Apeejay Surrendra Park IPO Basis of Allotment

#As certified by Raj Har Gopal & Co., Chartered Accountants, vide their certificate dated February 7, 2024.

20. The details of Price/Earnings, Earnings per share, Return on Networth and NAV as on and for the year ended March 31,2023 are as follows:

*At upper end of price band.

1) EPS forSAMHI Hotels Limited is negative for the financial year ended March 31,2023, accordingly the same has not been considered in Industry peers.

2) Return on networth for SAMHI Hotels Limited is negative for the financial year ended March 31,2023, accordingly the same has not been considered in Industry peers.

3) Profit for the financial year ended March 31, 2023 divided by the average net worth attributable to the owners of the Company.

21. The details of weighted average return on net-worth for the last 3 full financial years, and six months ended September 30,2023 and September 30,2022 are as follows :-

22. The details of market value to total revenue and the PE Ratio on the upper end/lower end of the price band are as below:

*Based on financial year ended March 31,2023.

Note:

1. Total revenue is for the financial year ended March 31, 2023.

2. Market value has been adjusted for the Fresh Issue portion.

3. Diluted EPS has been considered for the financial year ended March 31,2023.

23. Weighted average cost of all Equity Shares transacted in the one year, 18 months and three years preceding the date of the Prospectus

*As certified by Raj Har Gopal & Co., Chartered Accountants by their certificate dated February 7, 2024.

24. Average cost of acquisition of Equity Shares held by the Selling Shareholders ranges from ^0.75 to ^109.81 per Equity Share and Offer Price is Rs. 155.00 per Equity Share.

25. Details of price at which specified securities were acquired by our Promoter, the members of the Promoter Group, the Selling Shareholders, and Shareholders with rights to nominate directors or other rights, in the last three years preceding the date of the Prospectus:

Except as stated below, there have been no specified securities that were acquired in the last three years preceding the date of the Prospectus, by our Promoters, Promoter Group, Selling Shareholders and the other Shareholders having the right to nominate directors or other rights in our Company. The details of the prices at which these acquisitions were undertaken are stated below:

'As certified by Raj Har Gopal & Co., Chartered Accountants by their certificate dated February 7,2024.

26. The 3 BRLMs associated with the Offer have handled 94 public issues in the past three financial years, out of which 24 issues closed below the Offer Price on listing date:

This Offer was 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 was 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 was made available for allocation on a proportionate basis to Qualified Institutional Buyers ("QIBs", and such portion, the "QIB Portion"). Our Company,in consultation with the Book Running Lead Managers, allocated 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 was made available for allocation to domestic Mutual Funds only, subject to valid Bids having been received from the domestic Mutual Funds at or above the Anchor Investor Allocation Price. Further, 5% of the QIB Portion (other than Anchor Investor Portion) (the "Net QIB Portion") was made available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the Net QIB Portion was made available for allocation on a proportionate basis to all QIB Bidders other than Anchor Investors, including Mutual Funds, subject to valid Bids having been received at or above the Offer Price. Further, 675,675 Equity Shares aggregating to Rs 100 million were made available for allocation to Eligible Employees, subject to valid Bids having been received at or above the Offer Price. Further, not more than 15% of the Net Offer was made available for allocation to Non-lnstitutional Bidders such that: (a) one-third of the portion available to Non-lnstitutional Bidders, was reserved for applicants with application size of more than Rs 0.20 million and up to Rs 1 million and (b) two-thirds of the portion available to Non- lnstitutional Bidders, was reserved for applicants with an application size of more than Rs1 million, and not more than 10% of the Net Offer was made available for allocation to Retail Individual Bidders ("RIBs") in accordance with SEBI ICDR Regulations, subject to valid Bids having been received at or above the Offer Price. Further, Equity Shares have been allocated on a proportionate basis to Eligible Employees who applied under the Employee Reservation Portion, subject to valid Bids been received from them at or above the Offer Price. All Bidders, other than Anchor Investors, were required to mandatory utilise the Application Supported by Blocked Amount ("ASBA") process by providing details of their respective bank account (including UPI ID (defined hereinafter) in case of UPI Bidders), pursuant to which their corresponding Bid Amounts were blocked by the SCSBs or the Sponsor Bank(s) as applicable, to participate in the Offer. Anchor Investors were not permitted to participate in the Anchor Investor Portion through the ASBA process. For details, see "Offer Procedure" on page 501 of the Prospectus.

The Bidding for Anchor Investors opened and closed on Friday, February 2, 2024. Our Company received 37 applications from 24 Anchor Investors (including 8 domestic mutual funds through 21 Mutual Fund schemes) for 2,64,19,354 Equity Shares. The Anchor Investor Offer Price was finalized at Rs155 per Equity Share. A total of 2,64,19,354 Equity Shares were allocated under the Anchor Investor Portion aggregating to Rs 4,09,49,99,870.00.

The Offer received 17,22,111 applications for 2,10,54,01,152 Equity Shares (prior to rejections) resulting in 35.45 times subscription. The details of the applications received in the Offer from various categories are as under (before rejections):

Final Demand

A summary of the final demand as per BSE and NSE as on the Bid/Offer Closing Date as at different Bid prices is as under:

The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being the NSE on February 8,2024.

A. Allotment to Retail Individual Investors (after rejections) (including ASBA Applications)

The Basis of Allotment to the Retail Individual Investors, who have bid at the Cut-Off Price or at the Offer Price of Rs155 per Equity Share, was finalized in consultation with the NSE. This category has been subscribed to the extent of 31.25 times. The total number of Equity Shares Allotted in the Retail Portion is 59,29,543 Equity Shares to 15,05,283 successful Retail Individual Investors. The category-wise details of the Basis of Allotment are as under:

Note: This includes spillover of 58,576 Equity Shares from Employee category.

B. Allotment to Employee Reservation (After Rejections) (including ASBA Applications)"

The Basis of Allotment to the Eligible Employees, who have bid at the Offer Price (net of Employee Discount i.e. Rs 148 per Equity Share or above), was finalized in consultation with the NSE. This category has been subscribed to the extent of 0.09 times on an overall basis. The total number of Equity Shares Allotted in this category is 62,208 Equity Shares to 104 successful Eligible Employees. The category-wise details of the Basis of Allotment are as under:

Note: The Employee category was under subscribed by 6,13,467 shares, the Offer Price was Rs 155/- per Equity Share and the Employee Discount was Rs 7/-. Undersubscribed portion was met with the spillover of 5,85,762 shares (after adjusting the discount offered of Rs 7/-) to other categories. And there has been a short allotment of 27,705 shares.

C. Allotment to Non-Institutional Investors (more than Rs 200,000 and up to Rs 1,000,000) (after rejections) (including ASBA Applications)

The Basis of Allotment to the Non-lnstitutional Investors (more than Rs 200,000 and up to Rs 1,000,000), who have bid at the Offer Price of Rs155 per Equity Share or above, was finalized in consultation with the NSE. This category has been subscribed to the extent of 42.28 times. The total number of Equity Shares Allotted in this category is 29,64,772 Equity Shares to 89,276 successful Non-lnstitutional Investors (more than Rs 200,000 and up to Rs 1,000,000). The category-wise details of the Basis of

Allotment are as under (Sample):

Note: This includes spillover of 29,288 Equity Shares from Employee category

D Allotment to Non-Institutional Investors (more than Rs 1,000,000) (after rejections) (including ASBA Applications)

The Basis of Allotment to the Non-lnstitutional Investors (more than Rs 1,000,000), who have bid at the Offer Price of ^155 per Equity Share or above, was finalized in consultation with the NSE. This category has been subscribed to the extent of 59.26 times. The total number of Equity Shares Allotted in this category is 59,29,543 Equity Shares to 51,044 successful Non-lnstitutional Investors (more than Rs 1,000,000). The category-wise details of the Basis of Allotment are as under (Sample):

Note: This includes spillover of 58,576 Equity Shares from Employee category.

E. Allotment to QIBs (after rejections)

Allotment to QIBs, who Bid at the Offer Price of Rs155 per Equity Share or above, has been done on a proportionate basis in consultation with the NSE. This category has been subscribed to the extent of 81.65 times of the Net QIB Portion. As per the SEBI ICDR Regulations, Mutual Funds were allotted 5% of the Equity Shares of the Net QIB Portion available, i.e., Nil Equity Shares and other QIBs and unsatisfied demand of Mutual Funds were allotted the remaining available Equity Shares i.e., 9,02,612 Equity Shares on a proportionate basis. The total number of Equity Shares allotted in the Net QIB Portion is 1,71,49,614 Equity Shares, which were allotted to 143 successful QIB Bidders. The category-wise details of the Basis of Allotment are as under:

Note: This includes spillover of 4,17,355 Equity Shares from Employee category.

F. Allotment to Anchor Investors

Our Company in consultation with the BRLMs, have allocated 2,64,19,354 Equity Shares to 37 Anchor Investors (through 24 Anchor Investor Application Forms) (including 8 domestic Mutual Funds through 21 schemes) at the Anchor Investor Offer Price of Rs155 per Equity Share in accordance with the SEBI ICDR Regulations.

This represents 60% of the QIB Portion.

The Board at its meeting held on February 8,2024 has taken on record the Basis of Allotment of Equity Shares approved by the Designated Stock Exchange, being NSE and has allotted the Equity Shares to various successful applicants. The Allotment Advice-cum-Unblocking Intimations and/ or notices have been dispatched to the addresses of the investors as registered with the depositories. Further, the instructions to the Self Certified Syndicate Banks for unblocking of funds, transfers to the Public Offer Account have been issued on February 8,2024 and payment to non-Syndicate brokers have been issued on February 8, 2024. In case the same is not received within ten days, in vestors may contact the Registrar to the Offer at the address given below. The Equity Shares allotted to the successful Allottees have been uploaded on February 9,2024 for credit into the respective beneficiary accounts subject to validation of the account details with the depositories concerned. Our Company has filed the listing application with the NSE and BSE on February 9,2024. Our Company has received the listing and trading approval from NSE and BSE and the trading will commence on February 12,2024.

Note: All capitalised terms used and not specifically defined herein shall have the same meaning as ascribed to them in the Prospectus.

INVESTORS PLEASE NOTE

The details of the Allotment made will be hosted on the website of the Registrar to the Offer, Link Intime India Private Limited at www.linkintime.co.in

All future correspondence in this regard may kindly be addressed to the Registrar to the Offer quoting full name of the first/ sole Bidder, Bid cum Application Form number, Bidder DP ID, Client ID, PAN, date of submission of Bid cum Application Form, address of the Bidder, number of Equity Shares applied for, the name and address of the Designated Intermediary where the Bid cum Application Form was submitted by the Bidder and a copy of the Acknowledgment Slip received from the Designated Intermediary at the address given below:

	Link Intime India Private Limited
	C-101,1st Floor, 247 Park, Lal Bahadur Shastri Marg, Vikhroli (West), Mumbai -400 083, Maharashtra, India
	Telephone number: +91 810 811 4949, E-mail: parkhotels.ipo@linkintime.co.in, Website: www.linkintime.co.in
	Investor grievance e-mail: parkhotels.ipo@linkintime.co.in
	Contact person: Shanti Gopalkrishnan
	SEBI registration number: INR000004058

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARES ON LISTING OR THE BUSINESS PROSPECTUS OF APEEJAY SURRENDRA PARK HOTELS LIMITED.

APEEJAY SURRENDRA PARK HOTELS LIMITED has filed a Prospectus dated February 7,2024 ("Prospectus") with the Registrar of Companies {"RoC"). The Prospectus is available on the website of the Company at www.theparkhotels.com, SEBI at www.sebi.gov.in, websites of the Stock Exchanges i.e. BSE Limited and National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com, respectively, and the BRLMs, i.e. JM Financial Limited, at www.jmfl.com, Axis Capital Limited, at www.axiscapital.co.in and ICICI Securities Limited, at www.icicisecurities.com respectively. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risk, please see the section entitled "Risk Factors" beginning on page 29 of the Prospectus.

The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any other applicable law of the United States and, unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. Accordingly, the Equity Shares are being offered and sold only outside the United States in ‘offshore transactions' as defined in, and in reliance on, Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales are made.