(Reuters) - Lemon Tree Hotels Ltd’s initial public offering to raise 10.39 billion rupees ($159.54 million) was fully subscribed at the end of a three-day book running process on Wednesday.
Investors bid for 154.9 million shares, or 1.19 times the 129.8 million shares on offer, stock exchange data as of 0121 GMT showed.
The IPO of the company which owns and operates hotels, constitutes up to 23.59 percent of its post-offer paid-up equity share capital.
Kotak Mahindra Capital, CLSA India, JP Morgan India and Yes Securities (India) are managing the IPO.
India’s IPO market saw a record $11 billion in fund-raising last year, and companies are in the process of raising more than $2 billion in March.
However, investor response to the listings by state-run Hindustan Aeronautics Ltd (HAL) and ICICI Securities, a unit of India’s third-biggest lender ICICI Bank, have been tepid.
($1 = 65.1250 Indian rupees)
Reporting by Krishna V Kurup in Bengaluru; Editing by Biju Dwarakanath