The Park hotels gets SEBI approval for IPO
The hotel company had filed its draft prospectus with SEBI on December 31.
Apeejay Surrendra Park Hotels Ltd, which owns and operates hotel under the brand name ‘The Park’, has received regulatory nod to float an initial public offering (IPO). The Securities and Exchange Board of India (SEBI) issued final observations to the company’s IPO plan on March 9, according to information published on the regulator’s website.
The hotel company had filed its draft prospectus with SEBI on December 31. The issue size is pegged at Rs 1,000 crore, comprising a fresh sale of shares worth Rs 400 crore and a secondary sale of shares worth Rs 600 crore by the company’s promoter as well as private equity investor RECP IV Park Hotel Investors Ltd, which is housed under Swiss investment bank Credit Suisse.
Incorporated as Budget Hotels Ltd in 1987, Apeejay Surrendra Park Hotels counts itself among India’s 10 hotel companies in the upscale segment. It also operates luxury boutique hotels under ‘The Park’ brand. The company has been managing hotels for more than 50 years. Its hotels are housed under three brands - The Park, The Park Collection and Zone by The Park.
It owns and operates 22 hotels with 1,937 rooms. It has a presence in 15 cities Indian cities including Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai and Delhi.