Apeejay Surrendra Park Hotels IPO: Gray Market Premium, Subscription Status, and Expert Opinion

The Apeejay Surrendra Park Hotels Limited is set to launch its initial public offering (IPO) in the Indian primary market. The company has set the price band for its shares at ₹147 to ₹155 per equity share. The book build issue will be open for bidding until February 7, 2024. Apeejay Surrendra Park Hotels aims to raise ₹920 crore through its book-build offer, with ₹600 crore from fresh shares and ₹320 crore through the OFS route.

On the IPO opening date, the company’s shares are already trading in the gray market at a premium of ₹65, indicating positive market sentiment. As of now, the book build issue has been subscribed 0.63 times, with the retail portion subscribed 2.44 times and the NII portion subscribed 0.70 times.

The IPO lot size will comprise 96 company shares, allowing bidders to apply in lots. The allotment date is expected on February 8, 2024, following the T+3 listing rules. The official registrar for the IPO is Link Intime India Private Ltd. Apeejay Surrendra Park Hotels intends to list its shares on both BSE and NSE, with the listing date set for February 12, 2024.

Experts have given a ‘subscribe’ rating to this IPO, recognizing the company’s strong position in the hospitality industry. Dhruv Mudaraddi, Research Analyst at Stoxbox, emphasized the positive momentum in the hotel sector and the company’s diversified portfolio across India. Anirudh Garg, Partner and Fund Manager at INVAsset, highlighted Apeejay Surrendra Park Hotels’ high occupancy rates and its plans for debt repayment and future growth.

Leading brokerages, including BP Equities, Ventura Securities, Mehta Equities, Marwadi Financial Services, and Choice Broking, have also recommended subscribing to the IPO. Investors are advised to consult certified experts before making any investment decisions.