Chalet Hotels IPO opens today

The IPO of Chalet Hotels opens for public on Tuesday and closes on January 31. The hotel major plans to raise ₹1,620-1,640 crore through the issue, which is coming at a price band of ₹275-280 a share. The issue consists of a fresh issue of shares to the tune of ₹950 crore and an offer-for-sale of up to ₹691.18 crore. The selling shareholders include Ravi C Raheja and Neel C Raheja (55.5 lakh shares each), K Raheja Corp (1.07 crore shares), Palm Shelter Estate (eight lakh shares) and Ivory Properties & Hotels (20 lakh shares). Net proceeds from the fresh issue would be largely used for the repayment/prepayment of debt availed by the company, the firm said.