New Delhi, Sep 14 (PTI) The initial share sale of Samhi Hotels got subscribed 7 per cent on the first day of the Initial Public Offering (IPO) on Thursday.

The Rs 1,370-crore IPO received bids for 43,32,076 shares against 6,25,29,831 shares on offer, as per data available with the NSE.

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

The IPO has a fresh issue of up to Rs 1,200 crore and offer for sale of up to 1.35 crore equity shares.

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Gurugram-based Samhi Hotels' IPO is in the price range of Rs 119-126 per share. 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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)