Saj Hotels made a lackluster stock market debut on October 7, listing at ₹55 per share, a 15% discount from its issue price of ₹65. The ₹27.63 crore IPO, a fresh issue of 425 lakh shares, received a subdued response, being subscribed only 5 times. While retail investors oversubscribed their portion by 8.6 times, non-institutional investors picked up 2 times the allocated shares.
However, there was no participation from qualified institutional buyers, reflecting a cautious investor sentiment towards the hotel chain’s SME IPO.
