Apeejay Surrendra Park Hotels has received approval from market regulator Securities and Exchange Board of India (Sebi) to launch an initial public offering, reported Economic Times.

The company filed its preliminary papers for IPO in August 2023.

It secured the SEBI’s observation letter, which is deemed as approval for launching the IPO, late last week.

The draft papers show that the hotel company’s plans include new issuance of equity shares worth Rs6.5bn ($77.99m), as well as an offer for sale (OFS) of equity shares worth Rs4bn from the promoters and investor shareholders.

Among those offering shares under the OFS include Apeejay Surrendra Trust, Apeejay Private Limited, RECP IV Park Hotel Investors, and RECP IV Park Co-Investors.

It plans to use the proceeds from the fresh issuance of equity shares to pay off debts and for general corporate purposes.

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The company operates hotels under different brands, including The Park, The Park Collection, Zone by The Park, Zone Connect by The Park, and Stop by Zone.

It also has a presence in the retail food and beverage industry through its Flurys brand.

In July, Apeejay Surrendra Park Hotels introduced its first property in the Indian state of Odisha with Zone by the Park Gopalpur.

The hotel features 40 rooms with modern amenities, a spa, a swimming pool, banquet halls, and an open event area accommodating up to 700 guests. Situated close to Gopalpur Beach and approximately 6km from the Rangeilunda Airstrip Berhampur, the new Zone by the Park Gopalpur was opened in collaboration with Specadi Resorts.

In August, Apeejay Surendra Group announced its plans to team up with Ambuja Neotia Group to develop a luxury hotel and serviced apartments in the Indian state of West Bengal.