Schloss Bangalore's IPO Clocks 4.5x Subscription Amid Strong Investor Interest

The initial public offering of Schloss Bangalore, operator of Leela Palaces Hotels and Resorts, witnessed substantial interest, receiving 4.50 times subscription by its closing day. According to NSE data, 20,96,73,206 shares were bid against 4,66,10,169 available.

Qualified Institutional Buyers (QIBs) led the charge with a subscription rate of 7.46 times, while non-institutional investors participated at a rate of 1.02 times. Retail investors subscribed to 83% of their allotted portion. A total of Rs 1,575 crore was secured from anchor investors.

This Rs 3,500-crore IPO includes a Rs 2,500-crore fresh issue and a Rs 1,000-crore offer for sale by Project Ballet Bangalore Holdings. The firm, renowned for its luxurious Leela hotels, plans to use the IPO proceeds to repay debt and for general corporate purposes.

(With inputs from agencies.)