Apeejay Surrendra Park Hotels is scheduled to announce the basis of allotment of its shares most likely on Thursday, February 8. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate over the extended by Friday or on weekend. The hotel chain received a strong response from the investors.
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Apeejay Surrendra Park Hotels sold its IPO in the price band of Rs 147-155 per share with a lot size of 96 shares, which was open for bidding between February 5 to February 7. The company raised a total of Rs 920 crore from its primary offering, which included a fresh share sale of Rs 600 crore and offer-for-sale (OFS) of up to 2.06 crore equity shares.
The issue was overall subscribed 59.66 times, thanks to strong bidding from qualified institutional bidders (QIBs), who joined the bidding party on the last day. Their allocation was booked 75.14 times. The quota for non-institutional investors was subscribed 52.41 times, and the portions reserved for retail investors and employees were subscribed 30.35 times and 5.42 times, respectively.
Grey market premium (GMP) of Apeejay Surrendra Park Hotels has seen a mild correction during the bidding process. Last heard, the company was commanding a premium of Rs 40-42 per share, suggesting a listing pop of 25-27 per cent for the investors. However, it was around Rs 70, before the bidding kicked off.
Apeejay Surrendra Park Hotels is engaged in the hospitality business operating under the brand names of ‘The Park’, ‘The Park Collection’, ‘Zone by The Park’, ‘Zone Connect by The Park’ and ‘Stop by Zone’. The company, incorporated in 1987, is also engaged in the business of retail food and beverage industry through its retail brand ‘Flurys’.
Brokerage firms were mostly positive on the issue of Apeejay Surrendra Park Hotels and suggested subscribing to the issue citing its sound management, efficient track record, expansion plans, asset light model and rise in the travel. However, higher operational capital, delayed plans and payments and other regulatory issues are key risks to the company.
ICICI Securities, Axis Capital and JM Financial are the book running lead managers of the Apeejay Surrendra Park IPO, while Link Intime India is the registrar for the issue. Shares of the Apeejay Surrendra Park Hotels are likely to debut on both BSE and NSE with Monday, February 12 as the tentative date of listing.
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Investors, who had bid for the issue, can check the allotment status on the Bombay Stock Exchange (BSE) website:
1) Visit https://www.bseindia.com/investors/appli_check.aspx
2) Under the issue type, click Equity
3) Under the issue name, select Apeejay Surrendra Park Hotels Limited in the dropbox
4) Write the application number
5) Add the PAN card ID
6) Click on ‘I am not a Robot’ and hit submit
Investors can also check the allotment status on the online portal of Link Intime India (https://linkintime.co.in/MIPO/Ipoallotment.html), the registrar to the issue.
The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. It is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries post issue.
1) Go to the web portal of Link Intime Limited
2) Select the IPO in dropbox whose name will be populated only if the allotment is finalized
3) You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID
4) In application type, select between ASBA and non-ASBA
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5) Enter the details of the mode you selected in Step 2
6) For security purposes, fill the captcha accurately
7) Hit submit.
