Luxury hotels chain The Leela, which is owned by Brookfield through its subsidiary Schloss Bangalore, has fixed price band for its Rs 3,500-crore IPO at Rs 413-435 per share. The company is valued at Rs 14,527.16 crore at the upper price band.
The public issue will open for subscription on May 26 and remain open till May 28.
The initial public offering is a combination of fresh issuance of shares worth Rs 2,500 crore, and an offer-for-sale of Rs 1,000 crore worth shares by promoter Project Ballet Bangalore Holdings (DIFC). The company has reduced its total IPO size from Rs 5,000 crore, to Rs 3,500 crore.
Investors can bid for a minimum of 34 equity shares and in multiples of 34 shares thereafter.
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Schloss Bangalore owns and operates luxury hotels and resorts under the Leela brand, with a portfolio of 3,553 keys across 13 operational hotels.
The company that competes with Indian Hotels, Chalet Hotels, EIH, and ITC Hotels intends to use Rs 2,300 crore out of fresh issue proceeds for repaying debt availed by the company and its subsidiaries.
JM Financial, BofA Securities India, Morgan Stanley India Company, JP Morgan India, Kotak Mahindra Capital Company, Axis Capital, Citigroup Global Markets India, IIFL Capital Services, ICICI Securities, Motilal Oswal Investment Advisors, and SBI Capital Markets are acting as the merchant bankers for the issue.
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