The Leela Hotels fixes price band at Rs 413-435 for upcoming IPO. Check details
The Leela Hotels, operated by Schloss Bangalore, has set a price band of Rs 413-435 for its Rs 3,000 crore IPO, open from May 26–28. The proceeds will mainly go towards debt repayment. Despite losses, the company has shown strong financial recovery, with FY24 revenue rising to Rs 1,226 crore. Listing is planned on NSE and BSE.
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
The Leela financial performance
Schloss Bangalore-operated The Leela brand 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. JM Financial , BofA Securities, Morgan Stanley, JP Morgan, Kotak Mahindra Capital Company, Axis Capital , 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 KFin Technologies 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.Out of these, five properties — located in Bengaluru, Chennai, New Delhi, Jaipur, and Udaipur — are fully owned. These destinations showcase a fusion of regal Indian architecture and contemporary hospitality, catering to upscale business and leisure travellers.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.Despite posting losses of Rs 36 crore for the period ended May 2024, the company significantly narrowed its losses from Rs 319 crore in FY22 to Rs 2.1 crore in FY24. Revenues grew to Rs 1,226 crore in FY24 from Rs 415 crore in FY22, showcasing a sharp turnaround in business performance post-COVID.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
35 minutes ago
- Economic Times
Monolithisch India IPO opens today: Key details investors should know
The IPO is being offered in a price band of Rs 135 to Rs 143 per share. Retail investors can apply for a minimum lot size of 1,000 shares, requiring an investment of Rs 1.43 lakh at the upper end of the price band. Monolithisch India's SME IPO is now open for subscription, aiming to raise Rs 82.02 crore. The IPO will remain open until June 16. Shares will be listed on NSE SME with tentative listing date of June 19, 2025. The company plans to use the funds for expansion and working capital. Tired of too many ads? Remove Ads Monolithisch India's SME IPO will open for subscription today and will remain open until June 16. The SME IPO aims to raise Rs 82.02 crore through a fresh issue of 54.48 lakh equity shares. The shares will be listed on the NSE SME platform, with a tentative listing date set for June 19, IPO is being offered in a price band of Rs 135 to Rs 143 per share. Retail investors can apply for a minimum lot size of 1,000 shares, requiring an investment of Rs 1.43 lakh at the upper end of the price Securities is the book-running lead manager, and Kfin Technologies is the registrar for the India, incorporated in August 2018, specializes in manufacturing and supplying 'ramming mass,' a key heat insulation material used in iron and steel induction company has expanded its client base from 43 in 2023 to 61 in 2025, underscoring its growing market presence. It posted strong financial performance for FY25, with revenue rising 41% to Rs 97.49 crore and net profit increasing 70% to Rs 14.49 crore compared to the previous IPO proceeds will be used to fund capital expenditure for a new manufacturing facility, invest in its subsidiary Metalurgica India Private Limited, meet working capital requirements, and cover general corporate expenses.
India.com
35 minutes ago
- India.com
Azim Premji's Wipro relocates headquarter in this Muslim country from Al Khobar to…, appoints new MD in Middle East due to…
IT giant Wipro announced on Monday that it has shifted its Middle East regional headquarters from Al Khobar to Riyadh, Saudi Arabia. The Bengaluru-based company also revealed the appointment of Mohamed Mousa as Managing Director for the Middle East, operating from the newly established headquarters, as per a regulatory filing. The new office is the latest addition to Wipro's presence in the country, which includes offices in Riyadh, Al Khobar, Jeddah, and Jubail. Further, Wipro said it has signed a Memorandum of Understanding (MoU) with Prince Mohammad Bin Fahd University (PMU) to establish a Center of Excellence (CoE) in Riyadh. The CoE aims to train local talent through academic training in advanced technologies, hands-on-experience, and access to Wipro's resources. Wipro shares settled at Rs 259.00 apiece on the BSE on Wednesday, 1.62 per cent higher than the previous close. Wipro Promoter Entities Swap Stake About 18.05 crore shares of Wipro, amounting to a 1.72 per cent stake, were exchanged among promoter group entities through open market transactions on Wednesday, according to the exchange data. Following the share sale, Wipro shares appreciated by 1.61 per cent to close at Rs 258.95 apiece on the BSE. The stock settled 1.62 per cent higher at Rs 259 per piece on the National Stock Exchange (NSE). According to the block deal data on the NSE, promoter entity Azim Premji Trust sold a total of 18.05 crore equity shares or 1.72 per cent stake in Bengaluru-based Wipro. The transaction valued at around Rs 4,674.77 crore, was executed at an average price of Rs 258.99 per share. Meanwhile, Prazim Traders and Zash Trader (part of Wipro's promoter group) bought these shares at the same price. On Monday, Azim Premji Trust offloaded 20.23 crore equity shares or 1.93 per cent stake in Wipro. (With Inputs From PTI)
New Indian Express
36 minutes ago
- New Indian Express
Chennai's Vadapalani bus terminus set for major overhaul
CHENNAI: The Vadapalani bus terminus, one of Chennai's busiest transit points, is set for a major overhaul. Chennai Metro Asset Management Limited (CMAML) - a joint venture between Chennai Metro Rail Limited and the Tamil Nadu Industrial Development Corporation - has floated tenders for redeveloping the 6.65acre site into a modern multimodal hub and commercial complex. Located along the high-traffic Arcot Road corridor, the existing depot handles over 158 buses and 1,100 daily services. The redevelopment, which is likely to cost more than Rs 480 crore, will feature a ground-level transit hub with five boarding bays and two alighting bays. It will also offer dual access points from Arcot Road for terminal users and Kumaran Colony Main Road for commercial traffic. It will also offer dual access points from Arcot Road for terminal users and Kumaran Colony Main Road for commercial traffic. Above the terminal, the 12-storey structure will include retail outlets, a food court and restaurant hub, and office spaces.
