Apeejay Surrendra Park Hotels Limited | Globe Capital Market LTD.
Apeejay Surrendra Park Hotels Limited
Price Band
₹147 to ₹155
IPO Issue Period
Feb 05, 2024 to Feb 07, 2024
Issue Size
Rs. 920.00 Cr
Face value
Rs. 1/-
Fresh issue
Rs 600.00 Cr
Offer for sale
Rs 320.00 Cr
Minimum Shares for Retail
Listing on
Issue Type
Book Building
Registrar to the Issue
Link Intime India Private Ltd
Tentative Listing Date
Feb 12, 2024

Jm Financial Limited
ICICI Securities Limited
Axis Capital Limited

Incorporated in 1987, Apeejay Surrendra Park Hotels Limited is engaged in the hospitality business operating under the brand names of “THE PARK“, “THE PARK Collection“, “Zone by The Park“, “Zone Connect by The Park” and “Stop by Zone“. The company is also engaged in the business of retail food and beverage industry through its retail brand ‘Flurys.

As of March 31, 2023, the company operates 80 restaurants, night clubs and bars, offering a wide selection of culinary experiences.

The company currently operates 27 hotels, which are spread across different categories such as luxury boutique, upscale, and upper midscale. These hotels are present in various cities in India including Kolkata, New Delhi, Chennai, Hyderabad, Bangalore, Mumbai, Coimbatore, Indore, Goa, Jaipur, Jodhpur, Jammu, Navi Mumbai, Visakhapatnam, Port Blair, and Pathankot, offering a total of 2,111 rooms as of August 2023.

The company owns restaurants under the brand name of Zen, Lotus, Aish, Saffron, Fire, Italia, 601, The Bridge, The Street, Verandah, Vista, Bamboo Bay, Monsoon, Mist, Love and Bazaar.

As of June 2023, the company has a total of 1,923 employees.

For year/ period ended ( in Cr.)

Particulars H1FY23 FY22 FY21
Total Revenue 524.43 267.83 190.29
Profit After Tax 48.06 -28.20 -75.88
EPS 2.75 (1.61) (4.34)
OPM (%) 34.99% 22.86% 12.78%
PATM (%) 9.50% -11.06% -42.43%


For year/ period ended ( in Cr.)

Company Name Market Cap (Cr.) Price P/BV P/E Sales (Cr.)
Net Profits(Cr.)
Apeejay Surrendra Park Hotels Ltd. *3307 155 4.87 56.3 524.43 48.06
Chalet Hotels Ltd. 15,622 760 8.9 67.2 1,337 232
Lemon Tree Hotels Ltd. 10,965 138 12.7 84.3 936 161
Samhi Hotels Ltd. 4,339 199 4.0 0.0 739 -339


*Market cap @upper band of Rs.155/-

  • It has built successful hospitality brands through product innovation and service excellence to attract customer through a diversified and holistic offering.
  • A diversified Pan India portfolio of owned, leased and managed hotels that are strategically located across metros and emerging cities.
  • High occupancy rate and REVPAR with a strong financial and operational track record.
  • High F&B and Entertainment contributions which adds to stable and non-cyclical earnings while complementing the hotel business.
  • “Flurys” is an iconic brand with a successful and profitable track record of industry leading EBITDA margins.
  • Dedicated and experienced leadership team with high standards of corporate governance.
  • Repayment/ prepayment, in full or in part of certain outstanding borrowings availed by the Company; and
  • General corporate purposes

A niche player and leader of the segment on highest occupancy count, this IPO is sure to attract fancy post listing. Investors may park funds for the medium to long term rewards.

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