Strong debut: Hotel chain Lemon Tree closes 29% higher on Day 1
Market debutant Lemon Tree Hotels had a bumper start to its journey as the stock managed to close the day around 29 percent higher to its listing price. The scrip managed to close 17 percent higher to its listing price as well.
The hospitality chain’s stock closed at Rs 72.10 apiece, a rise of Rs 16.1 to the issue price of Rs 56. It had listed at Rs 61.6, a premium of 10 percent to its issue price on the National Stock Exchange (NSE).
Its public issue was subscribed 1.19 times during March 26-28, 2018.
The Rs 1,038.68 IPO received bids for 15.49 crore shares against the total issue size of 12.98 crore shares.
The segment reserved for qualified institutional buyers (QIBs) was subscribed 3.89 times while non-institutional investors and retail investors subscribed 12 percent each.
The company had managed to raise Rs 311 crore from anchor investors.