Second Day Subscription (As of 5 p.m.)
- Qualified institutional buyers: 1.43 times
- Non-institutional bidders: 0.05 times
- Retail investors: 0.04 times
- Overall: 0.44 times
The initial public offer of hospitality chain Lemon Tree Hotels was subscribed 0.44 times on the second day of bidding today.
The Rs 1,040 crore offer, received bids for 5.72 crore shares as against the total issue size of 12.98 crore shares, according to data shared by Axis Capital as of 5 p.m.
The qualified institutional buyers’ portion was subscribed 1.43 percent, the non institutional investors’ portion was subscribed 0.05 percent, and retail investors’ segment was bid for 0.04 percent.
Promoters, private equity firm Warburg Pincus, and Dutch pension fund APG, are offloading 18.5 crore shares or 23.59 percent stake in the three-day offer, at a price band of Rs 54-Rs 56 apiece.
Ahead of its IPO, India’s largest hotel chain in the mid-priced segment, 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.