Apeejay Surrendra Park Hotels Limited ₹920 crore Initial Public Offering to open on February 5, 2024

Price Band fixed at ₹ 147 to ₹ 155 per equity share of face value of ₹ 1 each (“Equity Share”);

Bid /Offer will open on Monday, February 5, 2024 and close on Wednesday, February 7, 2024. The Anchor Investor Bidding Date shall be Friday, February 2, 2024;

Bids can be made for a minimum of 96 Equity Shares and in multiples of 96 Equity Shares thereafter;

Bengaluru, January 31, 2024: Apeejay Surrendra Park Hotels Limited (“The Park” or the “Company”) shall open its Bid / Offer in relation to its initial public offer of Equity Shares on Monday, February 5th 2024.

The total offer size of Equity Shares aggregating up to ₹ 9,200 million [₹ 920 crore] comprises of fresh issue aggregating up to ₹ 6,000 million [₹ 600 crore] and Offer for Sale aggregating up to ₹ 3,200 million [₹ 320 crore] by Selling Shareholders. (“The Total Offer Size”).

The Anchor Investor Bidding Date shall be Friday, February 2nd, 2024. The Bid/Offer will open on Monday, February 5th 2024 for subscription and will close on Wednesday, February 7th 2024.

The Price Band of the Offer has been fixed at₹ 147 to ₹ 155 per Equity Share. Bids can be made for a minimum of 96 Equity Shares and in multiples of 96 Equity Shares thereafter.

The Company proposes to utilise net proceeds from fresh issue of Equity Shares towards repayment/ prepayment, in full or in part of certain outstanding borrowings availed by Company and balance amount towards general corporate purposes ( “Object of Issue”).

The offer for sale comprises of sale of Equity shares aggregating up to ₹ 2,960.00 million [₹ 296 crore] by Apeejay Private Limited (the “Promoter Group Selling Shareholder”), up to ₹ 230.00 million [₹ 23 crore ] by RECP IV Park Hotel Investors Ltd and up to ₹ 10.00 million [₹ 1 crore] by RECP IV Park Hotel Co-Investors Ltd (the “Investor Selling Shareholders”).

JM Financial Limited, Axis Capital Limited and ICICI Securities Limited are the Book Running Lead Managers or BRLMs to the Issue.

This Equity Shares are being offered through the red herring prospectus of the Company dated January 29, 2024 (the “RHP”) filed with Registrar of Companies, West Bengal at Kolkata (the “RoC”) and are proposed to be listed on the BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”).

This Offer is being made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”) read with Regulation 31 of the SEBI ICDR Regulations. The Offer is being made in accordance with Regulation 6(2) of the SEBI ICDR Regulations and through the Book Building Process wherein not less than 75% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”, and such portion, the “QIB Portion”). The Company may, in consultation with the Book Running Lead Managers, allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations (“Anchor Investor Portion”), out of which at least one-third shall be available for allocation to domestic Mutual Funds only, subject to valid Bids being received from the domestic Mutual Funds at or above the Anchor Investor Allocation Price. In the event of under-subscription, or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion (other than the Anchor Investor Portion) (the “Net QIB Portion”).

Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders other than Anchor Investors, including Mutual Funds, subject to valid Bids being received at or above the Offer Price. Further, up to [●] Equity Shares aggregating to ₹100 million will be available for allocation to Eligible Employees, subject to valid Bids being received at or above the Offer Price.

Further, not more than 15% of the Net Offer shall be available for allocation to Non-Institutional Bidders such that: (a) one-third of the portion available to Non-Institutional Bidders, shall be reserved for applicants with application size of more than ₹ 0.20 million and up to ₹ 1 million and (b) two-thirds of the portion available to Non-Institutional Bidders, shall be reserved for applicants with an application size of more than ₹ 1 million, provided that the unsubscribed portion in either of the categories specified in (a) or (b) above, may be allocated to Bidders in the other sub-category of Non-Institutional Bidders, subject to valid Bids being received at or above the Offer Price and not more than 10% of the Net Offer shall be available for allocation to Retail Individual Bidders (“RIBs”) in accordance with SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price.

Further, Equity Shares will be allocated on a proportionate basis to Eligible Employees applying under the Employee Reservation Portion, subject to valid Bids received from them at or above the Offer Price. All Bidders, other than Anchor Investors, are required to mandatorily utilise the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective bank account (including UPI ID in case of UPI Bidders), pursuant to which their corresponding Bid Amounts will be blocked by the SCSBs or the Sponsor Bank(s) as applicable, to participate in the Offer. Anchor Investors are not permitted to participate in the Anchor Investor Portion through the ASBA process. For details, see “Offer Procedure” on page 501 of the RHP.

All capitalised terms used herein but not defined shall have the same meaning as ascribed to them in the RHP.

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