Leela hotels makes weak market debut, list 7% below IPO price
NEW DELHI: Luxury hotel chain Schloss Bangalore Ltd, which operates the iconic "The Leela" brand in India, made a subdued debut on the stock exchanges on Monday, listing at a discount of nearly 7% from its issue price.
The stock listed at Rs 406 on the
NSE
and Rs 406.50 on the
BSE
, lower than the
IPO
issue price of Rs 435. The IPO was open for subscription from May 26 to May 28, with a price band of Rs 413 to Rs 435 per share.
Despite strong brand value and expanding operations, investor sentiment remained cautious. The IPO, which was subscribed 4.5 times.
As of May 2024, Schloss Bangalore operates 12 luxury properties across 10 Indian cities, with a total of 3,382 rooms under The Leela Palaces, Hotels, and Resorts.
Indian benchmark indices
Sensex
and Nifty witnessed a sharp decline on Monday morning, influenced by negative trends across Asian markets and growing global trade worries.
According to market analysts, the selling pressure intensified due to continued withdrawal of funds by foreign investors.
The BSE Sensex index fell by 762.24 points to reach 80,688.77 during early trading hours. Similarly, the NSE Nifty declined by 212.25 points to 24,538.45.
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