Chalet Hotels ends 3 percent higher in debut trade

By: | Published: February 8, 2019 4:18 AM

The initial public offering (IPO) of Chalet Hotels received 1.57 times subscription on the final day (January 31) of the share sale. Of the 4.13 crore shares offered, investors bid for around 6.48 crore shares.

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The stock of Chalet Hotels, which owns, develops and manages high-end hotels in key metro cities in the country, ended with more than 3 percent gains in debut trade on Thursday. The stock made its debut at Rs 294 on the National Stock Exchange, 5% above its issue price of `280. It finally ended the session at Rs 291.95 after hitting an intra-day high of Rs 300 and an intra-day low of Rs 250.

On BSE, the company’s stock settled at Rs 290.40, up 3.71 percent from its issue price.

The initial public offering (IPO) of Chalet Hotels received 1.57 times subscription on the final day (January 31) of the share sale. Of the 4.13 crore shares offered, investors bid for around 6.48 crore shares. Qualified Institutional Buyers (QIBs) bid the most with the category seeing 4.65 times subscription. Of the 1.17 crore shares on offer, QIBs bid for 5.45 crore shares.

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High net worth individuals (HNIs) bid for 97.80 lakh shares of the 88.84 lakh shares on offer to them, and retail investors bid for 5.24 lakh shares of the 2.07 crore shares reserved for them. After listing, the company market capitalisation touched rS 5,986.70 crore.

On January 28,Chalet Hotels allotted Rs 492 crore to 27 anchor investors. SBI Small Cap Fund, Fidelity Funds, HDFC Standard Life Insurance company, DB International, HDFC Small Cap and Tokio Marine Life Insurance Singapore were some of the anchor investors. The Rs 1,641-crore IPO was managed by JM Financial, Axis Capital and Morgan Stanley India. Chalet Hotels has a brand partnership with Marriott with 90 percent of total hotel rooms managed by Marriott, and the rest self-managed by Chalet.

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