Hospitality chain Lemon Tree Hotels has filed draft papers with markets regulator Sebi to float an initial public offering.
The public offer comprises sale of up to 195,797,000 equity shares by the existing shareholders, including Maplewood, Whispering Resorts, Palms International and RJ Corp, according to the draft red herring prospectus (DRHP). The offer will constitute up to 24.90% of the post-offer paid up equity share capital of the company.
“Our company expects that listing of the equity shares will enhance our visibility and brand image and provide liquidity to our shareholders. Listing will also provide a public market for the equity shares in India,” the company said.
Kotak Mahindra Capital Company, CLSA India, J P Morgan India and YES Securities will mange the company’s public issue. The equity shares are proposed to be listed on the BSE and the National Stock Exchange (NSE). The company has 40 hotels with 4,300 rooms in 24 cities across the country.
