Leela Hotels IPO got fully subscribed on Day 3 of the initial public offer (IPO) on Wednesday, backed by QIB and retail investors. Earlier, the Schloss Bangalore Ltd garnered Rs 1,575 crore from anchor investors. The issue has a price band of Rs 413-435 per share.
The initial share sale of Schloss Bangalore, which operates Leela Palaces Hotels and Resorts, got subscribed 4.5 times on the concluding day of bidding on Wednesday. IPO received bids for 20.96 crore shares against 4.66 crore shares on offer, according to data available with the NSE.
The portion for Retail Individual Investors (RIIs) received 83 percent subscription while the quota for non-institutional investors got subscribed 1.02 times. Qualified Institutional Buyers (QIBs) part attracted 7.46 times subscription.
According to the platforms tracking the grey market premium activities, the shares of Schloss Bangalore are commanding a flat GMP in the unofficial market.
The company's Rs 3,500-crore IPO is a combination of a fresh issue of equity shares worth Rs 2,500 crore and an offer for sale (OFS) of stocks valued at Rs 1,000 crore by promoter Project Ballet Bangalore Holdings (DIFC) Pvt Ltd.
Schloss Bangalore, known for its luxurious hotels and resorts under "The Leela" brand, had a portfolio of 3,382 keys across 12 operational hotels as of May 31, 2024. Its portfolio includes The Leela Palaces, The Leela Hotels, and The Leela Resorts, located across 10 destinations in the country.
Shares of the company will be listed on NSE and BSE on June 2, while the allotment of shares is expected on May 29.
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