Chalet Hotels IPO oversubscribed as bidding concludes

The initial public offering of Chalet Hotels, which owns, develops and manages high-end hotels in key metro cities in India, was subscribed 1.57 times on the last day of bidding Thursday. The initial public offering (IPO) to raise about Rs 1,641 crore received bids for 6,49,07,563 shares against the total issue size of 4,13,26,672 shares, as per NSE data till 1800 hrs.

The category meant for qualified institutional buyers (QIBs) got subscribed 4.65 times, non-institutionald investors 1.11 times and retail individual investors 3 per cent, as per merchant banking sources. The offer comprises a fresh issue of Rs 950 crore and an offer for sale of up to 2,46,85,000 equity shares (including anchor portion of 1,75,84,071 equity shares).

Its price range is at Rs 275-280 per equity share. JM Financial Limited, Axis Capital Limited and Morgan Stanley India Company are managing the offer. This is the first IPO of 2019. The equity shares of the company are proposed to be listed on the BSE and the NSE. The initial public offer opened for bidding on Tuesday.

(With inputs from agencies.)