Lemon Tree Hotels files IPO papers with Sebi

The company has 40 hotels with 4,300 rooms in 24 cities across the country

Hospitality chain Lemon Tree Hotels has filed draft papers with markets regulator Sebi to float an initial public offering.

The public offer comprises sale of up to 195,797,000 equity shares by the existing shareholders, including Maplewood, Whispering Resorts, Palms International and RJ Corp, according to the draft red herring prospetus (DRHP).

The offer will constitute up to 24.90 per cent of the post-offer paid up equity share capital of the company.

Explaining the reasons behind the IPO, Lemon Tree Hotels said it aims to achieve the benefits of listing the equity shares on the stock exchanges.

"Our company expects that