(Reuters) – Chalet Hotels Ltd’s initial public offering (IPO) to raise 16.41 billion rupees ($230.80 million) was subscribed 1.57 times at the end of the book-running process on Thursday.

Investors bid for about 64.9 million shares of the company, compared with 41.3 million shares on offer, according to data on National Stock Exchange, as of 1230 GMT. bit.ly/2CX3Qnb

The hospitality arm of the K Raheja Group, an Indian real estate, retail and hospitality conglomerate, had set a price range of 275 rupees to 280 rupees per share for the IPO.

The IPO comprised a fresh issue of 9.50 billion rupees and a sale offer of up to 24.7 million shares.

Five of the company’s shareholders are looking to offload shares through the sale offer.

Anchor investors previously agreed, as part of the IPO, to purchase 17.58 million shares worth 4.92 billion rupees.

JM Financial Ltd, Axis Capital Ltd and Morgan Stanley India are the book-running lead managers for the issue.

The last offering by a hotel company in India was a 10.39 billion rupees full-subscribed IPO by Lemon Tree in March 2018.

($1 = 71.1020 Indian rupees)