Park Hotels owner files draft papers with Sebi to raise Rs 1,050 cr via IPO

Apeejay Surrendra Park Hotels Ltd, which runs hotels under the "The Park" brand, has filed preliminary papers with capital markets regulator Sebi to raise Rs 1,050 crore through an initial public offering (IPO). The IPO comprises a fresh issue of equity shares worth Rs 650 crore and an offer for sale (OFS) of equity shares to the tune of Rs 400 crore by promoters and investor shareholders, according to the draft red herring prospectus (DRHP) filed on Saturday. Those offering shares in the OFS are Apeejay Surrendra Trust, Apeejay Pvt Ltd, RECP IV Park Hotel Investors Ltd, and RECP IV Park Co-Investors Ltd. At present, promoters and promoter group members hold a 94.18 per cent stake in the company, and the two investors own 5.82 per cent shareholding in the firm. Proceeds of the fresh issue would be utilised toward the payment of debt and for general corporate purposes. The company operates hospitality assets under its brands, The Park, The Park Collection, Zone by The Park, Zone .

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