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Apeejay Surrendra Park Hotels Limited has filed draft papers with markets regulator SEBI for its proposed initial public offering (IPO) to raise up to Rs 1,000 crore.
IPO of the luxury five-star hotel chain from the Apeejay Surrendra Group will comprise of a fresh issue of up to Rs 400 crore and an offer-for-sale (OFS) of up to Rs 600 crore.
Of the amount to be raised by OFS, Rs 125.4 crore will constitute promoter selling shareholder, up to Rs 354.9 crore by Apeejay Pvt Ltd, up to Rs 84.7 crore by Apeejay House Pvt Ltd and Rs 34.9 crore by investor selling shareholders, according to the draft red herring prospectus (DRHP).
The net proceeds from the IPO will be utilised towards repayment/prepayment of certain borrowings availed and for general corporate purposes.
The book running lead managers to the offer are ICICI Securities, Axis Capital and JM Financial.
The shares of the company are proposed to be listed on the BSE and NSE.
The company has a presence in Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, Delhi-NCR, Coimbatore, Jaipur, Jodhpur, Jammu, Navi Mumbai, Raipur and Visakhapatnam, the DRHP stated. It runs luxury boutique hotels across India under "THE PARK" brand.
With inputs from IPO
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