Apeejay Surrendra Park Hotels Limited IPO
Apeejay Surrendra Park Hotels Limited IPO
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Apeejay Surrendra Park Hotels Limited's has transitioned to a publicly listed entity following its IPO debut on 12-02-2024 at the NSE, BSE exchange. The public offering successfully raised 5,93,54,838 Shares, consisting of 3,87,09,677 Sharesin new capital and ₹320.00 Cr in existing shareholder sales.
The IPO featured a competitive price range of ₹147 to ₹155 and minimum application size of 96 shares. Market reception was evidenced through subscription activity between 05-02-2024 and 07-02-2024, reflecting investor appetite for the offering.
Allotment of shares was completed on 08-02-2024, distributing equity to successful applicants. The listing marked the beginning of the company's journey as a publicly traded corporation, subject to market dynamics and regulatory oversight.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
Apeejay Surrendra IPO About Company
Apeejay Surrendra Park Hotels Limited, founded in 1987, is a prominent hospitality company known for its portfolio of brands such as THE PARK, THE PARK Collection, Zone by The Park, Zone Connect by The Park, and Stop by Zone, along with the popular Flurys brand in the retail food and beverage segment. As of March 31, 2023, it operates 80 restaurants, nightclubs, and bars, and manages 27 hotels across luxury boutique, upscale, and upper midscale categories in major cities like Kolkata, New Delhi, Chennai, Hyderabad, Bangalore, Mumbai, Goa, and Jaipur, offering a total of 2,111 rooms as of August 2023. The company also runs several renowned restaurants including Zen, Lotus, Aish, Saffron, Fire, Italia, The Bridge, and Bazaar. With a workforce of 1,923 employees as of June 2023, the company continues to deliver strong hospitality, dining, and entertainment experiences across all its brands.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Apeejay Surrendra IPO Strength Factors
- Diverse hotel portfolio : Operates owned, leased, and managed hotels across India, ensuring wide market reach and multiple revenue streams.
- Strong financial and operational track record : Demonstrates stability, efficiency, and consistent performance across business units.
- Reliable F&B and entertainment income : These segments generate steady earnings and strengthen overall business profitability.
- Profitable Flurys brand : Delivers strong EBITDA margins, showcasing the company’s ability to build successful and high-performing brands.
- Experienced leadership team : Ensures high governance standards, strategic decision-making, and long-term growth.
Apeejay Surrendra IPO Risk Factors
- Past financial losses : Raise concerns about the company’s ability to consistently generate profits and maintain long-term stability.
- Unclear property ownership : Some mortgaged hotel assets lack title deeds in the company’s name, creating risks of ownership disputes and operational hurdles.
- Project development delays : Slow progress in hotel development and land banks may increase costs and negatively impact future revenue plans.
- Revenue concentration risk : A significant portion of income depends on a few high-performing hotels, making the company vulnerable to competition or regulatory changes in those locations.
Apeejay Surrendra IPO Lead Manager(s)
- Jm Financial Limited
- ICICI Securities Limited
- Axis Capital Limited
Apeejay Surrendra IPO Promoter(s)
- Karan Paul
- Priya Paul
- Apeejay Surrendra Trust
- Great Eastern Stores Private Limited
Apeejay Surrendra IPO FAQs
Apeejay Surrendra Park Hotels Limited IPO subscribed 62.9 times. The public issue subscribed 32 times in the retail category,79.23times in QIB, and 61.55 times in the HNI (10+) category byNovember 20, 2025 9:56:23 AM (Day 20).
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Apeejay Surrendra IPO IPO Investor Categories
The offer proceeds will be utilised towards the following investor categories in compliance with SEBI regulations:
Qualified Institutional Buyers (QIB)
Financial Institutions, Banks, FIIs, and Mutual Funds registered with SEBI are called QIBs. In most cases, QIBs represent small investors who invest through mutual funds, ULIP schemes, and pension schemes.
Non-Institutional Investors (NII / HNI)
Retail Individual Investors (HNI), NRIs, Companies, Trusts, etc. who bid for shares worth more than ₹2 lakhs are known as Non-Institutional Bidders. Unlike QIBs, they do not need SEBI registration.
Subcategories of NII:
- sNII (Small NII – bids below ₹10 Lakhs)
For bids between ₹2–10 lakhs. One-third of NII shares are reserved for this category, also known as Small HNI (sHNI).
- bNII (Big NII – bids above ₹10 Lakhs)
For bids above ₹10 lakhs. Two-thirds of NII shares are reserved for this category, also called Big HNI (bHNI).
- sNII (Small NII – bids below ₹10 Lakhs)
Retail Individual Investors (RII)
Individual investors or NRIs who apply up to ₹2 lakhs in an IPO are considered under the RII reserved category.
Employee (EMP)
A category of eligible employees who have a reserved quota in the IPO.
Others
This includes eligible shareholders or other investors with reserved quotas in the IPO.
Apeejay Surrendra IPO FAQs
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