Apeejay Surrendra Park Hotels
Mainboard₹920 Cr issue
+20.65%
Listing gain over issue price
Issue size
₹920 Cr
1 lot at cut-off
₹14,880
Lot size
96shares
Open
05 Feb 2024
Close
07 Feb 2024
Allotment
08 Feb 2024
Listing
12 Feb 2024
Listing performance
Issue price
₹155
Listed at
₹187
Listing-day close
₹203.55
Latest price
₹95.67
Close on 23 Oct 2026
Listing gain
+20.65%
Return since issue
-38.28%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 05 Feb 2024 – 07 Feb 2024
- Listing date
- 12 Feb 2024
- Face value
- ₹1 per share
- Issue price
- ₹155 per share
- Lot size
- 96 shares
- Total issue size
- ₹920 Cr
- Market cap at offer price
- ₹3,307 Cr
- Promoter holding
- 94.18% → 68.14% pre-issue → post-issue
- ISIN
- INE988S01028
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- JM Financial Ltd.
- Registered office
- 17, Park Street, West Bengal
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 2,64,19,354 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 96 shares per lot, in multiples, at ₹155
| 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 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
2,64,19,354
Anchor portion
₹410 Cr
at ₹155 per share
Valuation and performance
Valuation at offer price
₹155 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 2.75 | 2.15 |
| P/E (×) | 56.36 | 72.09 |
| Price to book (×) | 4.87 | — |
| Market cap | — | ₹3,307 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 9.03%
- Debt / equity
- 0.99
- NAV per share
- ₹31.81
- Price to book
- 4.87
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Apeejay Surrendra Park Hotels
Apeejay Surrendra Park Hotels Limited, incorporated in 1987 and based in Kolkata, is a hospitality company with over 55 years of expertise in owning and operating hotels. The company operates 30 hotels (7 owned, 3 leased, 20 managed) across luxury boutique upscale and upper midscale categories with approximately 2,123 rooms. Revenue is generated primarily through owned hotel properties (82.68% in H1 FY2024), leased arrangements (5.83%), and management agreements (2.54%). The company also operates a retail food and beverage brand, 'Flurys'. As of September 30, 2023, the company ranked eighth among hotel chains with asset ownership in India. The company is undertaking expansion projects including new hotel developments in Pune, Navi Mumbai, and Visakhapatnam, and a mixed-use project at EM Bypass in Kolkata comprising a hotel and serviced apartments.
Company Analysis
from RHPApeejay Surrendra Park Hotels Limited operates 30 luxury boutique and upper midscale hotels under brands including THE PARK and Zone by The Park, and is expanding into serviced apartments and residential development.
Apeejay Surrendra Park Hotels Limited, incorporated in 1987 and based in Kolkata, is a hospitality company with over 55 years of expertise in owning and operating hotels. The company operates 30 hotels (7 owned, 3 leased, 20 managed) across luxury boutique upscale and upper midscale categories with approximately 2,123 rooms. Revenue is generated primarily through owned hotel properties (82.68% in H1 FY2024), leased arrangements (5.83%), and management agreements (2.54%). The company also operates a retail food and beverage brand, 'Flurys'. As of September 30, 2023, the company ranked eighth among hotel chains with asset ownership in India. The company is undertaking expansion projects including new hotel developments in Pune, Navi Mumbai, and Visakhapatnam, and a mixed-use project at EM Bypass in Kolkata comprising a hotel and serviced apartments.
hospitality and hotelsfood and beverage retail
Objects of the Issue
- Repayment/ prepayment, in full or in part of certain outstanding borrowings availed by our Company ₹5,500 million p.28
- General corporate purposes p.28
- Repayment and/or prepayment of all or certain portion of outstanding borrowings ₹5,500 million p.54
- Repayment/prepayment, in full or in part of certain outstanding borrowings availed by our Company ₹5,500 million p.141
- General corporate purposes p.139
- Repayment of certain borrowings from ICICI Bank Limited ₹3,674.19 million (61.67% of total outstanding borrowings as of September 30, 2023) p.153
- General Corporate Purposes Balance of Net Proceeds, not exceeding 25% of Gross Proceeds p.153
Issue Structure
- Total Issue
- Up to [●] Equity Shares aggregating up to ₹9,200.00 million
- Fresh Issue
- Up to [●] Equity Shares aggregating up to ₹6,000.00 million by our Company
- Offer for Sale
- Up to [●] Equity Shares aggregating up to ₹3,200.00 million, comprising up to [●] Equity Shares aggregating up to ₹2,960.00 million by Apeejay Private Limited, up to [●] Equity Shares aggregating up to ₹230.00 million by RECP IV Park Hotel Investors Ltd and up to [●] Equity Shares aggregating up to ₹10.00 million by RECP IV Park Hotel Co-Investors Ltd
- Price Band
- [●] per Equity Share (Floor Price) to [●] per Equity Share (Cap Price), subject to any revision(s)
- Lot Size
- [●] Equity Shares
- Face Value
- ₹1 each
Business Model
The company operates hotels through three primary business models: (1) direct ownership of hotel properties; (2) long-term lease arrangements for land and/or buildings; and (3) operation and management agreements on a contractual basis using its brands on third-party constructed hotels. Revenue is diversified by source: corporate accounts (40.46% of owned hotel room revenue in FY2023), leisure customers (40.17%), and online travel agents/intermediaries (49% of bookings contributing 49% of room revenue in FY2023).
Business Segments
Luxury boutique upscale hotels operated under THE PARK and THE PARK Collection brands
Upper midscale hotels operated under Zone by The Park and Zone Connect by The Park brands
Retail food and beverage brand
Operates luxury boutique hotels under the brands THE PARK and THE PARK Collection
Operates upscale to upper midscale hotels and roadside motels under the brands Zone by The Park and Zone Connect by The Park
Operates retail food and beverage business through restaurants, cafés, and kiosks offering bakery products, confectionery, and food and beverage items
Renders operation and marketing services for 20 managed hotels representing 1,018 rooms
Operations of upscale and upper midscale hotels in India providing room rental, food and beverage services, and ancillary hospitality services
Operates a portfolio of luxury and upper-midscale hotels located in metro cities including Delhi, Mumbai, Bengaluru, Hyderabad, Chennai, and Kolkata. Hotels generate revenue from room nights, food and beverage operations, and entertainment facilities.
Operates upper-midscale hotels on behalf of third-party owners under management contracts. The company has grown this segment from 1 hotel in FY15 to 17 hotels as of September 30, 2023.
Operates Flurys iconic brand comprising café, bakery, and confectionery outlets. As of September 30, 2023, the company operates 73 Flurys outlets. The segment generates revenue from confectionery, bakery products, and café services including beverages and light meals.
Direct ownership of upscale luxury boutique hotels under THE PARK and THE PARK Collection brands, and upper mid-scale hotels. The company operates seven owned hotels with 1,101 rooms as of September 30, 2023.
Long-term lease arrangements for hotel properties where the company leases land and buildings from lessors. As of September 30, 2023, the company operates three leased hotels with 179 rooms.
Operation and management agreements where the company manages hotels constructed by third parties under its brands (Zone by The Park, Zone Connect by The Park, THE PARK Collection). The company operates 20 managed hotels with 1,018 rooms, generating revenue through management fees.
Premium retail bakery and confectionery business operating 73 outlets across multiple formats (tea rooms, cafés, and kiosks) under the Flurys brand. The business operates on an asset-light model using leased premises.
Food and beverage operations within hotels including 81 restaurants, night clubs and bars, spa services, and banquet facilities. Also includes standalone bar Someplace Else in Mumbai.
Operates luxury upscale hotel properties across multiple Indian cities offering hotel room accommodation, food and beverage services through branded restaurants and hospitality amenities
Operates upper-midscale hotel properties in Tier 2 and Tier 3 Indian cities providing hotel accommodation and food and beverage services
Operates a confectionery business including bakery, food preparation, and retail operations. Acquired in 2019 as a going concern from Flury's Swiss Confectionery
Operates yachts for tourism purposes available for hire, registered with the Inland Waterways Transport Corporation of West Bengal and primarily operates in the Ganges along the Kolkata coast
Owns and operates five-star hotels under 'The Park' brand; provides room accommodation, food and beverage services, banquet facilities, and allied hospitality services.
Provides hotel management services and license to use the Group's trademark and intellectual property under long-term management contracts with hotel owners.
Manufacturing and retail operations of cakes and confectioneries under the Flury's brand.
Operates a loyalty points programme allowing customers to accumulate points on services, generating revenue from membership fees and Chamber membership.
Operation of luxury boutique and upper mid-scale hotels under THE PARK, THE PARK Collection, Zone by The Park, Zone Connect by The Park, and Stop by Zone brands across India, including provision of rooms, food and beverage services, and entertainment facilities.
Hiring of yachts and related services through Apeejay Charter Private Limited
Operation of full-service hotels under 'The Park' brand across multiple Indian cities, including room accommodation, food and beverage services, and ancillary services
Yacht on hire services
SWOT Analysis
Strengths
- • Eighth largest hotel chain by owned rooms among asset-owning operators in India(p.22)
- • 55+ years of hospitality expertise with established brand portfolio(p.22)
- • Diversified portfolio across ownership, lease, and management models(p.22)
- • Strong geographic presence across key Indian cities(p.36)
- • Return to profitability post-COVID recovery(p.47)
- • Recent credit rating upgrade to BBB+ (Stable) for term loans and A2 for short-term limits(p.51)
- • Dominant revenue concentration from premium owned hotels with strong brand presence(p.56)
- • Experienced developer for Serviced Apartments project with proven track record(p.61)
- • Experienced third-party management reduces operational burden(p.95)
- • No regulatory violations by contractors in recent years(p.95)
- • Successful hospitality brands with diversified product portfolio(p.158)
- • Pan-India portfolio of owned, leased, and managed hotels in strategic locations(p.158)
- • High occupancy rates and strong REVPAR with proven financial track record(p.158)
- • Strong F&B and entertainment revenue contributions driving stable earnings(p.158)
- • Flurys iconic brand with industry-leading EBITDA margins(p.158)
- • Experienced leadership team with high corporate governance standards(p.158)
- • Strong operating performance ahead of market benchmarks(p.199)
- • Ranked 8th largest hotel chain by rooms inventory among asset-owning chains in India(p.189)
- • 8th largest hotel chain by owned rooms in India(p.232)
- • Strong brand portfolio across multiple segments(p.239)
- • High occupancy and RevPAR performance ahead of market(p.234)
- • Strong F&B contribution providing non-cyclical earnings(p.233)
- • Pan-India presence in metro and tier 2/3 cities(p.234)
- • Flurys brand has industry-leading EBITDA margins(p.247)
- • 55+ years of hospitality expertise(p.234)
- • Experienced management team with deep industry knowledge(p.249)
- • Established brand with managed properties(p.349)
- • Diversified revenue streams across F&B, rooms and ancillary services(p.349)
- • Loyalty program driving repeat customer engagement(p.349)
- • Strong asset base with property portfolio(p.369)
- • Strong PARK brand with 55+ years hospitality expertise and distinctive positioning(p.417)
- • High RevPAR and occupancy rates outperforming market benchmarks(p.418)
- • Diversified revenue from food & beverage and entertainment contributing 42-44% of income(p.417)
- • Flurys retail brand with industry-leading EBITDA margins among IND AS reporters(p.418)
- • Pan-India presence across metros and major cities with 30 hotels representing 2,298 rooms(p.418)
- • Strong EBITDA margins of 33%+ and recovered profitability post-COVID(p.418)
- • 8th largest hotel chain by owned room inventory among asset-owning operators in India(p.417)
Weaknesses
- • Material uncertainty regarding going concern in prior years(p.48)
- • History of debt covenant breaches requiring lender waivers(p.39)
- • Prior periods of delayed loan repayments and statutory dues(p.40)
- • Significant contingent liabilities from disputed statutory dues(p.44)
- • Reliance on single Developer for untested EM Bypass project(p.38)
- • High leverage with net debt-to-equity ratio of 1.00 as of September 30, 2023(p.51)
- • Debt service coverage ratio at 0.74 for six months ended September 30, 2023, below 1.0(p.52)
- • Seven hotels mortgaged with title deeds of three not held in company name(p.55)
- • Past delays in loan repayment and covenant non-compliance(p.55)
- • Poor liquidity ratios consistently below 0.5, indicating working capital stress(p.59)
- • Material contingent liabilities including disputed property tax demands(p.75)
- • Multiple ongoing legal proceedings including 36 tax proceedings against the company(p.53)
- • Auditor's report included material uncertainty on going concern for Fiscal 2021(p.54)
- • Missing corporate records from incorporation through 2003 amalgamation(p.78)
- • Dependence on third-party contractors for project execution(p.95)
- • Potential liability for contractor wage defaults(p.95)
- • Obligation to absorb contract laborers as permanent employees(p.95)
- • Liquidity ratios below 1.0 constrain ability to meet short-term obligations(p.54)
- • Management estimates for project timelines not independently verified(p.96)
- • Majority of borrowings concentrated with single lender (ICICI Bank)(p.153)
- • Significant recent credit rating downgrades indicating financial deterioration(p.157)
- • High leverage with net debt to equity ratio of 1.0 as of September 2023(p.161)
- • Limited portfolio size compared to major competitors(p.189)
- • High net debt-to-equity ratio of 1.00(p.245)
- • Moderate net debt/EBITDA of 6.39x(p.235)
- • Managed hotels significantly underperform owned hotels with low 61.25% occupancy(p.260)
- • Flurys revenue declining as percentage of total income(p.239)
- • Zone by The Park hotels experiencing occupancy decline from prior period(p.241)
- • Dependence on brand agreement with ASMSL; termination risk.(p.292)
- • Missing corporate records create regulatory exposure.(p.287)
- • Subsidiary (ACPL) has negative net worth.(p.295)
- • Subsidiary (ANWHPL) has negative net worth and accumulated losses.(p.297)
- • High debt burden requiring refinancing(p.378)
- • Significant outstanding disputed tax demands(p.361)
- • Large accumulated impairment allowances on receivables(p.372)
- • Material uncertainty related to going concern in prior years(p.365)
- • Unregistered property titles creating legal encumbrances(p.361)
- • High net debt to EBITDA ratio of 6.39x despite recent improvement(p.418)
- • Significant contingent tax liabilities including disputed property tax and land tax demands(p.395)
- • Major ongoing litigation on property tax in New Delhi with demand of ₹676.54 million(p.395)
- • Underutilized Zone by Park and Zone Connect brands with lower occupancy rates(p.420)
- • Gratuity liability of ₹164.45 million with unfunded status(p.396)
- • Land tax demand from JDA Jaipur with outstanding dues of ₹22.13 million plus interest(p.395)
Opportunities
- • Planned pipeline expansion with 380 rooms in development(p.35)
- • EM Bypass serviced apartments monetization with 55% revenue share(p.37)
- • Expected industry supply growth creating market expansion(p.28)
- • Retail F&B expansion through established Flury's brand(p.22)
- • Growth in corporate segment revenue (40% of room revenue in FY2023)(p.50)
- • Geographic expansion to tier-2 and tier-3 cities with leisure tourism potential(p.84)
- • Development of Serviced Apartments on EM Bypass generating revenue share stream(p.61)
- • Expansion of roadside motels under 'Stop by Zone' brand with 8 additional properties in pipeline(p.84)
- • Growth in managed hotel portfolio generating fee income with limited capital investment(p.67)
- • Expansion of Flurys food and beverage retail outlets pan-India beyond West Bengal concentration(p.64)
- • Listing to enhance brand visibility and access to capital markets(p.139)
- • Debt reduction to improve leverage and future borrowing capacity(p.142)
- • Improved financial capacity for business development post-IPO(p.142)
- • Strong domestic tourism growth momentum and pent-up demand recovery(p.179)
- • Expanding urbanization and tier-2/3 city growth with new hotel supply opportunities(p.179)
- • Growing middle class and discretionary spending capacity(p.181)
- • Young demographic favoring experiential spending on entertainment and dining(p.179)
- • Projected strong GDP growth of 6.3% CAGR through FY29 and 8.3% per capita GDP growth(p.179)
- • Bakery and café market growth at 11-12% and 19-21% CAGR through FY28(p.206)
- • Increased hotel supply demand growth from tourism infrastructure expansion (airports, metro, highways)(p.193)
- • Strong projected growth in hospitality supply to 20,000-23,000 units annually(p.229)
- • Significant pipeline of 1,855 rooms under development across 21 hotels(p.238)
- • Expansion opportunity in Kolkata residential market with EM Bypass project(p.238)
- • Indian bakery market expected to grow at 11-13% CAGR to ₹1,800 billion by Fiscal 2028(p.253)
- • Indian café market expected to grow at 19-21% CAGR reaching ₹78-82 billion by Fiscal 2028(p.253)
- • Asset-light model enables rapid expansion with minimal capital(p.250)
- • Expansion into tier 2 and tier 3 cities with Zone brands(p.240)
- • Flurys expansion across multiple geographies and formats planned(p.253)
- • FDI permitted for hotel and resort construction without prior approval.(p.286)
- • Joint development of EM Bypass land for hotel and serviced apartments(p.369)
- • Expansion of management services business model(p.350)
- • Growing capital-light managed properties portfolio(p.350)
- • Space rental revenue generation from existing properties(p.350)
- • Expansion of hotel development pipeline with 380 new rooms planned(p.419)
- • EM Bypass Kolkata land bank development for hotel and serviced apartments(p.419)
- • Growth of Flurys retail food & beverage business with expansion plans across India(p.418)
- • Recent addition of 13 hotels in last three years with 686 new rooms(p.419)
- • Recovery in business travel and leisure travel post-COVID with strong H1 FY2024 performance(p.418)
- • Opportunity to expand upper-midscale Zone brands in tier 2 and tier 3 cities(p.417)
- • Launch of economy motel brand 'Stop by Zone' for new market segment(p.417)
Threats
- • High dependence on OTA channels for 49% of room revenue with commission pressure(p.45)
- • Construction and development delays endemic to hotel development(p.37)
- • Regulatory and approvals delays for under-development properties(p.35)
- • Shift from business travel due to increased teleconferencing adoption(p.50)
- • Market cyclicality and economic downturn risks affecting hotel demand(p.50)
- • Credit rating downgrades could increase cost of capital and borrowing constraints(p.51)
- • Variable interest rate exposure with 9.72% average rate susceptible to rate increases(p.53)
- • Intense competition from multinational hotel chains with diversified portfolios and global loyalty programs(p.85)
- • Hospitality industry cyclicality dependent on macroeconomic conditions and demand fluctuations(p.82)
- • Seasonal variations in hotel business with higher revenues concentrated in winter months(p.65)
- • Regulatory changes in excise policy, property tax and building codes affecting operations(p.63)
- • Natural disasters and climate-related disruptions as evidenced by cyclones in 2014-2023(p.72)
- • COVID-19 pandemic resurgence or future epidemics could disrupt operations and demand(p.69)
- • Land title uncertainties in India affecting property ownership and development rights(p.79)
- • Compulsory land acquisition by government authorities as evidenced by Hyderabad notice(p.79)
- • Lease renewal risks for leased properties expiring within 5 years(p.58)
- • Managed hotel terminations and non-renewal risks reducing fee income(p.68)
- • Dependence on key supplies with price volatility subject to climate and import tariffs(p.93)
- • High employee attrition rates of 27.26-55.19% creating recruitment and training costs(p.94)
- • Natural disasters and pandemics reduce travel demand and occupancy(p.97)
- • Terrorism and political instability deter investment and travel(p.97)
- • Inflation increases operational costs and reduces margins(p.97)
- • Economic slowdown reduces demand for hotel services(p.99)
- • Regulatory and tax policy changes create uncertainty(p.98)
- • Global financial instability impacts Indian markets and our access to capital(p.101)
- • Foreign exchange fluctuations reduce shareholder returns(p.102)
- • Foreign tourist arrivals remain below pre-COVID levels with uncertain recovery trajectory(p.190)
- • Intense competition from global and domestic hotel chains with diversified portfolios(p.195)
- • New hotel supply expansion outpacing demand growth with pressure on occupancy and ADR(p.185)
- • Economic policy changes materially impacting hotel development and operations(p.195)
- • Regulatory barriers including land availability, development entitlements, and approval delays(p.195)
- • Manpower shortages and high staff attrition limiting service quality(p.195)
- • IT sector work-from-home reducing business travel demand from major city(p.201)
- • Intense competition from domestic and international hotel brands(p.271)
- • Dependence on repeat customers with only 22% repeat business(p.261)
- • Kolkata residential market stagnation from 2017-2021(p.227)
- • High unsold inventory overhang in Kolkata market at 27,000 units(p.227)
- • Regulatory requirements for hotel classification and compliance(p.279)
- • DPDP Act imposes data protection compliance obligations with penalties up to ₹2,500 million.(p.285)
- • Extensive labour and employment law compliance requirements.(p.286)
- • Property tax disputes in multiple jurisdictions(p.361)
- • Service tax disputes from prior years(p.361)
- • Cyclical nature of hospitality industry dependent on economic conditions(p.365)
- • Historical loan covenant breaches requiring waivers(p.382)
- • Intense competition from international, regional and local hotel operators(p.421)
- • Risk of new hotel supply in key markets reducing occupancy and room rates(p.421)
- • Hotel industry subject to seasonal variations and weekly fluctuations(p.422)
- • Hospitality industry is cyclical with volatility from macroeconomic changes(p.422)
- • High fixed costs that cannot be reduced during periods of low demand(p.422)
- • Dependence on general economic growth and consumer discretionary spending for travel(p.422)
- • Exposure to government regulation changes in safety, health, environmental, excise and labour laws(p.423)
- • Risk of construction delays and cost escalation from materials price fluctuations(p.419)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Karan Paul | Promoter | Negligible | — |
| Priya Paul | Promoter | Nil | — |
| Apeejay Surrendra Trust | Promoter | 17.18% | — |
| Great Eastern Stores Private Limited | Promoter | 30.06% | — |
| Apeejay Private Limited | Promoter Group Selling Shareholder | 19.75% | — |
| Apeejay Surrendra Trust and Apeejay Private Limited | Promoter Group | — | — |
| Priya Paul | Promoter | — | — |
| Great Eastern Stores Private Limited | Promoter | 30.06% | — |
| Apeejay Surrendra Trust (through its trustees) | Promoter | 17.18% | — |
| Karan Paul | Promoter | Negligible | — |
| Priya Paul | Promoter | Nil | — |
| Apeejay Private Limited | Promoter Group | 19.75% | — |
| Apeejay Engineering Private Limited | Promoter Group | 8.30% | — |
| Apeejay Agencies Private Limited | Promoter Group | 8.30% | — |
| Apeejay House Private Limited | Promoter Group | 8.30% | — |
| Apeejay Surrendra Management Services Private Limited | Promoter Group | 2.29% | — |
| Apeejay Surrendra Management Services Private Limited | Promoter | — | — |
| Great Eastern Stores Private Limited | Shareholder (Secondary Buyer) | — | — |
| Priya Paul | Promoter/Chairperson, Executive Director | — | — |
| Karan Paul | Promoter/Non-Executive Director | — | — |
| Karan Paul | Promoter | null - shareholding not stated in this part | null |
| Priya Paul | Promoter | null - shareholding not stated in this part | null |
| Apeejay Surrendra Trust | Promoter Trust | null - shareholding not stated in this part | null |
| Great Eastern Stores Private Limited | Corporate Promoter | null - shareholding not stated in this part | null |
| Great Eastern Stores Private Limited | Promoter | 30.06% | — |
| Apeejay Surrendra Trust | Promoter | 17.18% | — |
| Apeejay Private Limited | Promoter Group | 19.75% | — |
| Apeejay Engineering Private Limited | Promoter Group | 8.30% | — |
| Apeejay Agencies Private Limited | Promoter Group | 8.30% | — |
| Apeejay House Private Limited | Promoter Group | 8.30% | — |
| Apeejay Private Limited | Promoter | — | — |
| RECP IV Park Hotel Investors Ltd | Promoter | — | — |
| RECP IV Park Hotel Co-Investors Ltd | Promoter | — | — |
Leadership
Priya Paul · Chairperson and Executive Director
Vijay Dewan · Managing Director
Atul Khosla · Chief Financial Officer
Shalini Keshan · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Apeejay Surrendra Park Hotels IPO FAQs
What is the lot size of Apeejay Surrendra Park Hotels IPO?
The minimum lot size of Apeejay Surrendra Park Hotels IPO is 96 shares. One lot costs ₹14,880 at the cut-off price.
When does Apeejay Surrendra Park Hotels IPO open and close?
Apeejay Surrendra Park Hotels IPO opened for subscription on 05 Feb 2024 and closed on 07 Feb 2024.
What is the listing date of Apeejay Surrendra Park Hotels IPO?
Apeejay Surrendra Park Hotels IPO listed on 12 Feb 2024.