April 8, 2014 / 11:25 PM / in 4 years

Blackstone-backed La Quinta Holdings IPO priced at $17: Bloomberg

(Reuters) - Blackstone Group LP (BX.N)-owned La Quinta Holdings Inc’s (LQ.N) 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 the offering.

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 Goldman Sachs.

    Reporting by Shubhankar Chakravorty and Avik Das in Bangalore

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