Apeejay Surrendra Park Hotels Ltd., the eighth-largest hotel chain in India, has raised INR 409.5 crore from anchor investors ahead of its upcoming initial public offering.
The company allocated 2.64 crore shares to 37 anchor investors at a price of INR 155 each.
In the pre-IPO round of fundraising, notable investors include Nippon Life India (8.3%), HDFC Life Insurance Co. (6.84%), CLSA Global (6.84%), 360 One AMC (6.84%), and Franklin India (6.84%).
In an exchange filing on Friday, the company reported that eight domestic mutual funds have submitted applications through a combined total of 21 schemes. Together, they have secured 49.82% of the anchor portion amounting to INR 204 crore.
ICICI Prudential Mutual Fund, Edelweiss Mutual Fund, Whiteoak Capital, Quant Mutual Fund, Mirae Asset, and Nippon Life India AMC stand out as significant investors in this category.
Apeejay Surrendra Park Hotels aims to raise INR 920 crore from the secondary market, with the issue opening on Feb. 5 and closing on Feb. 7.
Continue Exploring: Apeejay Surrendra Park Hotels announces INR 920-Crore IPO, set to hit markets on February 5-7 with price band of INR 147-155 per share
The IPO consists of a fresh issue of INR 600 crore and an offer for sale component of INR 320 crore, with the issue price fixed at INR 147-155 per share.
The company ranks as the 8th largest operator of hotel chains in India. ASPHL manages operations under five brands, namely THE Park, THE Park Collection, Zone by The Park, Zone Connect by The Park, and Stop by Zone.
Apeejay Surrendra Park Hotels intends to utilize INR 550 crore from the net proceeds to settle specific outstanding borrowings incurred by the company. The remaining funds will be allocated for general corporate purposes.
