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 Indian hotel operator Ventive Hospitality has set a price band of 610 rupees to 643 rupees per share ($7.19-$7.57) for its initial public offering, a newspaper advertisement showed on Tuesday.

Ventive, backed by U.S. private equity firm Blackstone Group and real estate developer Panchshil Realty, operates 11 hotels and resorts including JW Marriott and The Ritz-Carlton across India and the Maldives.

The company's 16 billion rupee ($188.4 million) IPO is set to open on Dec. 20 and close on Dec. 24, the advertisement showed. Anchor investors can place bids on Dec. 19.

The company is selling only new shares in the issue and is seeking a valuation of about $1.8 billion at the upper end of the IPO's price range. The stock is likely to begin trading on Dec. 30.

Ventive Hospitality, which competes with listed rivals such as Chalet Hotels, Juniper Hotels, Indian Hotels Company and Lemon Tree Hotels, said it would use around 14 billion rupees raised via the IPO proceeds to repay debt, which stood at 36.10 billion rupees as of Sept. 2024.

More than 300 firms have raised about $17.5 billion so far this year in India's IPO market, more than twice the amount raised during the same period last year.

Ventive Hospitality reported a 27% rise in net profit to 1.67 billion rupees for the financial year ended March 2024, while its revenue from operations rose 11%.

JM Financial, Axis Capital Limited, HSBC Securities and Capital Markets, ICICI Securities, IIFL Securities, Kotak Mahindra Capital Company, and SBI Capital Markets are managing the issue.

($1 = 84.9100 Indian rupees)