Ahmedabad: Apeejay Surrendra Park Hotels Limited (“The Park” or the “Company”) shall open its Bid / Offer in relation to its initial public offer of Equity Shares on Monday, February 5th 2024. The total offer size of Equity Shares aggregating up to ₹ 9,200 million [₹ 920 crore] comprises of fresh issue aggregating up to ₹ 6,000 million [₹ 600 crore] and Offer for Sale aggregating up to ₹ 3,200 million [₹ 320 crore] by Selling Shareholders. (“The Total Offer Size”), the company said in a official statement.

As per an official statement, “The Anchor Investor Bidding Date shall be Friday, February 2nd, 2024. The Bid/Offer will open on Monday, February 5th 2024 for subscription and will close on Wednesday, February 7th 2024. The Price Band of the Offer has been fixed at₹ 147 to ₹ 155 per Equity Share. Bids can be made for a minimum of 96 Equity Shares and in multiples of 96 Equity Shares thereafter.”

“The Company proposes to utilise net proceeds from fresh issue of Equity Shares towards repayment/ prepayment, in full or in part of certain outstanding borrowings availed by Company and balance amount towards general corporate purposes ( “Object of Issue”),’ the press statement added.

According to the press statement, “The offer for sale comprises of sale of Equity shares aggregating up to ₹ 2,960.00 million [₹ 296 crore] by Apeejay Private Limited (the “Promoter Group Selling Shareholder”), up to ₹ 230.00 million [₹ 23 crore ] by RECP IV Park Hotel Investors Ltd and up to ₹ 10.00 million [₹ 1 crore] by RECP IV Park Hotel Co-Investors Ltd (the “Investor Selling Shareholders”).”

“JM Financial Limited, Axis Capital Limited and ICICI Securities Limited are the Book Running Lead Managers or BRLMs to the Issue,” the statement added.