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market | IST

Lemon Tree IPO to hit the street, issue size about Rs 1,038 crore, says company

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In an interview to CNBC-TV18, Patanjali Keswani, CMD of Lemon Tree Hotels where he spoke about their IPO, the share issue as well as the number of shareholders expected to be exiting through this issue.

Lemon Tree Hotels is gearing up to open its initial public offering of 18,54,79,400 equity shares for subscription on March 26.
Out of that, the bidding for the anchor investors' portion will be opening on March 23.
Bids can be made for a minimum lot of 265 equity shares on March 23 and for the remaining on March 26.
The company has decided on a price band at Rs 54-56 per share.
"The size is about Rs 1,038 crore ... so we are selling about 18.5 crore shares which is about 23% of the company’s stock", said Patanjali Keswani, CMD of Lemon Tree Hotels.
The entire issue consists of offer for sale by Maplewood Investment, RJ Corp, Ravi Kant Jaipuria and Sons (HUF), Whispering Resorts, Swift Builders, Five Star Hospitality Investment Limited, Palms International Investments Limited, Satish Chander Kohli and Raj Pal Gandhi.