Apeejay Surrendra Park Hotels IPO: Grey Market Premium Indicates Positive Sentiment

Apeejay Surrendra Park Hotels IPO: Grey Market Premium Indicates Positive Sentiment

VoM News Desk | February 6, 2024 | 12:32 PM IST | Breaking News | Follow on Google News

Apeejay Surrendra Park Hotels IPO: Grey Market Premium Indicates Positive Sentiment

Apeejay Surrendra Park Hotels IPO: Grey Market Premium Indicates Positive Sentiment

The initial public offering (IPO) of Apeejay Surrendra Park Hotels Limited has been introduced in the Indian primary market, with a price band set at ₹147 to ₹155 per equity share. As of the IPO opening date, shares of the company are available for trade in the grey market at a premium of ₹62, suggesting positive sentiment among market observers.

Key IPO Details:

1. IPO Price Band: ₹147 to ₹155 per equity share.
2. IPO Opening Date: The book build issue opened on the designated date and will close on 7th February 2024.
3. IPO Size: Apeejay Surrendra Park Hotels aims to raise ₹920 crore through its public offer, with ₹600 crore through the issuance of fresh shares and ₹320 crore reserved for the Offer For Sale (OFS) route.
4. Lot Size: One lot of the book build issue comprises 96 company shares.
5. Allotment Date: With T+3 listing rules in consideration, share allocation is expected on 8th February 2024.
6. Registrar: Link Intime India Private Ltd is the official registrar for the book build issue.
7. Listing: The public issue is proposed for listing on BSE and NSE.
8. Listing Date: Expected on 12th February 2024.

Analyst Recommendations:

1. Dhruv Mudaraddi, Research Analyst at Stoxbox: Gave a ‘subscribe’ rating to the IPO, highlighting that Apeejay Surrendra Park Hotels stands at the intersection of a resurgent hospitality industry and a post-pandemic economic rebound. The company’s strong brand presence, diversified pan-India portfolio, and historically high occupancy rates contribute to its positive outlook.
2. Anirudh Garg, Partner and Fund Manager at INVAsset: Indicated investors’ interest in the IPO, citing the company’s high occupancy rates, average revenue per room, and diverse operations. The post-IPO promoter holding will reduce, and the proceeds will be used for debt repayment and general corporate purposes.

Brokerage Recommendations:

Leading brokerages such as BP Equities, Ventura Securities, Mehta Equities, Marwadi Financial Services, and Choice Broking have also given a ‘subscribe’ tag to the book build issue, reinforcing positive market sentiment.

As the IPO progresses, the grey market premium and analyst recommendations suggest favorable conditions for Apeejay Surrendra Park Hotels in the primary market.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.