25 September 2024:Â In a major development for the Indian hospitality industry, Schloss Bangalore Ltd., the parent company of Leela Palaces Hotels & Resorts, has filed preliminary papers with the Securities and Exchange Board of India (SEBI) to raise a significant Rs 5,000 crore through an initial public offering (IPO).
If successful, this IPO could potentially be the largest in the hospitality sector within the country. The proposed offering comprises a fresh issue of equity shares worth Rs 3,000 crore and an offer for sale (OFS) of existing shares valued at Rs 2,000 crore by the promoter, Project Ballet Bangalore Holdings (DIFC) Pvt Ltd.
The proceeds from the fresh issue will be utilized to repay existing loans and for general corporate purposes.
Schloss Bangalore, renowned for its luxurious “The Leela” branded hotels and resorts, currently operates a portfolio of 12 hotels with a total of 3,382 rooms across 10 destinations in India.
This IPO filing comes at a time when the Indian IPO market is witnessing a surge in activity, with numerous companies launching their initial share sales. The strong interest from investors and the positive outlook for the hospitality sector make this IPO a highly anticipated event.
