Indian hotels owner and developer Chalet Hotels Ltd., a subsidiary of real estate to retail company K Raheja Corp., plans to launch a 1,641 crore rupees ($230.6 million) initial public offering.

Chalet Hotels has priced its shares in the range of $3.87 to $3.94 per share. At the lower end of the price band, the offering will be worth $228.9 million, while at the upper end it will be worth $230.6 million.

Chalet Hotels intends to secure $133.5 million of primary capital that it will use to cut down its debt.

For the financial year 2017 to 2018, the company generated $130.6 million in revenue.