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Shares of hospitality chain Lemon Tree Hotels surged nearly 28 per cent in debut trade today against the issue price of Rs 56.
The stock got listed at Rs 61.60, a sharp gain of 10 per cent over the issue price on the BSE. Intraday, it soared 31.96 per cent to Rs 73.90. The stock finally ended at Rs 71.60, up 27.85 per cent.
On the NSE, the stock zoomed 27.94 per cent to settle at Rs 71.65. In terms of equity volume, 88 lakh shares of the company were traded on the BSE and over 6 crore shares changed hands on the NSE. The company’s market valuation stood at Rs 5,630.71 crore.
Lemon Tree initial public offer, which was opened during March 26-28, was subscribed 1.2 times. 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.
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