The initial public offer (IPO) of Chalet Hotels received bids for 6.49 crore shares, as against 4.13 crore shares on offer, National Stock Exchange of India (NSE) website data showed. The issue was subscribed 1.57 times.

The issue opened for subscription on 29 January 2019 and closes today, 31 January 2019. The price band for the issue has been fixed at Rs 275 to Rs 280 per share.

Ahead of the opening of the IPO, the board of directors of the company at its meeting held on 28 January 2018, finalised allocation of 1.75 crore equity shares to anchor investors at Rs 280 per share.

The objects of the issue is to repay debt of around Rs 720 crore and to meet other general corporate purpose expense apart from the benefits of listing the equity shares on the BSE and the NSE and to enhance its visibility and brand image and provide liquidity to its existing shareholders.

For six months ended September 2018, consolidated net sales stood at Rs 469.87 crore. After considering total tax credit of Rs 19.17 crore, consolidated loss stood at Rs 43.67 crore.

Chalet Hotels is part of the K Raheja Group hospitality arm. It is an Owner, Developer and Asset Manager of high-end hotels in key metro cities in India. Their hotel platform comprises five operating hotels, including a hotel with a co-located serviced residence, located in the Mumbai Metropolitan Region, Hyderabad and Bengaluru, representing 2,328 keys, as of 30 September 2018.