India-based Apeejay Surrendra Park Hotels, known as The Park, has revealed plans to launch its initial public offering (IPO) of equity shares.
The launch is set to take place on 5 February 2024.
During the IPO announcement, The Park chairperson Priya Paul revealed the company’s strategy to expand its portfolio to 56 hotels across India by 2026.
She also revealed the hotel chain’s plan to establish a presence in Ayodhya, one of the most sought-after pilgrimage destinations in India.
The IPO totalling Rs9.2bn ($110.86) comprises a fresh issue of equity shares totalling Rs6bn ($72.30m) and an offer for sale (OFS) of Rs3.2bn ($38.56m) by selling shareholders.
The price band is set between Rs147 and Rs155 per share, with a minimum bid of 96 shares.
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The proceeds from the fresh issue are intended to be directed towards debt repayment and general corporate purposes.
The offer for sale includes shares from Apeejay Private and RECP IV Park Hotel Investors, indicating a divestment by current stakeholders.
Last July, the hotel chain made its debut in Odisha with the launch of Zone by the Park Gopalpur.
Currently, The Park has a network of 30 hotels in 20 cities, comprising 2,298 keys.
The company’s diverse operations extend to 81 food and beverage outlets, including nightclubs, bars, and the Flurys retail chain.
The hotel chain has asset ownership in India and operates under various brands, including The Park Collection, The Park, and Zone by The Park.