Park Hotels’ IPO received 59.66 times bids, GMP is giving indications of bumper earnings before listing.

By Sudhakar Yadav February 7, 2024 9:22 PM IST
Park Hotels- India TV Paisa
Photo:FILE Park Hotels

hotel The IPO of APJ Surendra Park Hotels, the company operating the chain ‘The Park’, received 59.66 times bids on the third and last day on Wednesday. 3,47,61,903 shares were offered in the IPO worth about Rs 920 crore. According to data available on NSE, bids were placed for 2,07,38,23,392 shares on the last day of the IPO. The category of retail individual investors (RII) received 30.35 times bids. Whereas the category of non-institutional investors got subscription 52.41 times. Apart from this, the category reserved for eligible institutional buyers has received 75.14 times subscription.

Price band was Rs 147 to 155

Under this IPO, new shares worth Rs 600 crore were issued and offer for sale (OFS) worth Rs 320 crore was made. The price band for the IPO was fixed at Rs 147 to Rs 155 per share. The IPO proceeds will be used to repay debt and for general company purposes. Before this, the company has raised Rs 409.5 crore from big investors.

Listing will take place on 12th February

The company’s shares will be listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on February 12. Apeejay Surendra Park Hotels Limited, established in 1987, now operates hospitality business with hotels under the brand names The Park, The Park Collection, Zone by the Park, Zone Connect by the Park and Stop by.

What is gray market premium?

Shares of Apeejay Surendra Park Hotels are seen trending at a good premium in the gray market. On Wednesday this share was seen trading at a premium of Rs 40. According to this, the share can be listed at Rs 195 with a premium of 25.81 percent.

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