Wednesday, February 26 17:46:27
Dalata, the hotel operator run by Pat McCann, is to launch on the stock market in an effort to raise around E200m, Bloomberg reported today.
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, according to the Bloomberg report.
Davy, whose clients own almost two thirds of the company, will manage the IPO, they said.