Chalet Hotels share lists at 5% premium over issue price

Chalet Hotels share lists at 5% premium over issue price

On the NSE, the Chalet Hotels share listed at Rs 294, a 5 per cent premium over its issue price of Rs 280 apiece. However, the Chalet Hotels share price fell below the opening price by 0.76% to 288.20.  The Chalet Hotels share price was still trading 3.11% higher over its issue price.

Chalet Hotels share lists at 5% premium over issue price
The Chalet Hotels share price fell to an intra day low of 250.15 level and an intra day high of 295 level on the BSE.

The Chalet Hotels share listed at a premium of 5% on the NSE today. The hotel chain led by Mumbai-based K Raheja Corp made its debut at a premium of 3.92% at Rs 291 on the BSE. On the NSE, the Chalet Hotels share listed at Rs 294, a 5 per cent premium over its issue price of Rs 280 apiece. However, the Chalet Hotels share price fell below the opening price by 0.76% to 288.20.  The Chalet Hotels share price was still trading 3.11% higher over its issue price.

The Chalet Hotels share price fell to an intra day low of 250.15 level and an intra day high of 295 level on the BSE.

Nearly 6.91 lakh Chalet Hotels shares exchanged hands on the BSE. The turnover on the Chalet Hotels counter amounted to Rs 19.65 crore. The Rs 1,641-crore Chalet Hotels' initial public offer (IPO) ran from January 29 to January 31 and was subscribed 1.57 times.

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.

The category meant for qualified institutional buyers (QIBs) got subscribed 4.65 times, non institutional 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 stood at Rs 275-280 per equity share.

JM Financial Limited, Axis Capital Limited and Morgan Stanley India Company managed the offer.

This was the first IPO of 2019.

The equity shares of the company have been listed on the BSE and the NSE.

Chalet Hotels owns, develops and manages high-end hotels in key metro cities in India.

The company's hotel platform comprises five operating hotels including a hotel with a co-located serviced residence, located in Mumbai, Hyderabad and Bengaluru, representing 2,328 keys as of March 31, 2018. All the hotels are branded with globally recognized brands, such as, JW Marriott, Westin, Marriott, Marriott Executive Apartments, Renaissance and Four Points by Sheraton, which are held by Marriott Hotels India Private Limited and its affiliates.

Meanwhile, the Sensex and Nifty were trading 32 points and 9 points higher at 37,007 and 11,071, respectively in afternoon trade.