Apeejay Surrendra Park Hotels IPO Review

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Apeejay Surendra Park Hotels much awaited initial public offering (IPO) will open for subscription on February 5, 2024 from Hospitality sector

Quick Review

ASPHL with over 40 years is a niche player in the space
•    Very High Occupancy Rate
•    Post Pandemic has recovered Well
•     The issue appears fully priced : clearance of its debts and will increase the earnings. 
•    Medium and Long term Rewards

IPO – Important Details

ASP IPO DateFeb 5, 2024 — Feb7, 2024
ASP IPO Listing DateFebruary 12, 2024
Apeejay ASP IPO PriceINR 147-155 per share
Apeejay ASP IPO Lot Size96 Shares
Apeejay ASP IPO Total Issue Size 920 crores
Apeejay ASP Basis of AllotmentFeb 8, 2024
Apeejay ASP Initiation of RefundsFeb 9, 2024
Apeejay ASP IPO Credit of Shares to DematFeb 9, 2024
Apeejay ASP IPO Issue TypeBook Built Issue IPO
Apeejay ASP IPO Listing AtBSE, NSE

Company Financials

CategoryFY 23 In Million FY22 FY21
Total Income5,244.302,678.30
PAT480.62282.02758.84
Total Borrowings5,668.806,226.795,934.40
Cash & Cash165.7085.4097.50

inancial snapshot

ParticularsFY21FY22FY23Q2FY24
Revenue₹ 178 crore₹ 255 crore₹ 506 crore₹ 264 crore
Net Profit₹ -75.8 crore₹ -28.2 crore₹ 48 crore₹ 22.9 crore

 IPO Market Lot

Lots Size of Apeejay Surrendra Park Hotels IPO minimum market is 96 shares with Total amount of Max 13 Lot

ApplicationLot SizeSharesTotal Amount
Retail Min196₹14,880
Retail Max131,248₹193,440
S-HNI Min141,344₹208,320
B-HNI Min686,528₹10,11,840

Strengths Risks

  1. Avg Occupancy increased almost 50% from 65% to 90%
  2. Diversified pan-India portfolio with a Mix of Leased and managed hotels located across metros and other key cities and towns
  3. Devoplopment of Land Banks and Allocation of Bugdet for leased/licensed hotels and asset-light contracts.
  4. —– Negative 75% of its total revenue come from Top 5 Hotels Any adverse change in those localities could hamper the business growth.
  5. Seasonal and Cyclical Impact
  6. More Dependent on Corporate Account

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