The Leela Hotels Operator, Schloss Bangalore Sets IPO Price Band

Schloss Bangalore, the operator of the renowned Indian luxury hotel chain 'The Leela', has announced a price band of Rs 413 to Rs 435 per share for its upcoming Rs 3,500-crore initial public offering. Investors can place bids starting from a minimum of 34 shares and in multiples thereafter.

The IPO will consist of fresh equity shares worth Rs 2,500 crore and an offer for sale component totaling Rs 1,000 crore.

Project Ballet Bangalore Holdings (DIFC) Pvt. will act as the promoter, participating in the OFS sale. The IPO is scheduled to open on May 26 and will close on May 28, with anchor investors having the opportunity to bid on May 23.

The book-running lead managers for the issue include JM Financial Ltd., BofA Securities India Ltd., Morgan Stanley India Co., JPMorgan India Pvt., Kotak Mahindra Capital Co., Axis Capital Ltd., Citigroup Global Markets India Pvt., IIFL Securities Ltd., ICICI Securities Ltd., Motilal Oswal Investment Advisors Ltd., and SBI Capital Markets Ltd. KFin Technologies Ltd. will serve as the registrar for the IPO.

Schloss Bangalore plans to allocate Rs 2,300 crore from the net proceeds of the fresh issue towards debt repayment, with the remaining funds earmarked for general corporate purposes.

Schloss Bangalore's portfolio includes 3,382 keys across 12 operational hotels. This comprises five owned hotels, six managed hotels under hotel management agreements, and one hotel operated by a third-party owner under a franchise arrangement with the company.