Brookfield-backed Schloss Bangalore IPO opens today at Rs 413-435 price band
The company, which owns The Leela Palaces, Hotels and Resorts, has reserved a significant portion of shares for Qualified Institutional Buyers and has successfully raised ₹1,575 crore from anchor investors.
Brookfield Asset Management-backed Schloss Bangalore is launching its IPO today for public subscription with a price band of Rs 413-435 per share. Schloss Bangalore owns the luxury hospitality brand The Leela Palaces, Hotels and Resorts. The company’s Rs 3,500-crore IPO is a combination of a fresh issue of equity shares worth Rs 2,500 crore and an offer for sale (OFS) of stocks valued at Rs 1,000 crore by promoter Project Ballet Bangalore Holdings (DIFC) Pvt Ltd.
The minimum investment lot is 34 shares.
The IPO will close on May 28 (Wednesday). The company has reserved not less than 75 per cent of the public offer for the Qualified Institutional Buyers (QIBs), not more than 15 per cent of the offer for the Non-Institutional Investors (NIIs), and not more than 10 per cent for the retail bidders.
The company has reserved up to 75 per cent of the shares in the public issue for Qualified Institutional Buyers (QIB), not more than 15 per cent for Non-Institutional Investors (NII), and up to 10 per cent of the offer is reserved for retail investors.
Schloss Bangalore raised ₹1,575 crore from anchor investors by allotting 36,206,896 equity shares to 47 funds. These funds included HDFC Mutual Fund (MF), ICICI Prudential MF, Nippon India MF, Mirae MF, Invesco MF, and Aditya Birla Sun Life Insurance Company. Other marquee investors included sovereign and FPIs such as Think Invest, Fidelity, Norges Bank, Whiteoak, Lunate, UC Regents, TT International, and Ward Ferry.
Schloss Bangalore plans to use the money raised from the public issue to pay loans worth nearly ₹2,300 crore, the rest of the money will be utilised for general corporate purposes, according to the draft papers.
Schloss Bangalore Limited, established on March 20, 2019, is a luxury hospitality company operating under “The Leela” brand in India. It owns, operates, manages, and develops luxury hotels and resorts, offering premier accommodations and personalised services inspired by Indian hospitality.
As of May 31, 2024, Schloss Bangalore Limited is one of India’s largest luxury hospitality companies by number of keys, with a portfolio of 12 operational hotels comprising 3,382 keys. The portfolio includes The Leela Palaces, The Leela Hotels, and The Leela Resorts. The company operates through direct ownership and hotel management agreements with third-party owners.
The owned portfolio comprises five landmark hotels with 1,216 keys across key business and leisure destinations: Bengaluru, Chennai, New Delhi, Jaipur, and Udaipur. These hotels, renowned as modern palaces, blend traditional Indian architecture with contemporary luxury.
JM Financial, BofA Securities India, Morgan Stanley India Company, JP Morgan India, Kotak Mahindra Capital Company, Axis Capital, Citigroup Global Markets India, IIFL Securities, ICICI Securities, Motilal Oswal Investment Advisors, and SBI Capital Markets are the book-running managers for the public issue, while KFin Technologies Limited is the registrar to the offer.
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Published on May 26, 2025
