Park Hotels shares debut with nearly 21% premium

New Delhi: Shares of Apeejay Surrendra Park Hotels, which runs hotels under the 'The Park' brand, listed on stock exchanges with a premium of nearly 21 per cent on Monday against the issue price of Rs 155.

The stock listed at Rs 187, up 20.65 per cent from the issue price, on the BSE.

On the NSE, the stock made its debut at Rs 186 with a premium of 20 per cent.

In the morning session, the 30-share benchmark index BSE Sensex fell 214.60 or 0.30 per cent to trade at 71,380.89 points, while NSE Nifty declined 0.45 per cent to 21,683.85 points.

The Initial Public Offering (IPO) of Apeejay Surrendra Park Hotels got subscribed 59.66 times on the final day of bidding on February 7, with heavy participation coming in from qualified institutional buyers.

The Rs 920-crore IPO had a price range of Rs 147-155 per share.

The IPO had a fresh issue of up to Rs 600 crore and an offer for sale of up to Rs 320 crore.

The company operates hospitality assets under its brands -- The Park, The Park Collection, Zone by The Park, Zone Connect by The Park, and Stop by Zone.

It has also established a presence in the retail food and beverage industry through its brand 'Flurys'.

The company has 81 restaurants, nightclubs and bars as of September 30, 2023.