Leela Hotels IPO Highlights: Check Day 1 subscription data, listing date and more

The Rs 3,500-crore IPO of Schloss Bangalore, the operator of luxury hotels and resorts chain under The Leela brand, was subscribed around 6 percent on its first day of biding (May 26).

Schloss Bangalore's IPO received bids for nearly 28.75 lakh shares, as against the offer size of 4.66 crore shares, according to data on the NSE. Retail investors subscribed their reserved portion by 20 percent, while Non-Institutional Investors (NII) booked their reserved portion by 3 percent. Qualified Institutional Buyers (QIBs) also subscribed the portion reserved for them nearly 3 percent. (Read more)

India's most-valued real estate developer DLF is expected to launch its much-awaited premium housing project in Mumbai in the next two weeks, people familiar with the development have told Moneycontrol. (Read more)

Brick-and-mortar chains like D-Mart and V-Mart are expanding into smaller cities, but a growing shortage of skilled staff is emerging as a major challenge. Executives say this is impacting customer handling, particularly as formal retail penetrates newer, less experienced markets. (Read more)

India’s real estate market is witnessing a strong boom, driven by rising rentals in key metropolitan cities and growing demand for homes in popular tourist destinations.

According to data from Magicbricks, a digital property search platform, average rentals in major metro cities saw a sharp increase of 10 percent between January and March 2025, even as tourist hotspots such as hill stations continue to see a surge in demand. Data showed that Bengaluru (15.7 percent) and Pune (12.5 percent) recorded the steepest quarterly rental hikes, while rental growth in Noida was 7.9 percent in Q1 2025. (Read more)

• Qualified Institutional Buyers (QIBs) -- 0.03
• Non Institutional Investors(NIIS) -- 0.02
• Retail Individual Investors (RIIs) -- 0.16
• Total -- 0.05

Telecom “is like petrol — you have to just fill it,” and that makes a strong investment case for Bharti Airtel as a high-growth compounder in a capital-intensive industry, says Kunal Vora, Head of India Equity Research at BNP Paribas. Vora said the company’s channel checks to gauge consumer response to telecom tariff hikes revealed that users now view mobile charges like petrol prices — a necessary expense that cannot be avoided, even with price increases. This, he said, sets the stage for sector leaders to comfortably implement tariff hikes, if not annually, then at least every alternate year, ensuring a steady rise in revenues year after year. Besides, the industry structure also favours investing in a company like Bharti Airtel, Vora said. (Read More)

The IPO market may well be picking up with many public issues lined up but HNI – high net worth individuals -- interest in the primary market clearly appears to be dwindling. Data from Prime Database shows that the average number of HNI applications has dipped in the current calendar year - first time in many years. More importantly, some of the recent IPOs including Ather Energy, Dr Agarwal's Healthcare and Quality Power among others saw only a few thousand applications in the HNI segment. This is a huge fall as most of the IPOs that hit the market in January saw the number of HNI applications in lakhs. (Read More)

The Supreme Court ordered status quo on liquidation proceedings of Bhushan Power and Steel Ltd pending the verification of the review petition to be filed by JSW Steel, Live Law reported on Monday. It should be noted that ex-BPSL promoter Sanjay Singhal had moved NCLT seeking liquidation as per the top court's May 2nd judgment. (Read More)

Nifty50 companies have recorded a dividend payout ratio of 42.9 percent—the highest in the last two years, and the second highest in the past 10 years. (Read More)

The capital markets regulator and the National Stock Exchange have begun discussions to settle the long-running co-location case that has dogged the bourse’s IPO ambitions for years, people familiar with the matter said. The Securities and Exchange Board of India (SEBI) is in advanced talks with NSE to arrive at a consent settlement in the co-location matter that’s currently pending before the Supreme Court. SEBI has appealed against a Securities Appellate Tribunal (SAT) ruling that diluted the original penalties imposed on NSE in 2019. (Read More)

• Qualified Institutional Buyers (QIBs) -- 0.00
• Non Institutional Investors(NIIS) -- 0.01
• Retail Individual Investors (RIIs) -- 0.08
• Total -- 0.02

• The Enforcement Directorate has said it seized cash of Rs 1.70 crore and documents related to immovable assets during searches conducted against Jaypee Infratech Ltd (JIL), Jayprakash Associates Ltd (JAL) and other entities in an alleged homebuyers' fraud case linked money laundering investigation.
• The raids were carried out at 15 premises in Delhi, Noida, Ghaziabad and Mumbai on May 23 under the Prevention of Money Laundering Act (PMLA). - PTI

• The brokerage considers the IPO to be reasonably valued and has assigned a ‘Subscribe – Long Term’ recommendation.
• “At the upper end of the price band, the company is valued at a P/E ratio of 266.8x, a P/S ratio of 11.2x, and a market capitalization of Rs 14,527 crore, with an EV/EBITDA multiple of 30x post the equity share issuance,” it stated.

Wealthtech unicorn Groww has confidentially filed for an initial public offering under the Securities and Exchange Board of India’s pre-filing mechanism, marking its first formal step toward a stock market debut. In a public notice released on Monday, Groww’s parent entity Billionbrains Garage Ventures Limited said the DRHP was submitted under Chapter IA of the SEBI ICDR Regulations, allowing the company to seek SEBI’s comments without immediately disclosing its IPO documents to the public. (Read More)

JSW Group-backed steel major JSW Steel Ltd. shares opened in the green on Monday, May 26, after the firm reported its earnings show for the fourth quarter of FY2025. JSW Steel reported a net profit of Rs 1,503 crore for the fourth quarter of FY25, marking a rise of around 16 percent on year from the Rs 1,299 crore net profit reported a year ago amid falling cost and improving margins. (Read More)

Belrise Industries IPO allotment is likely to be declared on Monday, May 26 on the official registrar of the company, Link Intime India Pvt Ltd. The issue by the automotive components maker got subscribed 41.30 times on the concluding day of subscription on Friday backed by oversubscription in QIBs and NII. The Rs 2,150-crore initial share sale of Belrise Industries received bids for over 731 crore shares against 17.70 crore shares on offer, as per NSE data. The portion for non-institutional investors attracted 38.33 times subscription while retail individual investors (RIIs) part received 4.27 times subscription. The category for qualified institutional buyers (QIBs) got subscribed 108.35 percent. Earlier, the company garnered Rs 645 crore from anchor investors. (Read More)

• BPSL Matter Is Subjudice, Have Implemented Resolution Plan In Full Compliance With Law
• Believe JSW Steel Has Strong Grounds For Availing All Legal Remedies With Respect To BPSL
• If BPSL Asset Comes Up For Bidding, Believe We Are Still Eligible To Bid Again
• Believe JSW Steel Is Due To Receive All Refunds Paid For BPSL

• As per the brokerage, Schloss Bangalore is priced at a FY25 EV/EBITDA multiple of 26.3x, calculated on the basis of post-issue capital at the upper end of the price band. Over the past two years, the company has recorded a compound annual growth rate (CAGR) of 23% in revenue and 25% in EBITDA. The business has also turned profitable on a net basis in FY25.
• SBI Securities noted that Schloss Bangalore’s foothold in the premium hospitality segment positions it for robust future growth, given the segment’s strong expansion outlook. The firm’s plan to utilize IPO proceeds for debt repayment is expected to bring down its current debt-to-equity ratio of 1.1x, thereby improving its profitability. The brokerage, however, has not provided a specific rating for the IPO.

The Reserve Bank of India’s (RBI) latest edition of the Report on Trend and Progress of Banking (2023-24) drops a bombshell: there has been 18,461 bank fraud cases in the first half of FY25 (April-September 2024) -- a 27.4 percent spike from 14,480 cases a year earlier. (Read More)

• The brokerage has advised investors to subscribe to the IPO with a long-term perspective. It emphasized that the investment case hinges more on the potential for a turnaround and brand-led growth rather than current valuations rooted in existing financial performance.
• Despite impressive revenue growth and an increase in EBITDA to ₹600 crore in FY24, Schloss Bangalore remains in the red, having reported a net loss of ₹2.13 crore for FY24 and an additional ₹36.4 crore loss during the first two months of FY25.
• Because of negative earnings per share and a negative net asset value, conventional valuation indicators such as the price-to-earnings ratio (P/E) and return on net worth (RoNW) either cannot be applied or may provide misleading insights, the brokerage noted.
• As a result, Schloss is trading at a substantial premium compared to other listed hotel players like Indian Hotels and EIH Limited, both of which have demonstrated better profitability and return metrics, the report added.
• While Schloss Bangalore shows potential for robust expansion in India’s luxury hotel market—supported by its asset-light strategy and strong brand—the current valuation seems to already factor in much of the expected growth.
• SBI Securities' View:
  According to SBI Securities, Schloss Bangalore is priced at a FY25 EV/EBITDA multiple of 26.3x at the upper end of the price band, considering the post-issue capital. Over the past two years, the company's revenue and EBITDA have grown at a compound annual rate of 23% and 25%, respectively. The business turned profitable in FY25 on a net basis.
• The brokerage highlighted that Schloss's positioning in the premium hospitality segment bodes well for future growth, especially as this market is projected to expand rapidly. Furthermore, the planned use of IPO proceeds to repay debt is expected to reduce the company's debt-to-equity ratio from 1.1x, improving overall profitability. SBI Securities, however, has not assigned an explicit rating to the IPO.

JSW Steel’s review petition on the liquidation of Bhushan Power and Steel will be heard by the Supreme Court today. The company is seeking a review of the top court’s May 2 order, which rejected the Rs 19,300 crore resolution plan. The plea names Sanjay Singhal, the former promoter of Bhushan Power and Steel. It was Singhal’s petition that led to the Supreme Court’s May 2 ruling. (Read More)

Aadit Palicha, the chief executive officer and co-founder of Zepto, on May 25 alleged that the chief financial officer (CFO) of a rival firm is running a smear campaign to cause damage to Zepto, the brand and the company. The developments come at a time when the competitive intensity in the quick commerce space is heating up. (Read More)

Nimesh Chandan of Bajaj Finserv AMC is very bullish on consumption sectors for the next 5 to 10 years. "There are structural drivers like demographics, rising per capita income, etc, for the sector. There are now cyclical positives, too. Fiscal policy is now more demand-oriented," he reasoned. Further, the monetary policy is also accommodative, so "we will see the benefits of better liquidity and lower interest rates. I am optimistic about everything from daily necessities and food delivery to real estate," he said in an interview to Moneycontrol. (Read More)

President Donald Trump said he would extend the deadline for the European Union to face 50% tariffs until July 9 after a phone call with Commission President Ursula von der Leyen. “We had a very nice call and I agreed to move it,” Trump told reporters Sunday at Morristown Airport in New Jersey on his way back to Washington. (Read More)

The primary market is going to be busy as a total of nine initial public offerings (IPOs) worth more than Rs 6,900 crore, including four from mainboard segment, will hit the Dalal Street. In fact, this is the first time in the current year that four public issues from the mainboard segment are opening in a single week, as last this was seen in December 2024. (Read More)

KFin Technologies Limited serves as the registrar to the offer, while the book-running lead managers for the public issue include JM Financial, Axis Capital, Kotak Mahindra Capital Company, Morgan Stanley India Company, BofA Securities India, JP Morgan India, Citigroup Global Markets India, IIFL Securities, ICICI Securities, Motilal Oswal Investment Advisors, and SBI Capital Markets.

According to the draft papers, Schloss Bangalore intends to use the funds raised from the public issue to repay loans amounting to nearly Rs 2,300 crore, while the remaining proceeds will be allocated for general corporate purposes.

Project Ballet Bangalore Holdings (DIFC) Pvt Ltd is the promoter and selling shareholder in the offer-for-sale (OFS) portion of the Leela Hotels IPO. The promoter is offloading shares worth up to Rs 1,000 crore, with each share having a face value of Rs 10.

In the mainboard segment, Brookfield-backed Schloss Bangalore, which operates hotels, palaces, and resorts under The Leela brand, becomes the first to launch its Rs 3,500 crore maiden public issue today. The IPO is priced in the range of Rs 413–435 per share. The Leela Hotels IPO includes a fresh issue of equity shares worth Rs 2,500 crore and an offer-for-sale of shares worth Rs 1,000 crore by the promoter. The issue will close on May 28.

Good morning and welcome to Moneycontrol. Today, we are taking a look at the latest buzz in the IPO world. Apart from this, we will also bring you current status of Trump tariff status and much more. Stay with us for all business news from India and around the globe.