Leela Hotels share price: Stock lists at 7% discount on Dalal Street
Shares of Leela Hotels began trading on the stock market on Monday, making a weak start on Dalal Street. The company’s stock opened at Rs 406 on the NSE, which is Rs 29 below the issue price of Rs 435. On the BSE, it opened slightly higher at Rs 406.50, still lower by Rs 28.50, or about 6.55%. This means the stock listed at nearly a 7% discount to its issue price.
The poor listing shows that investors are being cautious, even though the company has a strong brand name and has shown improvement in its financial performance.
Leela Hotels launched its initial public offering (IPO) last week. The company aimed to raise Rs 3,500 crore in total. Of this, Rs 2,500 crore came from a fresh issue of shares and Rs 1,000 crore from an offer for…
