Schloss Bangalore Limited (The Leela Palaces, Hotels and Resorts) has made an initial public offering comprising a fresh issue and an offer for sale of equity shares, aggregating to ₹3,500 crore ($409.40 million).
Shardul Amarchand Mangaldas & Co advised The Leela on this IPO.
The firm also advised Project Ballet Bangalore Holdings (DIFC) Pvt Ltd, one of the promoters of the Issuer, on its participation in the offer for sale in the IPO.
Prior to the IPO, the firm also advised on the restructuring process for consolidation of value under the Issuer comprising multiple acquisitions. Such restructuring facilitated the Issuer to take the entire “The Leela” portfolio public.
The SAM Capital Markets team was led by Partners, Nikhil Naredi and Rohit Tiwari with assistance from Principal Associate, Tarun Srikanth; Senior Associate, Rishika Sharma; and Associates, Ankita Singh, Manish Soni, and Vartika Bhatnagar.
The General Corporate team was led by Partners, Jay Gandhi, Neelam Pathak, and Kaustubh Verma with assistance from Senior Associates, Shruti Khetan, Ankit Parekh and Samyukta Shetty; and Associate, Yashvardhan Mittal.
The Real Estate team was led by Partners, Mrinal Kumar and Arjun K Perikal with assistance from Principal Associate, Arnav Sahni and Vedashree Ravishankar; and Associate, Aviral Arun.
The Employment team was led by Partners, Pooja Ramchandani and Kriti Kaushik, with assistance from Senior Associate, Istuti Kapoor.
Sidley Austin also represented The Leela on this IPO.
The transaction team was led by Manoj Bhargava, which included Edward Lee, Sarangan Rajesh Kumar, Dhanush Dinesh, and legal assistant Sanketh Hareesh Kumar, with support from Nicholas R. Brown, Carla G. Teodoro, Margaret Huang, Daniel O’Shea, Robert M. Kreitman, Andrew Shoyer, and Shu Min Ho.
White & Case advised the Book Running Lead Managers — JM Financial Limited, BofA Securities India Limited, Morgan Stanley India Company Private Limited, J. P. Morgan India Private Limited, Kotak Mahindra Capital Company Limited, Axis Capital Limited, Citigroup Global Markets India Private Limited, IIFL Securities Limited, ICICI Securities Limited, Motilal Oswal Investment Advisors Limited and SBI Capital Markets Limited.
The transaction team was led by partners Rahul Guptan (London) and Kaya Proudian (Singapore) and included partner Steven Gee (New York), local partner James Hsiao (Hong Kong) and associates Stephanie Zhao, Ji Yang Lim (both Singapore), Royston Tan (Hong Kong), Daniel Park and Jiawei Zheng (both New York).
Schloss Bangalore is one of India’s premier hospitality groups, owning, operating, managing, and developing luxury hotels and resorts under the “The Leela” brand. Its portfolio includes 13 luxury hotels located across key Indian cities and leisure destinations, encompassing both owned and managed properties. Backed by the Brookfield Group, the Leela properties are widely recognized for the superior quality of architecture, guest facilities and services, repeatedly earning top rankings among the world’s best hotels and travel experiences by recognized publications such as Travel + Leisure and Conde Nast Traveler.
The IPO was priced in the ₹413–₹435 range and was subscribed 4.5 times overall, with strong demand from institutional investors. The company raised ₹1,575 crore in the anchor round from global and domestic investors including Goldman Sachs, Fidelity, and HDFC Mutual Fund. Proceeds from the issue are earmarked for repaying debt, with around ₹2,300 crore allocated for deleveraging.
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