The Rs 1,641-crore initial public offering (IPO) of Chalet Hotels received subscription of 1.58 times on Thursday, the final day of the offer. The IPO saw bids for 64.8 million shares, as against the 41 million on offer.

The portion reserved for institutional investors was subscribed 4.6 times, and the high networth individuals (HNI) portion subscribed 1.11 times. The retail investors’ portion was subscribed just 2 per cent. Experts said the lukewarm response underscores the weak sentiment towards the primary market. Chalet Hotels was the first major IPO to hit the market in nearly four months. Since October, firms and bankers resisted from launching IPOs.