Brookfield-owned The Leela Palaces, Hotels & Resorts (Schloss Bangalore Limited) has mobilised INR 1,575 crore ahead of its forthcoming initial public offering through an anchor allotment to 47 institutional investors. The shares were priced at INR 435 apiece, the upper end of the IPO’s price band of INR 413– INR 435 per equity share.
A total of 36,206,896 equity shares were allotted under the anchor book, which saw broad-based participation from domestic and international investors. Of this, 14,252,970 shares were allocated to nine domestic mutual funds across 20 schemes. Major participants included HDFC Mutual Fund, ICICI Prudential, Nippon India, Mirae and Invesco. Domestic insurance players such as Max Life and Birla Life also featured among the subscribers.
International demand was equally strong, with participation from global institutions such as Norges Bank, Fidelity, Think Invest, Whiteoak, TT International, UC Regents, Ward Ferry and Lunate, reflecting continued global investor interest in India’s premium hospitality sector.
The public issue is scheduled to open on 26 May and close on 28 May 2025. It comprises a fresh issue of equity shares amounting to INR 2,500 crore and an offer for sale of up to INR 1,000 crore by Brookfield-owned Project Ballet Bangalore Holdings (DIFC) Pvt. Ltd.
Proceeds from the fresh issue are intended to be used for the repayment or prepayment of certain borrowings, including associated interest and penalties, for the company and its subsidiaries. Remaining funds will be allocated for general corporate purposes.
Book running lead managers to the offer include JM Financial, Kotak Mahindra Capital, Morgan Stanley India, BofA Securities, J.P. Morgan India, Axis Capital, Citi, IIFL Capital, ICICI Securities, Motilal Oswal Investment Advisors and SBI Capital Markets.
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