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Dream Gateway Hotels plans share sale, listing in India

Jain Group unit Dream Gateway Hotels Ltd. is looking to raise about 390 million Indian rupees from the sale of 2.57 million shares at about 150 rupees apiece and list itself on the Bombay Stock Exchange's small- and medium-sized enterprise platform, Livemint reported.

The company, which operates the Holiday Inn hotel in Kolkata, India, through a management contract with Intercontinental Hotels Group, is looking for a valuation of roughly 1.5 billion rupees. Dream Gateway director Rishi Jain told the news outlet that the company expects to file the draft red herring prospectus in December.

The company will use the proceeds from the offering to expand the 140-room Kolkata hotel. It also plans to invest 2.25 billion rupees in the development of two properties in India's Siliguri and Durgapur cities, starting in 2018.

As of Dec. 6, US$1 was equivalent to 64.54 Indian rupees.