Anuraag Bhatnagar, Whole-time Director and Chief Executive Officer, The Leela Palaces, Hotels and Resorts presenting the memento to Ashish Kumar Chauhan, MD and CEO, NSE during the listing ceremony of The Leela Palaces, Hotels and Resorts at NSE
Shares of Schloss Bangalore, operator of Leela Palaces Hotels and Resorts, on Monday made a lackoustre listing at the bourses. The stock opened nearly 7 per cent discount at ₹406.50 on the BSE against the issue price of ₹435 on the BSE but recovered sharply to close at ₹435.55, a gain of 0.12 per cent over the IPO price. During the day, it hit a high of ₹438.80 and a low of ₹404.45.
On the NSE, the stock listed at ₹406 and closed at ₹435.55.
The initial public offering of Brookfield Asset Management-backed Schloss Bangalore was largely lukewarm but subscribed 4.50 times, due to the last day bids by qualified institutional buyers. The QIB portion was subscribed 7.46 times while retail investors’ portion remained undersubscribed at 0.83 times and non-institution’s quota 1.02 times.
The IPO that comprised a fresh issue of ₹2,500 crore and an offer for sale worth ₹1,000 crore hit the market with a price band of ₹413-435. Ahead of IPO, the company raised ₹1,575 crore from 47 anchor investors, including global funds Goldman Sachs, Fidelity, and Societe Generale.
Proceeds from the IPO will be used for general corporate purposes and to repay loans worth ₹2,300 crore.
Schloss Bangalore, known for its luxurious hotels and resorts under “The Leela” brand, had a portfolio of 3,382 keys across 12 operational hotels as of May 31, 2024. Its portfolio includes The Leela Palaces, The Leela Hotels, and The Leela Resorts, located across 10 destinations in the country.
Published on June 2, 2025
