Park Hotels owner files draft papers for Rs 1,050-cr IPO
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
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NEW DELHI: Apeejay Surrendra Park Hotels Ltd, which runs hotels under the “The Park” brand, has filed preliminary papers with capital markets regulator Sebi to raise Rs 1,050 crore through an initial public offering (IPO).
The IPO comprises a fresh issue of equity shares worth Rs 650 crore and an offer for sale of equity shares to the tune of Rs 400 crore by promoters and investor shareholders, according to the draft red herring prospectus filed on Saturday.
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 utilised toward the 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 established a presence in the retail food and beverage industry through its retail brand ‘Flurys’.
It has five decades of experience in the hospitality business of owning and operating hotels. 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.