NLL takes IPO route for its expansion

Neesa Leisure Ltd (NLL), an Integrated Hospitality Company based out of Gujarat is all set to take the initial public offering (IPO) route for its expansion. The company has filed a Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI), confirms a company official. The company expects to raise about Rs 200 crore from IPO and about Rs50 crore from private equity investors totaling approx Rs 250 crore. Further, the company may consider rising up to Rs 65 crore as pre-IPO placement. The company is seeking listing of its shares on both the National Stock Exchange and the Bombay Stock Exchange. Centrum Capital Limited and Axis Bank Ltd are the book running lead managers to the issue. The proceeds from IPO will be used to fuel company’s expansion activities by way of contract model and franchise model in tier II, III cities pan India. The company aims to develop new properties in Lucknow, Raipur and Nasik under the brand name of ‘CAMBAY'.