Jain group hotel IPO
Dream Gateway Hotels Pvt Ltd, the flagship company of Jain Group, is planning to come out with an initial public offering (IPO) and get listed on the BSE SME. Executive director of Jain Group, Rishi Jain said Dream Gateway Hotels would issue fresh shares to raise Rs 39 crore from the IPO. The purpose of the IPO is to reduce dependence on debt and the proceeds of the IPO would be to part finance the expansion of the Holiday Inn Kolkata Airport Hotel. The company would also set up two Holiday Inn hotels at Durgapur and Siliguri. The group has tied up with Intercontinental Hotels Group for getting the Holiday Inn brand for its properties.