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Schloss Bangalore, a hospitality company associated with The Leela Hotels brand, commenced trading on the stock market this week. The company’s shares are listed below the initial public offering (IPO) price on both the BSE and NSE. The listing price was recorded at ₹406.50 on BSE and ₹406 on NSE, falling outside the IPO price band of ₹413 to ₹435 per share.
Schloss Bangalore’s shares commenced trading on the BSE at ₹406.50 and on the NSE at ₹406. The IPO price band was established between ₹413 and ₹435 per share. The listing prices were below this specified band.
BSE Listing Price: ₹406.50
NSE Listing Price: ₹406
IPO Price Band: ₹413 – ₹435
The IPO was valued at ₹3,500 Crores, comprising:
Fresh Issue: 5.75 Crores shares worth ₹2,500 Crores
Offer for Sale (OFS): 2.30 Crores shares worth ₹1,000 Crores
The proceeds from the fresh issue are designated for debt repayment or prepayment across various group properties, such as Schloss Chanakya, Schloss Chennai, and Schloss Udaipur. A portion of the funds will also address general corporate requirements.
Schloss Bangalore, incorporated in 2019, operates luxury properties in major Indian cities and tourist destinations. The company operates within the luxury hospitality sector. Its portfolio includes The Leela Palaces, The Leela Hotels, and The Leela Resorts. The company's operational model involves both direct property ownership and hotel management contracts with third-party entities.
This content is for informational purposes only and the same should not be construed as investment advice. Bajaj Finserv Direct Limited shall not be liable or responsible for any investment decision that you may take based on this content.
Sources
https://www.business-standard.com/markets/capital-market-news/schloss-bangalore-the-leela-ipo-ends-with-4-50x-subscription-125052900614_1.html
https://economictimes.indiatimes.com/markets/stocks/news/leela-hotels-ipo-set-to-list-today-modest-gmp-hints-at-quiet-debut-despite-brand-value/articleshow/121558961.cms?from=mdr
https://www.livemint.com/market/stock-market-news/leela-hotels-ipo-allotment-date-in-focus-latest-gmp-steps-to-check-share-allotment-status-online-11748492158585.html
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Posted on 05 Jun
Geetanjali Lachke
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