Apeejay Surrendra Park Hotels’ Initial Public Offering


Khaitan & Co advised the book running lead managers, in relation to the proposed initial public offering.

Apeejay Surrendra Park Hotels, owners of ‘The Park’ brand of hotel chains, has filed draft papers for its proposed initial public offering (IPO), to raise up to INR 1,000 crore (approx. US $13.92 million). The IPO comprises a fresh issue of up to INR 400 crore and an offer-for-sale (OFS) of up to INR 600 crore.

Under the term of the agreement the amount to be raised through the OFS include equity shares worth of INR 125.4 crore to be sold by Apeejay Surrendra Trust; up to INR 354.9 crore by Apeejay Pvt Ltd, up to INR 84.7 crore by Apeejay House Pvt Ltd and INR 34.9 crore by investor selling shareholders.

The company plans to utilise the net proceeds towards repayment and repayment of borrowings of around INR 300 crore; and for general corporate purposes.

ICICI Securities, Axis Capital and JM Financial acted as book running lead managers in the deal.

The Khaitan & Co team was composed by Partner Aditya George Cheriyan (Picture), Navodita Gupta (Principal Associate), Drishti Barar (Associate) and Tishita Mukherjee (Associate).

Involved fees earner: Drishti Barar – Khaitan & Co.; Aditya Cheriyan – Khaitan & Co.; Navodita Gupta – Khaitan & Co.; Tishita Mukherjee – Khaitan & Co.;

Law Firms: Khaitan & Co.;

Clients: Axis Capital Holdings Ltd.; ICICI Securities Ltd.; JM Financial;

Author: Michael Patrini