Chalet Hotels launches Rs 1600-cr IPO at Rs 275-280 range

Chalet Hotels, which owns, develops and manages high-end hotels in the key metros, Friday announced a Rs 1,600-crore initial public offering which 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 is priced at Rs 275-280 and will open January 29 through 31.

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..