Lemon Tree Hotels had set a price band of Rs54-56 per share for its IPO. Photo: AFPMumbai: Shares of Lemon Tree Hotels Ltd closed nearly 28% higher on the stock market debut on Monday after its Rs1,039 crore initial public offering (IPO) was subscribed 119% during the three-day share sale that closed on 28 March. Lemon Tree Hotels shares ended at a premium of 27.94% at Rs71.65 on the NSE over its issue price of Rs56 apiece. Lemon Tree Hotels operate in the mid-priced hotel sector in India, where consumer demand is highly dependent on the general economic performance in India. Lemon Tree operates under three brands that cater to the needs of different hotel segments: Lemon Tree Premier is targeted primarily at the upper-mid-scale hotel segment; Lemon Tree Hotels is targeted at the mid-scale segment; and Red Fox by Lemon Tree Hotels is targeted at the economy segment.

Source: Mint April 09, 2018 04:52 UTC