What are the promoters of Schloss Bangalore IPO?   
The promoters of the Company are PROJECT BALLET BANGALORE HOLDINGS (DIFC) PVT LTD, BSREP III JOY (TWO) HOLDINGS (DIFC) LIMITED, BSREP III TADOBA HOLDINGS (DIFC) PVT LTD, PROJECT BALLET CHENNAI HOLDINGS (DIFC) PVT LTD, PROJECT BALLET GANDHINAGAR HOLDINGS (DIFC) PVT LTD, PROJECT BALLET HMA HOLDINGS (DIFC) PVT LTD, AND PROJECT BALLET UDAIPUR HOLDINGS (DIFC) PVT LTD

Subscription status

Schloss Bangalore Limited IPO (Leela Hotels IPO)

(Closed on 28 May 2025)

Price Rs. 435 Lot 34 shares, Net Rs. 3500.00 Crore

QIB B HNI X S HNI X NII X RII X Total X
7.82 1,21 0.82 1.08 0.87 4.72
Applications: 173916
Note: Flow of retail applications has been slow on the last day

 

What are the Objects of Schloss Bangalore IPO?

The Offer comprises a Fresh Issue by the Company and an Offer for Sale by the Selling Shareholders.

The net proceeds of the Offer are proposed to be utilised in the following manner:
1. Repayment/ prepayment/ redemption, in full or in part, of certain outstanding borrowings availed by:
(a) Our Company;
(b) and Certain of our Subsidiaries, namely, Schloss Chanakya, Schloss Chennai, Schloss Udaipur and TPRPL, through investment in such Subsidiaries; and
2. General corporate purposes

What is the business of Schloss Bangalore?

The company is the only institutionally owned and managed pure-play luxury hospitality company in India. It owns, operates, manages and develops luxury hotels and resorts under “The Leela” brand.

The Leela brand was ranked as #1 among the world’s best hospitality brands in 2020 and 2021, and among the world’s top three hospitality brands in 2023 and 2024, by Travel + Leisure World’s Best Awards Surveys. In 1986, the Late Captain C.P. Krishnan Nair laid the foundation of The Leela brand, and it has since then focused on building a luxury brand specializing in Indian hospitality. The Leela brand and properties have won over 250 awards since January 2021, which demonstrates its contribution to India’s luxury hospitality landscape.

Its mission is deeply rooted in the traditional Indian hospitality belief of “Atithi Devo Bhava” (Guest is God). Its goal is to offer its guests luxury experiences with premier accommodation, exclusivity and personalized service, inspired by the ethos of Indian hospitality. The company aims to maintain its position as a world-class luxury hospitality brand.

 As of May 31, 2024, it is one of the largest luxury hospitality companies by number of keys in India, comprising of 3,382 keys across 12 operational hotels. Its Portfolio includes The Leela Palaces, The Leela Hotels and The Leela Resorts. The company undertakes its business primarily through direct ownership of hotels and hotel management agreements with third-party hotel owners. Its Portfolio includes five owned hotels, six hotels that are managed by it pursuant to hotel management agreements  and one hotel which is owned and operated by a third-party owner under a franchise arrangement with us. It has a strategic footprint across 10 key Indian business and leisure destinations, covering 79% of international air traffic and 54% of domestic air traffic in India in the Financial Year 2024.

Its Owned Portfolio includes five iconic hotels located in the top luxury hospitality destinations in India. In addition to its Owned Portfolio, its Portfolio also includes six operational luxury hotels and resorts managed under hotel management agreements with third-party owners and one operational luxury hotel which is owned and operated by a third-party owner under a franchise arrangement.

Further, it plans to expand its Portfolio with eight new hotels, aggregating approximately 833 keys or 24.63% of existing keys through 2028 that will be either developed, owned or managed by it. These are currently in various stages of acquisition and development.

This includes a modern palace hotels in Agra (Uttar Pradesh) and Srinagar (Union Territory of Jammu and Kashmir), resorts in Ranthambore (Rajasthan) and Bandhavgarh (Madhya Pradesh), a hotel in Hyderabad (Telangana) and serviced apartments in Mumbai’s (Maharashtra) international airport district. Going forward, it intends to continue to strategically undertake future expansion across the luxury hospitality sector within India and internationally

For more information, click www.theleela.com 

Schloss Bangalore IPO GMP, Particulars & Guidance

Schloss Bangalore IPO Details 
IPO opens on  26 May 2025
IPO closes on  28 May 2025 
Issue Type Book Built Issue IPO
Issue Size 80459769 Shares /
Rs 3500 Crore
* Fresh Issue 57471264 Shares /
Rs 2500 Crore
* Offer for Sale  22988505 Shares /
Rs 1000 Crore
   
Face Value per share: Rs. 10
Price Band  Rs. 413-435
Retail Discount  Rs 0 per share
Employee discount  Rs. 0 per share
Retail Lot Size  34 Shares
Listing will at  BSE, NSE
Shares offered in Schloss Bangalore? Shares Rs.
in Crore
QIB (75 %)  61094827 2625
NII (15 %)  12068965   525
RII (10 %)    8045977   350
Employees
Total Shares  80459769 3500
Retail portion will be oversubscribed by  236646 Forms.
How to apply in Schloss Bangalore IPO ? Amount
Rs.
Min Retail Application 34 Shares 14790
Max Retail Application  442 Shares 192270
Small HNI (Min) application   476 Shares 207060
Small HNI (Max) application  2278 Shares 990930
Big HNI Application  2312 Shares 1005720
What is the timetable of Schloss Bangalore IPO?
IPO opens on 26 May 2025
IPO Closes on 28 May 2025
IPO Allotment on 29 May 2025
Unblocking of Asba 30 May 2025
Credit of Shares 30 May 2025
Listing of Shares 2 June 2025
Registered Office of Schloss Bangalore
The Leela Palace, Diplomatic Enclave,
Africa Avenue, Netaji Nagar,
South Delhi, New Delhi, Delhi, 110 023, India 
Who are the Lead Managers of Schloss Bangalore IPO?
JM Financial Ltd
BofA Securities India Ltd
Morgan Stanley India Company Pvt ltd
J.P. Morgan India Pvt ltd
Kotak Mahindra Capital Company Ltd
Axis Capital Ltd
Citigroup Global Markets India Pvt ltd
IIFL Securities Ltd
ICICI Securities Ltd
Motilal Oswal Investment Advisors Ltd
SBI Capital Markets Ltd
Registrar to IPO
Kfin Technologies Limited

Schloss Bangalore Financials

Period Ended 31-Mar-25 31-Mar-24 31-Mar-23
Assets 8,266.16 7,061.88 5,875.54
Revenue 1,406.56 1,226.50 903.27
Profit After Tax 47.66 -2.13 -61.68
Net Worth 3,604.99 -2,825.72 -2,511.96
Reserves and Surplus 3,280.43 -2,906.20 -2,582.80
Total Borrowing 3,908.75 4,242.18 3,696.18
Amount in Rs. Crore
Schloss Bangalore IPO
Ratio Analysis
Price /EPS 2.71
PE Ratio 160.63
Price/BV  2.92

How Schloss Bangalore IPO compares with the Peers?
Peer Comparison.

Company Name P/E (x) RoNW (%)
Schloss Bangalore  160.63 1.32
The Indian Hotels  59.84 16.42

# This is only coverage of News related to Grey Market. We do not deal in grey market premium, nor we recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.

Schloss Bangalore IPO Guidance by Paresh Gordhandas, CA & Research Analyst.

The company is India’s only institutionally owned and managed pure-play luxury hospitality platform, operating under the prestigious “The Leela” brand. It is engaged in the ownership, management, operation, and development of luxury hotels and resorts across the country.

Founded in 1986 by the Late Captain C.P. Krishnan Nair, The Leela brand has been synonymous with refined Indian hospitality. It has earned significant global recognition, being ranked #1 among the world’s best hospitality brands in 2020 and 2021, and among the top three in 2023 and 2024 by the Travel + Leisure World’s Best Awards. Since January 2021, the brand and its properties have received over 250 awards, underscoring its impact and leadership in India’s luxury hospitality segment.

Portfolio and Operational Scale:

As of March 31, 2025, the company is among the largest luxury hospitality operators in India, with a total of 3,553 keys spread across 13 operational hotels. Its portfolio includes:

  • Owned Portfolio: 5 hotels directly owned by the company
  • Managed Portfolio: 7 hotels managed under hotel management agreements
  • Franchise Portfolio: 1 hotel owned and operated by a third party under a franchise arrangement

The brand’s offerings span across The Leela Palaces, The Leela Hotels, and The Leela Resorts. The company adopts an asset-light model through management contracts and franchising, enabling growth with limited capital deployment while enhancing income and brand presence.

Strategic Footprint:

The company maintains a strategic presence in 10 of India’s key business and leisure destinations, collectively accounting for 80% of international and 59% of domestic air traffic in FY25. As per the HVS Report (as of December 31, 2024), the company’s properties are located in all seven of India’s top business markets and three of the top five leisure destinations. Its portfolio represents approximately 18% of the total luxury keys in these key markets.

Expansion Plans:

To drive future growth, the company plans to add seven new hotels totaling approximately 678 keys, representing a 19.08% increase over current capacity. These additions are in various stages of development, acquisition, and finalization, and are expected to be operational by 2028.

Financial Performance:

The company has demonstrated robust financial performance, improving EBITDA from Rs.4,236.29 million in FY23 to Rs.7,001.68 million in FY25, with the EBITDA margin rising from 46.90% to 49.78% over the same period. It has achieved RevPAR and ARR growth at a CAGR of 11.8% and 10.8% respectively between FY19 and FY24, outperforming the broader luxury segment, which grew at 8.6% and 8.4%, respectively.

For FY24, the company delivered an industry-leading EBITDA margin of 48.92%, exceeding the margins of listed peers, which ranged between 33.66% and 45.60%.

Global Appeal:

The company attracts a diverse international clientele, with foreign guests accounting for 46.8% of room revenues in FY25. This global positioning aligns with broader trends, as luxury tourism worldwide is projected to grow at a CAGR of 6.6% from FY23 to FY28.

IPO and Valuation Outlook:

Proceeds from the IPO will be primarily used to reduce debt, with an estimated reduction in interest costs of approximately Rs. 328 crore. This saving is projected to enhance EPS by around Rs. 5 (net of tax), pushing the post-IPO EPS estimate to approximately Rs. 7.

Valuing the company on these fundamentals, the fair value is pegged at Rs. 470 per share post-listing, with potential to rise to Rs. 500 in the medium term.

Investment Recommendation:

Given its strong brand equity, scalable and asset-light business model, superior operational metrics, and high growth potential in the luxury hospitality segment, we strongly recommend this IPO as a long-term investment opportunity. The company is well-positioned to benefit from both domestic and global demand for luxury experiences, making it a compelling play in India’s premium hospitality sector.

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