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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.
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.