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Covid Resurgence Sees Park Hotels’ IPO Put On Hold

India’s primary market is expected to be buoyant in FY22 too. In FY21 over 30 companies raised around Rs 31,000 crore via initial public offer (IPO). With the secondary market bouncing back by nearly 100%, corporate India is getting ready to tap the primary market big time. And this includes the much-awaited IPO from the Life Insurance Corporation Of India. But, all plans seem to have gone awry with the resurgence of the second wave of Covid-19. Perhaps the first victim of that wave seems to be the Kolkata-based diversified conglomerate Apeejay Surrendra Group’s The Park Hotels IPO. It had received regulatory approvals in March 2021 for its Rs 1,000 crore IPO. But, if the market grapevine is to be believed, the luxury boutique hotel chain has decided to put IPO plans on hold for time being till the market conditions improve. But, the decision to defer its IPO has not impacted the company’s expansion plans. It has signed six new properties across its various brands in the last six months at Leh, Patiala, Goa, Port Blair, Coimbatore and Pathankot. The group also plans to add more outlets of its iconic tearoom Flurys and expand into the rest of Bengal, Navi Mumbai and New Delhi. Apeejay Surrendra Park Hotels runs four brands under ‘THE Park’ name. This includes: THE PARK, THE PARK Collection, Zone By The Park and recently launched Zone Connect. The Group also owns the heritage eatery and QSR chain of Flurys. Besides hospitality, the 100-year old group has business interests spread across industries such as shipping, tea, real estate, education, and owns retail brand, Oxford Bookstores.