BENGALURU, Sept 18 Reuters The initial public offering IPO of Samhi Hotels, which operates Marriott, Hyatt and IHG hotels in India, was oversubscribed by over five times, inviting bids worth 41.96 billion rupees 504 million, exchange data showed on Monday.

Investors bid for 333 million shares by the final day of bidding, 5.33 times more than the 62.5 million shares on offer, with institutional investors showing the most interest, the data showed.

Samhi Hotels39; 13.7billionrupees IPO comprises a fresh issue of shares worth up to 12 billion rupees and an offerforsale of up to 1.7 billion rupees from existing investors including Goldman Sachs.

The lossmaking company has set a price band of 119 rupees to 126 rupees per share for the IPO, according to a newspaper advertisement. It39;s expected to make its trading debut next week.

Samhi Hotels39;s revenue from operations more than doubled to 7.39 billion rupees in the year ended March 31, helping its net loss narrow to 3.39 billion rupees from 4.43 billion rupees a year earlier.

Gurugrambased Samhi was incorporated in 2010 and has a portfolio of 31 operating hotels in 14 cities. Marriott accounted for more than 60 of its revenue last financial year, while Hyatt and InterContinental Hotels Group IHG contributed a little over 18 each.

Samhi plans to use 9 billion rupees of the proceeds to repay debt, according to its IPO prospectus. Its consolidated outstanding debt was 31.18 billion rupees as of the end of June.

JM…