Lemon Tree Hotels IPO subscribed 25% on Day 1 of bidding

New Delhi: The initial public offer of hospitality chain Lemon Tree Hotels was subscribed 25 percent on the first day of the three-day bidding.

The IPO to raise Rs 1,038.68 crore received bids for 3,26,06,395 shares against the total issue size of 12,98,35,580 shares, the NSE data showed.

The Qualified Institutional Buyers (QIBs) portion was subscribed 82 percent, non institutional investors - 3 percent and retail investors - 2 percent.

The IPO is of up to 185,479,400 shares (including anchor portion of 55,643,820 shares).

The offer is in a price band of Rs 54-56 and would close on March 28.

Lemon Tree Hotels has raised Rs 311 crore from anchor investors.

The company's shares are proposed to be listed on BSE and the National Stock Exchange.

Kotak Mahindra Capital Company, CLSA India, and J.P. Morgan India and YES Securities (India) are the global coordinators and book running lead managers to the offer.