Schloss Bangalore Shares Slide on Stock Market Debut
Schloss Bangalore's shares, operating under Leela Palaces Hotels and Resorts, debuted with a 7% discount on the BSE and NSE, coming in below the Rs 435 issue price. The IPO attracted 4.50 times subscription. Funds from the IPO will be used to repay loans and for corporate purposes.
- Country:
- India
Shares of Schloss Bangalore, the operator of Leela Palaces Hotels and Resorts, debuted on the stock market with a nearly 7% discount on Monday, priced at Rs 406.50 against the issue price of Rs 435 on the BSE. This marked a drop of 6.55% from the initial offering.
On the NSE, shares began trading at Rs 406, reflecting a 6.66% discount. The company's market valuation at this debut was Rs 13,642.18 crore. The IPO, which closed last Wednesday, saw a subscription rate of 4.50 times.
Backed by Brookfield Asset Management, Schloss Bangalore aims to use the IPO proceeds to pay off loans and for general corporate purposes. Known for luxurious hospitality, it operates under the 'The Leela' brand with 12 hotels across 10 destinations in the country.
(With inputs from agencies.)
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