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Chalet Hotels IPO in progress, price band set at Rs 275-280

This is one of the biggest offerings in the IPO market, which has otherwise been lull in the recent months due to volatilities in the market. The IPO consists of equity shares of face value of Rs 10 aggregating up to Rs 950 crore and an offer-for- sale of up to 2.46 crore equity shares.

twitter-logo BusinessToday.In        Last Updated: January 29, 2019  | 17:01 IST
Chalet Hotels IPO in progress, price band set at Rs 275-280

The initial public offer (IPO) of Chalet Hotels, the hospitality business of Raheja Corp which owns, develops and manages high-end hotels in the key metros, opened today. The company plans to raise up to Rs 1,629-1,641 crore via the IPO. The IPO includes issue of fresh equity and also sale by promoters.

This is one of the biggest offerings in the IPO market, which has otherwise been lull in the recent months due to volatilities in the market.

The IPO consists of equity shares of face value of Rs 10 aggregating up to Rs 950 crore and an offer-for- sale of up to 2.46 crore equity shares.

The issue which is priced at Rs 275-280 will remain open till January 31.

On Monday, Chalet Hotels allotted 1,75,84,071 equity shares in the upper band of Rs 280 per unit, aggregating to Rs 492.35 crore, as part of the anchor investor allotment.

Among 27 anchor investors, SBI Small Cap Fund has been allotted 17,85,729 equity shares, while Fidelity Funds - India Focus Fund and Goldman Sachs India have been allotted 14,28,615 equity shares each.

Others are HDFC Small Cap Fund and HDFC Standard Life Insurance Company, which are allotted 12,14,336 shares each. DB international (Asia) is allotted 11,90,439 equity shares, among others.

The selling shareholders include 55.50 lakh shares each by Ravi C Raheja and Neel C Raheja, 1.07 crore shares by K Raheja Corp, 8 lakh by Palm Shelter Estate and 20 lakh by Ivory Properties & Hotels.

JM Financial, Axis Capital and Morgan Stanley India are the lead managers to the issue.

Edited by Aseem Thapliyal

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