Schloss Bangalore-operated  of luxury hotels has announced a price band of Rs 413-435 for its upcoming initial public offering (IPO), which will be available to bid for the public from May 26 to May 28.

The issue includes a fresh issue of shares aggregating to Rs 2,500 crore and an offer for sale (OFS) of up to Rs 1,000 crore, making the total issue size of Rs 3,000 crore.

Shareholders can make a bid of a minimum of 34 shares and in multiples of 24 thereof.

Anchor investor bidding will start from May 23, a day before the issue opens for public subscription.

The offer is being made through a book-building process, and the shares of the company are proposed to be listed on the NSE and BSE.

The company intends to utilise Rs 2,300 crore from the IPO proceeds to repay or prepay borrowings at both the parent level and its key subsidiaries, while the remaining funds will be allocated for general corporate purposes.

,BofA Securities, Morgan Stanley, JP Morgan, Kotak Mahindra Capital Company, Citigroup Global Markets India, IIFL Capital, ICICI Securities, Motilal Investment Advisors and SBI Capital Markets are the book running lead managers to the issue, while  is the registrar to the issue.

Schloss Bangalore, established in 2019, is one of India’s largest luxury hospitality companies by room count. As of May 2024, the company manages 12 properties with a total of 3,382 keys under the ‘The Leela Palaces, Hotels, and Resorts' brand.

Beyond accommodations, the company also operates 67 fine-dining restaurants and bars, along with 12 wellness centers. Its flagship spa at The Leela Palace Bengaluru is being developed in partnership with the luxury wellness brand Soneva.