Dalata to raise up to €200 million through IPO

Irish hotel chain Dalata plans to raise as much as €200 million through an initial public offering next month, according to a person with knowledge of the matter.

The company, which operates 34 hotels in Ireland and the UK, plans to add new accommodation with the proceeds of the IPO, according to two people, who asked not to be named as the plans haven’t yet been announced.

Shareholders, including clients of Davy and TVC Holdings, agreed not to sell any of their stake for at least a year, the people said.

Led by chief executive Pat McCann, Dalata will be the only hotel company on the Irish Stock Exchange after a consortium bought Jurys Doyle Hotel Group in 2006. Mr McCann headed Jurys before it was sold.

Dalata, founded in 2007, plans to list on the junior markets in Dublin and London, the people said.

Davy, whose clients own almost two thirds of the company, will manage the IPO, they said.

A spokesman for Dalata declined to comment.

Bloomberg