Grand Continent Hotels IPO achieves 35% subscription Day 1

Grand Continent Hotels, a hotel chain from Southern India, launched its initial public offering (IPO) on March 20. On the first day of bidding, the IPO saw a subscription rate of 35 percent. Investors purchased 16.6 lakh shares out of the total 47.16 lakh shares available. The bidding data shows that retail investors made the most applications, with 322 out of 346 total bids. Qualified institutional buyers supported the IPO well, taking 70 percent of their reserved shares. Non-institutional investors bought 41 percent of their allocations, while retail investors accounted for 17.6 percent. The company aims to raise Rs 74.46 crore through this IPO, which includes a fresh issue of 62.6 lakh shares worth Rs 70.74 crore and an offer-for-sale of 3.28 lakh shares valued at Rs 3.72 crore. The share price is set between Rs 107 and Rs 113. The IPO will close on March 24, and the allotment of shares will be finalized by March 25. Trading for Grand Continent Hotels shares is expected to begin on March 27. Before this public offering, the Bengaluru-based chain raised Rs 21.16 crore by selling shares to seven institutional investors at Rs 113 per share. The money raised will help the company pay off some of its debt and fund the expansion of hotel properties. Indorient Financial Services is managing this IPO for Grand Continent Hotels.