On Monday, Lemon Tree Hotels said that it will launch its Rs1,039 crore IPO on 26 March. Photo: APMumbai: Buyout firm Warburg Pincus is set to make a partial exit from its almost 12-year-old investment in Lemon Tree Hotels Ltd, as the company prepares to launch its initial public offering (IPO) at the end of this month. On Monday, Lemon Tree Hotels said that it will launch its Rs1,039 crore IPO on 26 March. Founded by Patanjali Govind Keswani in 2002, Lemon Tree operates under three brands that cater to the needs of different hotel segments—Lemon Tree Premier is targeted primarily at the upper-midscale hotel segment; Lemon Tree Hotels is targeted at the midscale hotel segment; and Red Fox by Lemon Tree Hotels is targeted at the economy hotel segment. As of 31 January, Lemon Tree operated 4,697 rooms in 45 hotels (including managed hotels) across 28 cities in India.

Source: Mint March 19, 2018 18:22 UTC