Chalet Hotels IPO subscribed 28 pc on second day of bidding

Chalet Hotels' IPO comprises a fresh issue of Rs 950 crore and an offer-for-sale of up to 2,46,85,000 equity shares

The initial public offering (IPO) of Chalet Hotels, which owns, develops and manages high-end hotels in key metro cities in India, was subscribed 28 per cent on the second day of bidding on Wednesday.

The IPO, to raise about Rs 1,641 crore, received bids for 1,16,68,957 shares against the total issue size of 4,13,26,672 shares, according to data available with the National Stock Exchange (NSE).

The category for qualified institutional buyers (QIBs) was subscribed 63 per cent, non-institutional investors 47 per cent and retail individual investors 1 per cent.

The IPO comprises a fresh issue of Rs 950 crore and an offer-for-sale of up to 2,46,85,000 equity shares, including anchor portion of 1,75,84,071 equity shares.

Price range for the offer, which is scheduled to close on Thursday, has been set at Rs 275-280 per equity share.

This is the first IPO of 2019.

The equity shares of the company are proposed to be listed on the BSE and the NSE.

JM Financial, Axis Capital and Morgan Stanley India Company are managing the IPO.