April 8 Blackstone Group LP -owned La
Quinta Holdings Inc's initial public offering priced at
$17 per share, according to Bloomberg, valuing the hotel chain
at about $2.1 billion.
La Quinta's IPO raised $650 million, after its offering of
38.25 million shares priced below an expected range of $18 to
$21 a share, Bloomberg reported
Irving, Texas-based La Quinta is selling all the shares in
Shares of the company, which are expected to start trading
on Wednesday, will be listed on the New York Stock Exchange
under the symbol "LQ."
JP Morgan and Morgan Stanley are the lead underwriters for
the offering. Other notable underwriters include BofA Merrill
Lynch, Citigroup, Credit Suisse, Deutsche Bank Securities and
(Reporting by Shubhankar Chakravorty and Avik Das in Bangalore)