Dream Gateway Hotels Ltd., the hospitality arm of Jain Group Pvt. Ltd., is seeking 305.0 million Indian rupees from its planned IPO in Mumbai, Mint reported June 12, citing a draft red herring prospectus filed with the Securities and Exchange Board of India.

Dream Gateway's listing on the Bombay Stock Exchange's special trading platform for small and medium-sized enterprises is expected around June-end, according to the publication. It will involve the sale of 3.22 million shares to investors and about 170,000 more to market makers at 90 rupees per share.

The offering price, Mint said, is well below the 140-rupee to 150-rupee per-share price that Jain Group announced it was expecting from the IPO in December 2017.

Proceeds will be used for Dream Gateway's expansion. The company, which previously partnered with InterContinental Hotels Group PLC, has 3.65 billion rupees reserved to expand operations in the Indian cities of Kolkata, Siliguri and Durgapur within three years.

As of June 12, US$1 was equivalent to 67.48 Indian rupees.