Shares of Lemon Tree Hotels zoom 28% in debut trade

New Delhi: Shares of hospitality chain Lemon Tree Hotels surged nearly 28 percent in debut trade today against the issue price of Rs 56.

The stock listed at Rs 61.60, a sharp gain of 10 percent over the issue price on BSE. Intra-day, it soared 31.96 percent to Rs 73.90. The stock finally ended at Rs 71.60, up 27.85 percent.

On NSE, it zoomed 27.94 percent to settle at Rs 71.65.

In terms of equity volume, 88 lakh shares of the company were traded on BSE and over 6 crore shares changed hands at NSE during the day.

The company's market valuation stood at Rs 5,630.71 crore.

Its initial public offer was opened during March 26-28 and was subscribed 1.2 times.

The price band for the offer was fixed at Rs 54-56.

Kotak Mahindra Capital Company, CLSA India and J P Morgan India were the global co-ordinators and book running lead managers to the offer.