Apeejay Surrendra Park Hotels IPO
Apeejay Surrendra Park Hotels IPO — date, price band, lot size & details 2024
Apeejay Surrendra Park Hotels listed on 12 Feb 2024 at ₹186, 20% above the ₹155 issue price.
Apeejay Surrendra Park Hotels runs THE PARK and Zone hotel brands and the Flurys food and beverage brand, and is the eighth largest asset-owning hotel chain in India by rooms. It operated 30 hotels.
Stock price
Apeejay Surrendra Park Hotels is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 11 November.
- Open 05 Feb 2024
- Close 07 Feb 2024
- Allotment 08 Feb 2024
- Refund/credit 09 Feb 2024
- Listing 12 Feb 2024
Issue summary
The terms of the offer, as filed.
| IPO Dates | 5 to 7 Feb, 2024 |
|---|---|
| Price Band | ₹147 – ₹155 |
| Face Value | ₹1 |
| Lot Size | 96 Shares |
| Issue Size | ₹920 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Employee Discount | Rs 7.00 per share |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,880 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 96 shares at the ₹155 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 96 | ₹14,880 |
| Retail (max) | 13 | 1,248 | ₹1,93,440 |
| S-HNI (min) | 14 | 1,344 | ₹2,08,320 |
| S-HNI (max) | 67 | 6,432 | ₹9,96,960 |
| B-HNI (min) | 68 | 6,528 | ₹10,11,840 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 190.29 crore in FY2021 to Rs 524.43 crore in FY2023 as travel recovered.
- 02The company turned from a loss of Rs 75.88 crore in FY2021 to a profit of Rs 48.06 crore in FY2023.
- 03Rs 550.00 crore of the fresh issue was planned for repaying debt.
- 04It runs 30 hotels under its own brands, plus the Flurys food brand.
- 05Net worth was Rs 578.71 crore on 30 September 2023.
Risks · 5
- 01The pre-issue P/E was 56.33 at the upper band of Rs 155, based on EPS of Rs 2.75.
- 02Total borrowing was Rs 597.09 crore on 30 September 2023.
- 03Hotel demand falls sharply in downturns, as seen in the losses of FY2021 and FY2022.
- 04Return on net worth was only 9.03% as per the source.
- 05Promoters and the promoter group held 94.18% before the issue and about 68.14% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Apeejay Surrendra Park Hotels offer document.
| Metric | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 1,382.51 | 1,361.79 | 1,275.18 | 1,280.34 |
| Total Income | 272.31 | 524.43 | 267.83 | 190.29 |
| Profit After Tax | 22.95 | 48.06 | -28.20 | -75.88 |
| NET Worth | 578.71 | 555.68 | 508.51 | 536.28 |
| Reserves and Surplus | 561.24 | 538.22 | 491.05 | 518.81 |
| Total Borrowing | 597.09 | 566.88 | 622.68 | 593.44 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Apeejay Surrendra Park Hotels RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Apeejay Surrendra Park Hotels IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹2.75 | ₹2.15 |
| P/E Ratio (x) | 56.33 | 72.05 |
| Market Cap at Offer Price (₹ Cr) | ₹1,293.55 | ₹1,654.53 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹155 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹566.23 Cr of the issue is earmarked to named objects.
About the company
It runs hotels under its own brands THE PARK, THE PARK Collection, Zone by The Park, Zone Connect by The Park and Stop by Zone, with over 55 years in the hospitality business. It operates 30 hotels, of which 7 are owned, 3 leased and 20 managed, across luxury boutique, upscale and upper midscale categories.
It also has a presence in retail food and beverage through its brand Flurys.
The IPO was Rs 920 crore, with Rs 600.02 crore of fresh issue and Rs 319.98 crore of offer for sale by promoter group entity Apeejay Private Limited and investor RECP IV Park Hotel Investors. Rs 550.00 crore was planned for repaying borrowings.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Apeejay Surrendra Park Hotels IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
JM Financial Ltd.
125 issues handledBest listing: Tata Technologies (+140.0%). Weakest: ACME Solar Holdings (-13.1%).
Axis Capital
126 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
ICICI Securities
133 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Frequently asked
What is the GMP of Apeejay Surrendra Park Hotels?
The current Grey Market Premium is ₹40, or 26% over the issue price.
What is the Apeejay Surrendra Park Hotels IPO price band?
₹147 to ₹155, on a face value of ₹1.
When is the allotment?
The basis of allotment is 8 February 2024, with listing on 12 February 2024.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
