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Lemon Tree Hotels has made a decent debut by listing at Rs 61.60, a 10% premium against issue price of Rs 56 on the BSE and the National Stock Exchange (NSE).At 10:01 am; the stock was trading 9% higher at Rs 60.80 on the BSE.

Post listing, it hit an intra-day of Rs 65. A combined 1.23 million shares changed hands on the counter on the BSE and NSE so far.

The Rs 10.39 billion initial public offering (IPO) of Lemon Tree Hotels was overall subscribed 1.19 times. The IPO received total bids of 15.49 million shares as against the total issue size of 12.98 million, the stock exchange data showed.The Qualified Institutional Buyers (QIB) emerged as lead bidders, with 3.89 times of their portion subscribed. Non-institutional investor portion and the portion of shares reserved for retail investors were subscribed by 12% each.

As the public offer was a complete offer for sale, Lemon Tree has not received any proceeds from the issue.Lemon Tree Hotels is India’s largest chain in the mid-priced hotels sector and third largest overall, on the basis of controlling interest in owned and leased rooms, as of June 30, 2017, according to the Horwath Report.

Lemon Tree hotels are located across India, in metro regions, including the NCR, Bengaluru, Hyderabad and Chennai, as well as tier I and tier II cities such as Pune, Ahmedabad, Chandigarh, Jaipur, Indore and Aurangabad.

Last modified on Monday, 09 April 2018

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