Bangalore: Mahindra Holidays and Resorts has set a price band of Rs 275-325 per equity share for its initial public offer (IPO) of 9.27 million shares of Rs 10 each through a 100 percent book building route. Company expects to raise Rs 250-300 crore through this exercise. Mahindra Holidays will hit the capital market on June 23 and this offer will close on June 26. The proposed issue by Mahindra Holidays will end a 15-month drought in India as firms had called a halt from making public offerings in 2008, in the?wake of the economic slowdown and a falling market. "This is an IPO that's coming after a relatively dry period in the market and even the Tech Mahindra IPO came at a rather dry period. The success of the IPO will substantially enhance the market capital cap of the group," said Anand Mahindra, Chairman, Mahindra Group. The company, which has 27 resorts across India and Thailand, is looking to hit new markets in South Africa and China and is also looking to acquire properties within the country. "We are looking at those markets. We will go there at the right time. We have not finalized our plans (for international expansion). We are looking at replicating our entire business model there, including new properties and new members," said Ramesh Ramanathan, Managing Director, Mahindra Holidays and Resorts. Kotak Mahindra Capital, HSBC Securities and Capital Markets (India) and SBI Capital Markets are the book running lead managers to the issue. Company has decided to allocate at least 60 percent of the issue to qualified institutional buyers while about 10 percent to non-institutional bidders and around 30 percent to retail investors. "Our strategy is to build our own properties, to lease and also to acquire. Our members buy membership (schemes) using EMI (Equated Monthly Installments) plans. So the receivables are EMIs due from the members," Ramanathan said. The firm that owns Club Mahindra Resorts added 19,000 new members in 2008-09 and cumulative member base increased to 92,825 in 2008-09. The company currently has a land bank of about 251 acres across the country. "The proceeds from the proposed IPO will be used into new projects and expansion of existing resorts over three years," said Ramanathan.