Latest news with #SchlossBangalore-operated
Time of India
21-05-2025
- Business
- Time of India
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 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 can make a bid of a minimum of 34 shares and in multiples of 24 investor bidding will start from May 23, a day before the issue opens for public offer is being made through a book-building process, and the shares of the company are proposed to be listed on the NSE and 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 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' 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 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 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)
Economic Times
21-05-2025
- Business
- Economic Times
The Leela Hotels fixes price band at Rs 413-435 for upcoming IPO. Check details
Beyond accommodations, The Leela Hotels also operates 67 fine-dining restaurants and bars, along with 12 wellness centers. Synopsis 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. 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. ADVERTISEMENT 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 offer is being made through a book-building process, and the shares of the company are proposed to be listed on the NSE and 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. ADVERTISEMENT 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. ADVERTISEMENT Also read: CleanMax Enviro plans Rs 5,000 cr IPO to boost renewable energy growth 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. ADVERTISEMENT 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 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. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel) Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Cyient shares fall over 9% after Q4 profit declines, core business underperforms Cyient shares fall over 9% after Q4 profit declines, core business underperforms L&T Technology Services shares slide 7% after Q4 profit dips L&T Technology Services shares slide 7% after Q4 profit dips Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? SEBI warns of securities market frauds via YouTube, Facebook, X and more SEBI warns of securities market frauds via YouTube, Facebook, X and more API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders Security, transparency, and innovation: What sets Pi42 apart in crypto trading Security, transparency, and innovation: What sets Pi42 apart in crypto trading Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains The rise of Crypto Futures in India: Leverage, tax efficiency, and market maturity, Avinash Shekhar of Pi42 explains The rise of Crypto Futures in India: Leverage, tax efficiency, and market maturity, Avinash Shekhar of Pi42 explains How Pi42 is simplifying crypto trading: CTO Satish Mishra on integrating technical & fundamental insights NEXT STORY
