Park Hotels files draft papers with Sebi for Rs. 1,000 crore IPO

Apeejay Surrendra Park Hotels has filed draft papers with market regulators Sebi for its proposed initial public offering to raise up to Rs. 1,000 crore. The amount to be raised through OFS comprises up to Rs. 125.4 crore by promoter selling shareholder, up to Rs. 354.9 crore by Apeejay, up to Rs. 84.7 crore by Apeejay House Pvt Ltd and Rs. 34.9 crore by investor selling shareholders, according to the draft red herring prospectus (DRHP). The company proposes to utilise the net proceeds towards repayment/prepayment of certain borrowings availed and for general corporate purposes. The company currently manages 22 hotels with 1,937 rooms across 15 cities in India. As per the DRHP, it has a pipeline of 1,536 rooms expected to begin operations within the next three years. The company also has a retail food and beverage business under the ‘Flurys’ brand, which operates 38 outlets in Kolkata, and one outlet each in Navi Mumbai and New Delhi.