Brookfield Asset Management-backed Schloss Bangalore saw an overall muted subscription of 6 per cent on its first day. Schloss Bangalore owns hospitality brand the Leela Palaces, Hotels and Resorts. The subscription was dominated by Retail Individual Investors (RIIs) with 20 per cent.

Qualified Institutional Buyers (QIBs) and Non-Institutional Investors (NIIs) saw 3 per cent of the shares allocated to them. There were no bids from the employee reserved portion.

The company has set the price band at ₹413 to ₹435. The IPO is worth ₹3,500 crore and includes a fresh issue of ₹2,500 crore and an offer for sale (OFS) worth ₹1,000 crore by promoter Project Ballet Bangalore Holdings (DIFC) Pvt Ltd..

The company plans to use the money raised from the public issue to pay loans worth ₹2,300 crore. The remaining funds will be allocated for general corporate purposes.

Schloss Bangalore has already raised ₹1,575 crore from anchor investors by allocating 3.62 crore equity shares to 47 funds. These funds included HDFC Mutual Fund (MF), ICICI Prudential MF, Nippon India MF, Mirae MF, Invesco MF, and Aditya Birla Sun Life Insurance Company. Other marquee investors included sovereign and FPIs such as Think Invest, Fidelity, Norges Bank, Whiteoak, Lunate, UC Regents, TT International, and Ward Ferry.

Schloss Bangalore Limited as a luxury hospitality company has a portfolio of 12 operational hotels comprising 3,382 keys. The portfolio includes The Leela Palaces, The Leela Hotels, and The Leela Resorts.The company operates through direct ownership and hotel management agreements with third-party owners.

(Report filed by BL intern Nethra Sailesh)

Published on May 26, 2025