Apeejay Surrendra Park Hotels Ltd is seeking to raise up to 10 billion Indian rupees from an initial public offering, according to its draft prospectus filed with the Securities and Exchange Board of India on Jan. 2.

The offering will have up to 40% of new shares, while the remaining portion will be existing shares sold by the company's shareholders.

Apeejay Surrendra owns and operates 22 luxury boutique and upper-midscale hotels in India under The Park and Zone by the Park brands. Its portfolio has a total of 1,937 rooms in major cities including Bangalore, Chennai, Hyderabad, Kolkata, Mumbai and Delhi.

The company had a total income of 997.21 million rupees for the three months ended June 30, 2019, with the room occupancy rate at 86.02% and an average room revenue of 4,904 rupees in the same period.

The group also has a retail food and beverage business unit operating under the brand Flurys.

Bookrunners for the offering are ICICI Securities Ltd., Axis Capital Ltd., JM Financial Ltd. and Link Intime India Pvt. Ltd.

As of Jan. 2, US$1 was equivalent to 71.33 Indian rupees.