Luxurious Leap: Schloss Bangalore's Historic IPO Set to Transform Hospitality Sector
Schloss Bangalore Ltd, operator of The Leela brand, is launching a Rs 3,500-crore IPO, marking a significant milestone in the hospitality sector. The offering consists of Rs 2,500 crore in new shares and Rs 1,000 crore of promoter-held shares. Proceeds will address debt and further corporate growth.
- Country:
- India
In a landmark move for the hospitality industry, Schloss Bangalore Ltd, the operator behind the luxurious The Leela Palaces Hotels & Resorts, is preparing to launch what could become India's largest IPO in the sector, with a price band set between Rs 413-435 per share, raising a significant Rs 3,500 crore.
The IPO includes a fresh issuance of equity shares worth Rs 2,500 crore and is complemented by an offer for sale of Rs 1,000 crore from Project Ballet Bangalore Holdings. This crucial capital influx aims to alleviate existing company debts while facilitating future corporate strategies.
Driven by booming domestic and international tourism, Schloss Bangalore's financial figures reflect robust growth, with EBITDA soaring to Rs 600.03 crore in FY24. The IPO is aided by a consortium of elite merchant bankers, and shares are anticipated to list on June 2, underscoring the buoyant future of India's luxury hotel segment.
(With inputs from agencies.)
Google News