New Delhi, Mar 28 (PTI) The initial public offer of hospitality chain Lemon Tree Hotels was subscribed 1.19 times so far on the last day of bidding today.

The IPO to mop-up Rs 1,038.68 crore received bids for 15,48,77,925 shares against the total issue size of 12,98,35,580 shares, data available with the NSE till 1800 hrs showed.

The segment meant for qualified institutional buyers (QIBs) was subscribed 3.89 times, non institutional investors 12 per cent and retail investors 12 per cent, merchant banking sources said.

The company’s IPO is of up to 185,479,400 shares (including anchor portion of 55,643,820 shares).

Price band for the issue has been fixed at Rs 54-56.

Lemon Tree Hotels has raised Rs 311 crore from anchor investors.

Kotak Mahindra Capital, CLSA India and J P Morgan India are managing the issue.

The company’s shares are proposed to be listed on BSE and the National Stock Exchange.

This is published unedited from the PTI feed.