Apeejay Surrendra Park Hotels has set a price band of Rs 147 to Rs 155 per share for its Rs 920-crore initial public offer. The public offer will open for subscription on February 5 and bidding for anchor investors will open for a day on February 2.

The IPO is a combination of a fresh issue of equity shares worth Rs 600 crore and an offer for sale of equity shares of Rs 320 crore by promoters and investor shareholders.

The OFS comprises the sale of equity shares aggregating up to Rs 296 crore by Apeejay, up to Rs 23 crore by RECP IV Park Hotel Investors and up to Rs 1 crore by RECP IV Park Hotel Co-Investors Ltd.

The company proposes to utilise net proceeds from the fresh issue of equity shares for the repayment of debt and general corporate purposes.

The hospitality major, which has brands such as The Park, The Park Collection, Zone By The Park, Zone Connect by The Park and Stop by Zone, currently has 30 properties with 2298 keys. According to the red herring prospectus, the development pipeline includes 1,895 rooms across 21 hotels and eight motels, with greenfield projects in Pune, Calcutta and capacity expansion in Vizag and Navi Mumbai among others.

“We now have about 30 properties across 20 cities, 2,298 rooms through a combination of owned leased and management contract properties. We have a healthy pipeline of hotels in many interesting locations across India,” said Priya Paul, chairperson, Apeejay Surrendra Park Hotels, on Wednesday.

PB Fintech

Shares of PB Fintech, the parent company of Policybazaar and Paisabazaar, on Wednesday saw a 10 per cent jump in its share price to Rs 1,002.80 on the BSE. The scrips opened at Rs 963.95 and reached a 52-week high of Rs 1,044.90, surpassing the IPO price of Rs 980.

This comes at a time the company turned profitable during Q3FY24. Net profit was Rs 37 crore against a loss of Rs 87 crore during Q3FY23. Total revenue was Rs 871 crore, up 43 per cent from Rs 610 crore during Q3FY23.