Apeejay Surrendra Park IPO: The public issue of Apeejay Surrendra Park Hotels is open for subscription. The IPO, which opened on Feb. 5, will remain available for subscription for investors till Wednesday, Feb. 7.
Apeejay Surrendra Park Hotels IPO price band
The price band of the issue is fixed at Rs 147 to Rs 155 per share. Apeejay Surrendra Park Hotels’ shares will be listed on the BSE and the NSE both. The hospitality giant is looking at raising Rs 920 crore from the public offer. A discount of Rs 7 per Equity Share is being offered to Eligible Employees bidding in the Employee Reservation Portion.
Apeejay Surrendra Park Hotels IPO GMP
As far as the IPO’s gray market premium (GMP) is concerned, shares are available at a premium of Rs 62 a unit.
Apeejay Surrendra Park Hotels IPO subscription status on Day 2
As of 1800 hours on Day 2, qualified institutional buyers (QIBs) bid 1.26 times of their reserved portion. Non-institutional investors’ (NIIs) portion was subscribed 10.35 times while that of retail investors was booked 13.14 times. Overall, the book build issue was subscribed 5.82 times till 1800 hours on Tuesday.
Apeejay Surrendra Park Hotels IPO details
Size of Apeejay Surrendra Park Hotels IPO: The firm is looking to raise Rs 920 crore through its IPO, of which Rs 600 crore will be via selling new shares and Rs 320 crore through Offer For Sale (OFS) route.
Lot Size for Apeejay Surrendra Park Hotels IPO: Subscribers can apply in lots, with each lot in the book build issue consisting of 96 company shares.
Date of Apeejay Surrendra Park Hotels IPO Allotment: In accordance with T+3 listing regulations, the expected date of share allocation is February 8, 2024.
IPO Registrar for Apeejay Surrendra Park Hotels: Link Intime is the official registrar for the book build issue.
Apeejay Surrendra Park Hotels IPO listing date:
The public issue is likely to get listed on exchanges on February 12, 2024.
Apeejay Surrendra Park Hotels IPO review:
Dhruv Mudaraddi, Research Analyst at Stoxbox has given ‘subscribe’ tag to the public issue. He said, “Apeejay Surrendra Park Hotels stands at the intersection of a resurgent hospitality industry and a post-pandemic economic rebound. The resurgence is evident in the remarkable performance of the hotel sector over the past year which reflects buoyant market sentiment and optimism toward the sector’s recovery. The timing of ASPH’s IPO strategically positions the company to capitalize on this positive momentum. The company has built a strong brand presence and credibility within the hospitality industry which is likely to ensure that its valuations are respected over time. With a diversified pan-India portfolio, the company effectively spreads its risk across various geographic regions and market segments, enabling it to capture opportunities in a granular fashion. Moreover, the company’s historically high occupancy rates bode well for improving net margins, thereby contributing to its financial stability and growth trajectory. The valuation, although reasonable compared to peers, reflects market optimism in the relatively high P/E ratio, which stands at 56.4 times based on FY23 EPS. Based on these positives we give the issue a “SUBSCRIBE” rating.”
Anirudh Garg, Partner and Fund Manager at INVAsset said, “Investors’ interest may be piqued by Apeejay Surrendra Park Hotels’s high occupancy rates, average revenue per room, and the diversity of its operations, which include the F&B segment led by ‘Flurys’ and various restaurants and bars. The post-IPO promoter holding will reduce from 94.18% to 68.13%, and the company plans to use the proceeds for debt repayment and general corporate purposes, positioning itself for future growth and expansion.”
Leading brokerages including BP Equities, Ventura Securities, Mehta Equities, Marwadi Financial Services, and Choice Broking have endorsed the book build issue with a ‘subscribe’ recommendation.
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