Mumbai: The IPO of Schloss Bangalore, the company behind The Leela hotels, opened for public subscription on Monday, May 26, 2025. The offering includes a fresh issue of 57.5 million shares and an offer for sale (OFS) of 23 million shares by the promoter.

The company aims to raise Rs 3,500 crore, with Rs 1,575 crore already raised from anchor investors on May 23.

Price Band, Lot Size, and Investor Quotas

The price band is set at Rs 413 to Rs 435 per share. One lot consists of 34 shares, requiring a minimum investment of Rs 14,790. Retail investors can apply for up to 13 lots (442 shares), amounting to Rs 1,92,270.

Allocation is:

- 75 per cent for qualified institutional buyers (QIBs)

- 15 per cent for non-institutional investors (NIIs)

- 10 per cent for retail investors

GMP and Listing Timeline

The grey market premium (GMP) is around Rs 13, or nearly 3 per cent above the issue price. Leela Hotels’ unlisted shares are currently trading at Rs 448.

IPO closes: Wednesday, May 28

Allotment: Thursday, May 29

Shares credited: Friday, May 30

Listing: Monday, June 2

Use of Funds

The company will not receive proceeds from the OFS. That part will go to the selling promoter.

The money from the fresh issue will be used to:

- Repay or reduce loans for the company and its subsidiaries (Schloss Chanakya, Schloss Chennai, Schloss Udaipur, and TPRPL)

- Fund general corporate expenses

Company Overview and Financials

Schloss Bangalore operates The Leela brand of luxury hotels. As of March 31, 2025, it has 13 hotels with 3,553 rooms across India.

In FY25, revenue rose to Rs 1,300.5 crore, up from Rs 1,171.4 crore in FY24. The company reported a profit of Rs 49.2 crore, recovering from a loss of Rs 2.12 crore the previous year.

The brand has also earned top global rankings in hospitality from Travel + Leisure in recent years.