Ashish Kacholia and Mukul Agrawal-backed Suba Hotels shares list at 39% premium over IPO price on NSE SME platform

Shares of Suba Hotels on Tuesday debuted with a premium of 39% on the NSE SME platform. The stock listed at Rs 154.20 as against its issue price of Rs 111.

The issue, which was priced in the Rs 105–111 per share range, saw an impressive 15.33 times subscription, led by robust institutional and high-net-worth participation.

The company’s IPO garnered healthy demand from investors across categories. The Qualified Institutional Buyers (QIB) portion was subscribed 20.98 times, while the Non-Institutional Investor (NII) segment drew bids 22.41 times the shares on offer. The retail category also saw a strong response, subscribed 9.07 times.


Prior to the IPO, the company secured backing from market bulls like Mukul Agrawal, Sunil Singhania and Ashish Kacholia.

Suba Hotels has evolved into one of India’s leading domestic hotel chains, operating 88 hotels with 4,096 rooms across 50 cities. The company’s portfolio includes popular brands such as Click Hotels and 2-Star to 4-Star mid-market properties, strategically positioned to cater to the growing segment of business and budget travelers.

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Suba operates under multiple ownership and revenue models, including owned, leased, managed, and franchised hotels, giving it flexibility and capital efficiency. The brand has a strong presence in Ahmedabad, Vadodara, Bhuj, Junagadh, and Pithampur, with plans to expand into southern and eastern India.

The proceeds from the issue will primarily be used to upgrade and fund last-mile capex across hotel properties, helping strengthen its brand infrastructure and service quality.

Investors will watch whether post-listing momentum sustains as the company executes its expansion pipeline and benefits from India’s booming domestic travel story.

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