New Delhi, April 9 – Shares of hospitality chain Lemon Tree Hotels surged nearly 28% in debut trade today against the issue price of Rs 56.
The stock listed at Rs 61.60, a sharp gain of 10% over the issue price on BSE. Intra-day, it soared 31.96% to Rs 73.90. The stock finally ended at Rs 71.60, up 27.85%.
On NSE, it zoomed 27.94% 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.