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Time of India
28-05-2025
- Business
- Time of India
The Leela IPO cruises through on final day of bidding, QIBs drive highest subscription. Check details
The Leela IPO: The initial public offering (IPO) of Schloss Bangalore Limited, the operator of The Leela Palaces, Hotels & Resorts, sailed through on the final day of the issue with a subscription of 1.35 times. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Leela GMP Should you subscribe to The Leela IPO? SBI Securities Bajaj Broking Tired of too many ads? Remove Ads Lemonn Markets Desk The Leela IPO key dates The initial public offering (IPO) of Schloss Bangalore Limited, the operator of The Leela Palaces, Hotels & Resorts, sailed through on the final day of the issue with a subscription of 1.35 1:15 pm today, the highest subscription was witnessed by the qualified institutional buyers (QIBs) at 2.32 times. Meanwhile, the quota reserved for the retail investors and non-institutional investors (NIIs) continued to lag, attracting a subscription of 21% and 16% of its public issue, Schloss Bangalore Limited raised Rs 1,575 crore from 47 leading domestic and global anchor investors, with shares allotted at the upper end of the price band at Rs 435 company allocated over 3.62 crore equity shares to these investors, including 1.42 crore shares distributed among nine domestic mutual funds spanning 20 schemes. Notable global investors participating in the anchor round include Goldman Sachs, Fidelity, and Société Géné Rs 3,500 crore IPO consists of a fresh issue worth Rs 2,500 crore and an offer for sale (OFS) amounting to Rs 1,000 Bangalore shares are trading at a grey market premium of just 0.23%, or Re 1, in the unlisted market ahead of their is what brokerage firms have to say about the issue:The company is valued at an FY25 EV/EBITDA multiple of 26.3x at post-issue capital of the upper price band. The company's Revenue/EBITDA has grown at a CAGR of 23%/25% respectively over the last 2 years, while on a net basis, the business has turned profitable in company's presence in the luxury space offers high growth opportunities as the luxury segment within the hospitality sector is likely to grow at a higher pace. The company will repay its debt from the IPO proceeds, which will result in lower D/E from the current 1.1x and improved Broking recommends subscribing to the issue for a long a revenue rise and EBITDA growth to Rs 600 crore in FY24, Schloss posted a net loss of Rs 2.13 crore for the year and an additional Rs 36.4 crore loss in the first two months of negative EPS (Rs –0.12) and net asset value (Rs –160.57) make standard valuation ratios like P/E and RoNW irrelevant or company's valuation appears steep compared to profitable peers like Indian Hotels and EIH, despite its strong brand and asset-light model. Investors are advised to approach the IPO with caution, as it is more of a brand-led growth bet than one backed by current Gaurav Garg of Lemonn Markets Desk said that Schloss Bangalore IPO is a long-term bet on the formalization and premiumization of India's travel and hospitality sector. Investors with a patient outlook and appetite for high-quality consumption plays should consider subscribing to the issue.'As the company deleverages and executes its expansion plans, shareholders may be well-positioned to benefit from compounding gains in a high-margin business,' he initial public offering (IPO) of Schloss Bangalore Limited opened for subscription on May 26 and closes today at 5 pm. The allotment of shares is expected on May 29, with the company's stock market debut scheduled for June 2.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Economic Times
28-05-2025
- Business
- Economic Times
The Leela IPO cruises through on final day of bidding, QIBs drive highest subscription. Check details
The Leela IPO: The initial public offering (IPO) of Schloss Bangalore Limited, the operator of The Leela Palaces, Hotels & Resorts, sailed through on the final day of the issue with a subscription of 1.35 times. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Leela GMP Should you subscribe to The Leela IPO? SBI Securities Bajaj Broking Tired of too many ads? Remove Ads Lemonn Markets Desk The Leela IPO key dates The initial public offering (IPO) of Schloss Bangalore Limited, the operator of The Leela Palaces, Hotels & Resorts, sailed through on the final day of the issue with a subscription of 1.35 1:15 pm today, the highest subscription was witnessed by the qualified institutional buyers (QIBs) at 2.32 times. Meanwhile, the quota reserved for the retail investors and non-institutional investors (NIIs) continued to lag, attracting a subscription of 21% and 16% of its public issue, Schloss Bangalore Limited raised Rs 1,575 crore from 47 leading domestic and global anchor investors, with shares allotted at the upper end of the price band at Rs 435 company allocated over 3.62 crore equity shares to these investors, including 1.42 crore shares distributed among nine domestic mutual funds spanning 20 schemes. Notable global investors participating in the anchor round include Goldman Sachs, Fidelity, and Société Géné Rs 3,500 crore IPO consists of a fresh issue worth Rs 2,500 crore and an offer for sale (OFS) amounting to Rs 1,000 Bangalore shares are trading at a grey market premium of just 0.23%, or Re 1, in the unlisted market ahead of their is what brokerage firms have to say about the issue:The company is valued at an FY25 EV/EBITDA multiple of 26.3x at post-issue capital of the upper price band. The company's Revenue/EBITDA has grown at a CAGR of 23%/25% respectively over the last 2 years, while on a net basis, the business has turned profitable in company's presence in the luxury space offers high growth opportunities as the luxury segment within the hospitality sector is likely to grow at a higher pace. The company will repay its debt from the IPO proceeds, which will result in lower D/E from the current 1.1x and improved Broking recommends subscribing to the issue for a long a revenue rise and EBITDA growth to Rs 600 crore in FY24, Schloss posted a net loss of Rs 2.13 crore for the year and an additional Rs 36.4 crore loss in the first two months of negative EPS (Rs –0.12) and net asset value (Rs –160.57) make standard valuation ratios like P/E and RoNW irrelevant or company's valuation appears steep compared to profitable peers like Indian Hotels and EIH, despite its strong brand and asset-light model. Investors are advised to approach the IPO with caution, as it is more of a brand-led growth bet than one backed by current Gaurav Garg of Lemonn Markets Desk said that Schloss Bangalore IPO is a long-term bet on the formalization and premiumization of India's travel and hospitality sector. Investors with a patient outlook and appetite for high-quality consumption plays should consider subscribing to the issue.'As the company deleverages and executes its expansion plans, shareholders may be well-positioned to benefit from compounding gains in a high-margin business,' he initial public offering (IPO) of Schloss Bangalore Limited opened for subscription on May 26 and closes today at 5 pm. The allotment of shares is expected on May 29, with the company's stock market debut scheduled for June 2.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Time of India
27-05-2025
- Business
- Time of India
The Leela IPO booked 9% on Day 2 so far; GMP at 2.5%. Should you subscribe?
Continuing to receive a lagging response from the investors, the initial public offering (IPO) of Schloss Bangalore Limited , the operator of The Leela Palaces, Hotels & Resorts, has received only a 9% subscription so far on the second day of the process. The highest subscription was witnessed in the retail investors category, which was booked 30% by 12 PM on Tuesday. Meanwhile, non-institutional investors (NIIs) and qualified institutional buyers (QIBs) had subscribed to their allocation by 6% and 3% respectively. The issue, which opened for public subscription on Monday, was subscribed to by just 6% on the first day. The IPO attracted a subscription of 20% from the retail investors, while the non-institutional investors (NIIs) and qualified institutional buyers (QIBs) subscribed to the issue by 3% each on the first day. Ahead of the launch of its public issue, the company secured Rs 1,575 crore from 47 prominent domestic and global anchor investors, with shares allotted at the upper end of the price band at Rs 435 apiece. Live Events Schloss Bangalore Limited allotted over 3.62 crore equity shares to anchor investors, including 1.42 crore shares allocated to nine domestic mutual funds across a total of 20 schemes. Among the top global funds that have invested in the company are Goldman Sachs, Fidelity, and Societe Generale. The Rs 3,500 crore IPO comprises a fresh issue of Rs 2,500 crore and an offer for sale (OFS) valued at Rs 1,000 crore. The Leela GMP Schloss Bangalore shares are trading at a grey market premium of 2.5%, or Rs 11-12, in the unlisted market ahead of their D-Street debut. Also read: Coal India unit CMPDIL files for initial public offering Should you subscribe to The Leela IPO? Here is what brokerage firms have to say about the issue: SBI Securities The company is valued at an FY25 EV/EBITDA multiple of 26.3x at post-issue capital of the upper price band. The company's Revenue/EBITDA has grown at a CAGR of 23%/25% respectively over the last 2 years, while on a net basis, the business has turned profitable in FY25. The company's presence in the luxury space offers high growth opportunities as the luxury segment within the hospitality sector is likely to grow at a higher pace. The company will repay its debt from the IPO proceeds, which will result in lower D/E from the current 1.1x and improved profitability. Bajaj Broking Bajaj Broking recommends subscribing to the issue for the long term. Despite a revenue rise and EBITDA growth to Rs 600 crore in FY24, Schloss posted a net loss of Rs 2.13 crore for the year and an additional Rs 36.4 crore loss in the first two months of FY25. Its negative EPS (Rs –0.12) and net asset value (Rs –160.57) make standard valuation ratios like P/E and RoNW irrelevant or skewed. The company's valuation appears steep compared to profitable peers like Indian Hotels and EIH, despite its strong brand and asset-light model. Investors are advised to approach the IPO with caution, as it is more of a brand-led growth bet than one backed by current fundamentals. Lemonn Markets Desk Analyst Gaurav Garg of Lemonn Markets Desk said that Schloss Bangalore IPO is a long-term bet on the formalisation and premiumization of India's travel and hospitality sector. Investors with a patient outlook and appetite for high-quality consumption should consider subscribing to the issue. 'As the company deleverages and executes its expansion plans, shareholders may be well-positioned to benefit from compounding gains in a high-margin business,' he added. The Leela IPO key dates The IPO of Schloss Bangalore Limited (The Leela) opened for subscription on May 26, and will close on May 28. Share allotment is expected on May 29, while the company is scheduled to debut on the stock exchanges on June 2. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Time of India
26-05-2025
- Business
- Time of India
The Leela IPO: The Leela Raises ₹1,575 Crore from Anchor Investors Ahead of IPO Launch, ET TravelWorld
Advt By , ETTravelWorld Join the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis. Download ETTravelWorld App Get Realtime updates Save your favourite articles Scan to download App Brookfield-owned The Leela Palaces, Hotels & Resorts (Schloss Bangalore Limited) has mobilised INR 1,575 crore ahead of its forthcoming initial public offering through an anchor allotment to 47 institutional investors. The shares were priced at INR 435 apiece, the upper end of the IPO's price band of INR 413– INR 435 per equity share.A total of 36,206,896 equity shares were allotted under the anchor book, which saw broad-based participation from domestic and international investors . Of this, 14,252,970 shares were allocated to nine domestic mutual funds across 20 schemes. Major participants included HDFC Mutual Fund , ICICI Prudential, Nippon India, Mirae and Invesco. Domestic insurance players such as Max Life and Birla Life also featured among the demand was equally strong, with participation from global institutions such as Norges Bank, Fidelity, Think Invest, Whiteoak, TT International, UC Regents, Ward Ferry and Lunate, reflecting continued global investor interest in India's premium hospitality sector The public issue is scheduled to open on 26 May and close on 28 May 2025. It comprises a fresh issue of equity shares amounting to INR 2,500 crore and an offer for sale of up to INR 1,000 crore by Brookfield-owned Project Ballet Bangalore Holdings (DIFC) Pvt. from the fresh issue are intended to be used for the repayment or prepayment of certain borrowings, including associated interest and penalties, for the company and its subsidiaries. Remaining funds will be allocated for general corporate running lead managers to the offer include JM Financial, Kotak Mahindra Capital, Morgan Stanley India, BofA Securities, J.P. Morgan India, Axis Capital, Citi, IIFL Capital, ICICI Securities, Motilal Oswal Investment Advisors and SBI Capital move marks a significant step forward in The Leela's capital restructuring and growth trajectory under Brookfield 's stewardship.
Time of India
26-05-2025
- Business
- Time of India
The Leela's Rs 3,500 crore IPO opens for bidding. Should you subscribe?
The initial public offering (IPO) of Schloss Bangalore Limited , which operates The Leela Palaces , Hotels & Resorts, opened for public subscription on Monday and will be available for bidding till Wednesday, May 28. The IPO is worth Rs 3,500 crore and includes a fresh issue of Rs 2,500 crore and an offer for sale (OFS) worth Rs 1,000 crore. In the first hour of the issue opening, the IPO attracted a subscription of 1%, with retail investors subscribing to the issue by 3%. The non-institutional investors (NIIs) have made a bid for 30,872 shares out of the 1.27 crore shares reserved for them. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Meanwhile, the qualified institutional buyers (QIBs) are yet to subscribe to the issue. Before the opening of the public issue, the company raised Rs 1,575 crores from 47 marquee domestic and global anchor investors at the upper end of the price band at Rs 435 per equity share. Live Events The company has allotted over 3.62 crore equity shares to these anchor investors. In this 1.42 crore equity shares were allocated to 9 domestic mutual funds through a total of 20 schemes. Goldman Sachs, Fidelity and Societe Generale are among top global funds that have invested in the company. The Leela GMP Ahead of their listing, the shares of Schloss Bangalore are trading at a grey market premium of 3.2% or Rs 14-15 in the unlisted market. Also read: Can NSE Clearing achieve financial independence before the NSE IPO? Should you subscribe to The Leela IPO? Here is what brokerage firms have to say about the issue: SBI Securities The company is valued at an FY25 EV/EBITDA multiple of 26.3x at post-issue capital of the upper price band. The company's Revenue/EBITDA have grown at a CAGR of 23%/25% respectively over the last 2 years, while on a netbasis, the business has turned profitable in FY25. The company's presence in the luxury space offers high growth opportunities as the luxury segment within the hospitality sector is likely to grow at a higher pace. The company will repay its debt from the IPO proceeds, which will result in lower D/E from the current 1.1x and improved profitability. Bajaj Broking Bajaj Broking recommends subscribing to the issue for the long term. Despite a revenue rise and EBITDA growth to Rs 600 crore in FY24, Schloss posted a net loss of Rs 2.13 crore for the year and an additional Rs 36.4 crore loss in the first two months of FY25. Its negative EPS (Rs –0.12) and net asset value (Rs –160.57) make standard valuation ratios like P/E and RoNW irrelevant or skewed. The company's valuation appears steep compared to profitable peers like Indian Hotels and EIH, despite its strong brand and asset-light model. Investors are advised to approach the IPO with caution, as it is more of a brand-led growth bet than one backed by current fundamentals. The Leela IPO key dates The IPO of Schloss Bangalore Limited (The Leela) opened for subscription on May 26, 2025, and will close on May 28, 2025. The allotment of shares is likely scheduled for May 29, with the company set to make its stock market debut on June 2, 2025.
