SAMHI Hotels IPO subscribed 7% on first day of issue

The share sale of SAMHI Hotels via initial public offering (IPO) got subscribed 7 per cent by the end of first day of the issue on Thursday.

The Rs 1,370-crore IPO received bids for 43,32,076 shares against 6,25,29,831 shares on offer, data from stock exchanges showed. 

The portion for retail individual investors received 34 per cent subscription while non-institutional investors part got subscribed just 2 per cent. 

The IPO comprises of fresh issue of up to Rs 1,200 crore and offer for sale (OFS) worth Rs 170 crore.

Gurugram-based SAMHI Hotels is selling shares in price band of Rs 119-126 per share and a retail investor can bid for minimum one lot of 119 shares up to maximum of 13 lots. One lot of SAMHI Hotels shares in IPO is priced at Rs 14,994 at the upper end of the price range.

The three-day bidding will conclude on September 18. 

SAMHI Hotels on Wednesday said it has mopped up Rs 616.54 crore from anchor investors. 

In a pre-IPO placement, external investor Blue Chandra had sold 10.32 million shares, or 8.4 per cent of its stake, to renowned investor Madhusudan Kela's wife Madhuri Kela, along with Nuvama Crossover Opportunities Fund and TIMF Holdings, for a total consideration of Rs 130 crore. 

SAMHI acquires and builds primary hotels and thereafter renovates, rebrands and rerates the property and runs it. 

JM Financial and Kotak Mahindra Capital Company are the managers to the offer.