Hong Kong-based investment company Ward Ferry Management acquired shares of Leela Hotels operator Schloss Bangalore Ltd. as the stock listed on the exchanges on Monday.The firm, through the arm WF Asian Reconnaissance Fund, bought nearly 17 lakh shares of Schloss Bangalore at Rs 434.13 apiece, as per bulk deal data on the NSE. That aggregates to Rs 73 crore.The stock closed at Rs 435.55 on the NSE, a premium of 6.85% on its IPO price. Initially, it opened at a discount of 6.67%. The stock listed on the BSE at Rs 406.5 per share, 6.55% below the issue price of Rs 413. It erased losses to climb nearly 7% and reach an intraday high at Rs 433.80 apiece."Leela Hotels listed at a 6.6% discount, reflecting subdued investor sentiment despite strong institutional interest. Retail and non-institutional participation remained weak, with the retail portion under-subscribed and non-institutional bids only marginally above the threshold," said Satish Chandra Aluri of Lemonn Markets Desk.A flat grey market premium ahead of the listing had already signalled muted near-term expectations. Elevated valuations continue to be a concern, weighing on investor confidence, he said.Leela Hotels IPOThe initial public offering of Schloss Bangalore was subscribed 4.5 times on May 29, its final day, led by demand from institutional buyers. The portion of retail investors remained undersubscribed.The IPO consisted of fresh equity shares worth Rs 2,500 crore and an offer for sale component totalling Rs 1,000 crore.The company intends to use net proceeds from the issue towards repayment of outstanding borrowings and for general corporate purposes.