Managed by the Apeejay Surrendra Group, The Park Hotels, is planning a Rs 1,000-crore maiden public share sale and will file the initial document, called the draft red herring prospectus, for the issue with the capital markets regulator later this month, said two people aware of the development.
According to one of the persons cited above, the company which runs luxury boutique hotels across the country, is planning to raise Rs 500 crore through a primary issue and the remaining Rs 500 crore via an offer for sale. ICICI Securities and JM Financial are managing the issue. The company aims for a listing by April 2020. Promoters of the company own a tad more than 90 per cent and they plan to divest 20 per cent in it, said one of the persons cited above.
The Park Hotels, currently, runs 25 properties, including 12 under a sub-brand called Zone by The Park. It is developing two properties under The Park brand in Indore and Pune and 10 more under Zone in locations such as Tirupati, Dimapur and Srinagar. It has signed a contract with the West Bengal government to manage a property called The Denmark Tavern established in 1786 as a Danish storehouse of flagstaff and cannons and restored from the ruins in 2010-11.
