Meanwhile, the S&P BSE Sensex was up 157.88 points or 0.47% at 33,784.85

Shares of Lemon Tree Hotels listed on the BSE at Rs 61.60, a premium of 10% over the issue price of Rs 56. The stock had hit a high of Rs 65 and low of Rs 57.30 so far during the day. So far, 21.16 lakh shares were traded on the counter on the BSE.

The initial public offer (IPO) of Lemon Tree Hotels received bids for 15.49 crore shares, as per the National Stock Exchange of India (NSE) data. The issue was subscribed 1.19 times. The issue opened for subscription on 26 March 2018 and closed on 28 March 2018. The price band for the issue was fixed at Rs 54 to Rs 56 per share.

The qualified institutional buyers (QIBs) category was subscribed 3.89 times. The non institutional investors category, made up of high net worth individuals, was subscribed 0.12 times. The retail individual investors (RIIs) category was subscribed 0.12 times.

Ahead of the opening of the IPO, the board of directors of the company at its meeting held on 23 March 2018, finalised allocation of 5.56 crore equity shares to anchor investors at Rs 56 per share.

On a consolidated basis, Lemon Tree Hotels reported net profit of Rs 2.18 crore on net sales of Rs 352.25 crore in the nine-months ended December 2017.

Lemon Tree Hotels is India's largest chain in the mid-priced hotels sector and third largest overall, on the basis of controlling interest in owned and leased rooms, as of 30 June 2017, according to the Horwath Report. It operated 4,697 rooms in 45 hotels (including managed hotels) across 28 cities in India as of 31 January 2018. The hotels are located across India, in metro regions, including the NCR, Bengaluru, Hyderabad and Chennai, as well as tier I and tier II cities such as Pune, Ahmedabad, Chandigarh, Jaipur, Indore and Aurangabad.