Apeejay Surrendra Park Hotels shares listed at a 21% premium at Rs 187 over its issue price of Rs 155 on the bourses. The shares however witnessed some profit booking after the debut and made an intraday low of Rs 171.25. As of 10:35 AM, Apeejay Surrendra Park Hotels share price was at Rs 177.45, up 14.48% on the NSE.
The IPO of Appejay Surrendra Park Hotels received a robust response with the issue getting subscribed 62.91 times in the 3-day bidding process. The QIB (qualified institutional buyer) portion was subscribed 79.23 times, the non-institutional investors portion was subscribed 55.26 times. The retail portion also witnessed stong participation fetching a subscription of 32 times the shares on the block.
“The company benefits from decades of experience in the hospitality industry, reflected in high occupancy rates and a proven track record of service excellence. Its expansion plans indicate exciting possibilities for future revenue growth. This listing paints a hopeful picture for ASPHL, but a cautious approach is still advised. Thus, those who want to book profit may exit their holdings, and those who want to hold for the long term may keep a stop loss at Rs 168,” said Shivani Nyati, Head of Wealth, Swastika Investmart.
