Apeejay Surrendra Park Hotels, based in Kolkata, has announced the price band for its upcoming initial public offering (IPO), setting it between Rs 147 and Rs 155 per equity share. The hotel company aims to raise Rs 920 crore through its IPO, with Rs 600 crore from a fresh share sale and Rs 320 crore through an offer for sale. The IPO is scheduled to be active from February 5 to February 7.
The floor price of Rs 147 reflects a price-to-earnings ratio of 53.45 times based on diluted earnings per share (EPS) for the fiscal year 2023, while the cap price of Rs 155 translates to a ratio of 56.36 times. These ratios are noted to be favorable when compared to the industry average of 73.60, according to the hotel major.
Investors have the option to subscribe to the IPO in lots of 96 equity shares and multiples thereof. Established in 1987, Apeejay Surrendra Park Hotels operates under well-known brands such as 'The Park.' Additionally, the company has a presence in the retail food and beverage sector through its brand 'Flurys.'
(With Agency Inputs)
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