Lemon Tree rises 28% on market debut

Lemon Tree Hotels made a strong debut on the bourses on Monday, with its shares rising 27.86 per cent. After listing at a 10 per cent premium on both BSE and NSE at Rs 61.60 against the issue price of Rs 56, the shares touched an intra-day high of Rs 73.90. Finally, the Lemon Tree shares closed at 71.60, up 27.86 per cent, on both the bourses. The market capitalisation of the hotel chain at the close of the first day’s trade stood  at Rs 5,630.71 crore, which was more than that of India Tourism Development Corporation (Rs 3,980 crore) but less than Indian Hotel’s (Rs 9,949.51 crore) and EIH (Rs 9345 crore) that operates the Oberoi Group of Hotels. Shares worth Rs 502.05 crore changed hands on BSE and NSE.