Kolkata-based real estate and hospitality developer, Jain Group, is looking to list its hospitality arm, Dream Gateway Hotels, and raise around Rs 30 crore to fund the group’s expansion plans, reported Mint.

Dream Gateway Hotels is looking to invest around Rs 365 crore over the next three years to expand operations in Kolkata, Siliguri and Durgapur under the Holiday Inn brand, said the report.

The shares will be listed on the BSE issuing fresh 3.22 million shares of Rs 10 each to investors and around 1,70,000 shares to market makers, added the report.

The prospectus for the Initial Public Offering (IPO) was filed with the markets regulator Sebi 15 days ago, and the public issue is expected to hit the market towards the end of June, according to the daily.

The share sale will result in dilution of promoter holding by 28%.

The promoter group will hold around 70-72 percent post the IPO in Dream Gateway Hotels.

Dream Gateway currently operates and manages a 137-room hotel in Kolkata, which is operated under the Holiday Inn brand, the report said.