Lemon Tree Hotels soars on market debut

(Reuters) - Shares in India's Lemon Tree Hotels Ltd closed 28 percent higher on their trading debut on Monday after the company's initial public offering raised nearly $160 million.

Lemon Tree shares closed at 71.65 rupees on the National Stock Exchange, after hitting a high of 73.90 rupees. The shares were sold at 56 rupees in the IPO.

Lemon Tree's strong listing is a rare success in India's volatile stock markets this year where most of the recent trading debuts have been lacklustre.

Five of the eight companies that held initial share sales in March have listed at a discount to their issue prices.

Companies in India have raised about $2.8 billion from IPOs so far this year, following a record $11 billion in 2017.

($1 = 64.9800 Indian rupees)

(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Vyas Mohan)