Leela Hotels Shares Surge Nearly 8% After Listing At A Discount
Shares of Leela Hotels operator Schloss Bangalore Ltd. surged as high as nearly 8% to Rs 436.70, paring losses from its listing price of Rs 406 apiece. Currently, the stock is trading at Rs 433.60.
It debuted on the National Stock Exchange at Rs 406 apiece, at a discount of 6.67%. The stock listed on the BSE at Rs 406.50 per share, 6.55% below the issue price of Rs 413.
The 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 underbid.
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.
Business
Schloss Bangalore is an Indian luxury hospitality company that owns, operates, manages, and develops premium hotels and resorts under the 'The Leela' brand.
As of March 31, 2025, the company holds a portfolio of 13 operational hotels encompassing 3,553 keys, making it the largest pure-play luxury hospitality operator in India by room count. This portfolio includes five owned hotels, seven managed properties, and one franchised hotel.
Looking ahead, Schloss Bangalore plans to expand its luxury hospitality footprint by adding seven new properties by 2028, both within India and internationally, contributing over 678 new keys to its portfolio.
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