Apeejay Surrendra Park Hotels Ltd. has raised Rs 409.5 crore from anchor investors, ahead of its initial public offering.
The company allotted 2.64 crore shares at Rs 155 apiece to 37 anchor investors.
Nippon Life India (8.3%), HDFC Life Insurance Co. (6.84%), CLSA Global (6.84%), 360 One AMC (6.84%) and Franklin India (6.84%) are among the top investors in the pre-IPO round fundraising.
Eight domestic mutual funds have applied through a total of 21 schemes, the company said in an exchange filing on Friday. They have collectively netted 49.82% of the anchor portion of Rs 204 crore.
ICICI Prudential Mutual Fund, Edelweiss Mutual Fund, Whiteoak Capital, Quant Mutual Fund, Mirae Asset and Nippon Life India AMC are among the key investors in this category.
About Apeejay Surrendra Park Hotels IPO
Apeejay Surrendra Park Hotels plans to raise Rs 920 crore from the secondary market. The issue will open on Feb. 5 and close on Feb. 7.
The IPO comprises of a fresh issue of Rs 600 crore and an offer for sale component of Rs 320 crore. The issue price is set at Rs 147-155 apiece.
The company is India's 8th largest hotel chains operator. ASPHL operates under five brands - THE Park, THE Park Collection, Zone by The Park, Zone Connect by The Park and Stop by Zone.
Apeejay Surrendra Park Hotels plans to use Rs 550 crore from the net proceeds to repay certain outstanding borrowings availed by the company. The remaining funds will be used for general corporate purposes.
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