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Park Hotels files draft papers for INR 1,000cr initial Public offering

Thursday, January 2, 2020, 14:32 Hrs  [IST]
HBI Staff | Mumbai

Apeejay Surrendra Park Hotels Ltd., which operates luxury boutique hotels under ‘The Park’ brand, has filed its draft red herring prospectus for a INR 1,000cr initial public offering (IPO), reports Mint. 

The initial share sale comprises a fresh offer of INR 400 cr, which will be used to repay debt and for general corporate purposes, while the remaining shares worth INR 600cr will be sold by its existing investors and promoters, including shares worth INR 125cr by Apeejay Surrendra Trust, about INR 355cr. by Apeejay Pvt. Ltd., INR 84cr by Apeejay House Pvt. Ltd,, and INR 33cr. by RECP IV Park Hotel Investors Ltd., the report says.

At present, Apeejay promoters, Karan and Priya Paul, hold 17.18% in the company through Apeejay Surrendra Trust and Flury’s Swiss Confectionery owns 30.06%. Other promoter group selling shareholders such as Apeejay Pvt. Ltd. owns 19.75% and Apeejay House 8.3% in the firm.  

Investment Banks ICICI Securities, Axis Capital and JM Financial are managing  the share sale.

Source: Mint

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