in Kolkata.
It has established a presence in the retail food and beverage industry through its retail brand 'Flurys'.
Also, it operates 81 restaurants, night clubs and bars as of September 30, 2023.
The company has a presence in Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, and Delhi-NCR as well as in other major cities such as Coimbatore, Jaipur, Jodhpur, Jammu, Navi Mumbai, Raipur, and Visakhapatnam.
About 75 per cent of the offer size has been reserved for qualified institutional investors, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.
JM Financial, Axis Capital, and ICICI Securities are the book-running lead managers to the issue.