May 21 (Reuters) - Schloss Bangalore SCHL.NS, owner of Indian luxury hotel chain 'The Leela', has set a price band of 413 rupees to 435 rupees ($4.83-$5.09) per share for its $409 million initial public offering (IPO), a newspaper advertisement showed on Wednesday.
The hotel operator is targeting a valuation of about 145 billion rupees ($1.7 billion) at the upper end of the price band, according to Reuters calculations.
Schloss slashed the size of its offering by 30%, its prospectus showed on Tuesday, eight months after it filed draft papers for an IPO, joining a growing list of firms that have tempered their issues to go public amid market uncertainty.
The IPO will open for bids from May 26 to May 28, with large anchor investors getting to bid on May 23. Shares of the hotel operator are expected to start trading on June 2.
Brookfield-backed Schloss will sell fresh shares worth 25 billion rupees, down from an initially planned 30 billion rupees. Brookfield plans to sell shares worth 10 billion rupees, half of its original plan.
Schloss, which runs 13 hotels, will use proceeds from the sale of new shares to repay its borrowings.
($1 = 85.5260 Indian rupees)
Reporting by Hritam Mukherjee in Bengaluru; Editing by Sonia Cheema
Source: Reuters