India-based hotel chain operator Lemon Tree Hotels Ltd.'s IPO on the National Stock Exchange of India Ltd. was 1.19x oversubscribed March 28, the third and final day of bidding, The Economic Times reported.

Bids for a total of 154,920,060 shares were received, compared to the total issue size of 129,835,580 shares, the report noted, citing data from the stock exchange.

Proceeds from the IPO will go to the company's selling shareholders Maplewood Investment Ltd., RJ Corp. Ltd., Ravi Kant Jaipuria and Sons, Five Star Hospitality Investment Ltd., Whispering Resorts Pte. Ltd., Palms International Investments Ltd., Swift Builders Ltd., Satish Chander Kohli, and Raj Pal Gandhi.