Lemon Tree Hotels shares soar over 30% on market debut

Shares of mid-sized Lemon Tree Hotels zoomed nearly 32 per cent on debut on Monday. The stock ended at Rs 72.3, up Rs 16.3, or 29.11 per cent, over its issue price of Rs 56. Intra-day, the stock touched a high of Rs 73.9 and a low of Rs 57.25 on the National Stock Exchange.

The impressive performance was despite a lukewarm response to the hospitality chain’s Rs 10-billion initial public offering (IPO). The offer subscribed 1.2 times, with non-institutional investor segments witnessing just 10 per cent demand for the shares on offer. The institutional investor segment, however, was subscribed