Leela Hotels IPO

IPO Details

Bidding Dates

26 May '25 - 28 May '25

Minimum Investment

₹14,790/ 1 Lot (34 Shares)

Price Range

₹413-₹435

Maximum Investment

₹1,92,270/ 13 Lot (442 Shares)

Retail Discount

To be announced

Issue Size

₹3,500.00 Cr

Investor category and sub category

Retail Individual Investors (RII) | Qualified Institutional Buyers (QIB) | Non-institutional Investors (NII) |

Leela Hotels IPO Important Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

May 26, 25

IPO Closing Date

May 28, 25

Basis of Allotment

May 29, 25

Initiation of Refunds

May 30, 25

IPO Listing Date

Jun 02, 25

About Leela Hotels IPO

Leela Hotels is coming out with an IPO of ₹3,500.00 crore through a book-building process. The IPO includes a fresh issue of 5.75 crore shares worth ₹2,500.00 crore and an offer for sale of 2.30 crore shares worth ₹1,000.00 crore. The subscription for the IPO opens on May 26, 2025, and closes on May 28, 2025. The allotment is expected to be finalised by May 29, 2025, with the shares likely to be listed on BSE and NSE on June 2, 2025.

The price band for the IPO is fixed at ₹413 to ₹435 per share. Retail investors need to apply for a minimum of 34 shares, which costs ₹14,042. However, applying at the cutoff price may require around ₹14,790 to avoid issues during oversubscription. For sNII investors, the minimum investment is ₹2,07,060 for 476 shares, and for bNII, it is ₹10,05,720 for 2,312 shares.

The issue is managed by leading firms such as JM Financial, Kotak Mahindra Capital, Axis Capital, and others. Kfin Technologies is the registrar. Investors should refer to the RHP for detailed insights.

Industry Outlook

India’s GDP is expected to nearly double from $3.6 trillion in 2023 to $6.8 trillion by 2030. This growth is projected to push high and upper-middle-income households to 200 million, nearly triple the 2018 figure. With hospitality growth strongly tied to economic expansion, Schloss Bangalore Limited is well-positioned to benefit from rising domestic demand for luxury stays and premium experiences.
In FY24, luxury hospitality RevPAR (Total Room Revenue ÷ Total Available Rooms) stood at ₹10,122, more than twice the industry average of ₹4,739. With luxury room demand growing at a CAGR of 10.6% versus supply growth of just 5.9% through FY28, Schloss Bangalore Limited stands to gain from higher occupancy rates and pricing power, especially given the underpenetration of luxury keys in India.
Institutional backing has been a catalyst for global hotel chain expansion. With similar opportunities emerging in India, Schloss Bangalore Limited can attract institutional investment to scale operations while maintaining its luxury positioning.

Leela Hotels IPO Objectives

The company plans to allocate the net proceeds from the issuance to the following purposes:

A portion of the net proceeds will be used to repay or prepay outstanding borrowings, including interest and any penalties, helping reduce the company's overall debt burden.
Funds will be invested in subsidiaries such as Schloss Chanakya, Schloss Chennai, Schloss Udaipur, and TPRPL to clear their borrowings, improving the group’s financial stability.
The remaining funds will be used for general corporate purposes.

About Schloss Bangalore Limited

Schloss Bangalore Limited is a luxury hospitality company that owns, operates, manages, and develops high-end hotels and resorts under the renowned “The Leela” brand. Recognised globally, The Leela was ranked first among the world’s best hospitality brands in 2020 and 2021, and remained in the top three in 2023 and 2024, as per Travel + Leisure World’s Best Awards.

Founded in 1986 by the late Captain C.P. Krishnan Nair, the brand has remained committed to Indian hospitality values, offering premium accommodation, exclusivity, and personalised service inspired by the ethos of “Atithi Devo Bhava”. As of March 31, 2025, the company has 3,553 keys across 13 operational hotels in India, covering major business and leisure destinations.

The company operates through direct ownership, hotel management agreements, and one franchise arrangement. Its five owned hotels, located in top luxury destinations like Bengaluru, New Delhi, and Chennai, are known for combining traditional Indian architecture with modern world-class amenities. These properties deliver exceptional guest experiences, reflected in a high Net Promoter Score of 85.11 in FY25.

With a planned addition of seven new properties by 2028, Schloss Bangalore Limited is expanding into wildlife, spiritual, and heritage tourism. Backed by Brookfield, a global asset manager with deep expertise in hospitality and real estate, the company is positioned for strategic growth across India and beyond.

How To Check the Allotment Status of Leela Hotels IPO?

Steps to check IPO allotment status on Angel One’s app:

Log in to the Angel One app.
Go to the IPO Section and then to IPO Orders.
Select the individual IPO that you had applied for and check the allotment status.
Angel One will notify you of your IPO allotment status via push notification and email.

How To Apply for the Leela Hotels IPO Online?

Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
Locate the IPO Section: Navigate to the 'IPO' section on the platform.
Select IPO: Find and select the Leela Hotels IPO from the list of open IPOs.
Enter the Lot Size: Specify the number of lots you want to bid for.
Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

Contact Details of Leela Hotels IPO

Registered office: The Leela Palace, Diplomatic Enclave, Africa Avenue, Netaji Nagar, South Delhi, New Delhi, Delhi, 110 023, India

Phone: +91 22 69015454

E-mail: cs@theleela.com

Leela Hotels IPO Reservation

Investor Category	Shares Offered
Qualified Institutional Buyers (QIBs)	At least 75% of the total offer size
Retail Individual Investors (RIIs)	Up to 10% of the total offer size
Non-Institutional Investors (NIIs)	Up to 15% of the total offer size

Leela Hotels IPO Lot Size

Application	Lots	Shares	Amount
Retail (Min)	1	34	₹14,790
Retail (Max)	13	442	₹1,92,270
S-HNI (Min)	14	476	₹2,07,060
S-HNI (Max)	67	2,278	₹9,90,930
B-HNI (Min)	68	2,312	₹10,05,720

Leela Hotels IPO Promoter Holding

The promoters of the company include 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.

Share Holding Pre-Issue	100%
Share Holding Post Issue	75.91%

Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.

Key Performance Indicators for Leela Hotels IPO

KPI	Value
RoNW (%)	1.32
Price to Book Value	2.92

Particulars	Pre IPO	Post IPO
EPS (₹)	2.71	2.04
P/E (x)	160.63	213.09

Note: The Pre-IPO EPS is based on the shareholding before the issue and the latest financial year earnings as of March 31, 2025, as mentioned in the RHP.

The Post-Issue EPS is calculated using the shareholding after the issue and the annualised earnings for the financial year ending March 31, 2025, as per the RHP.

Leela Hotels IPO Prospectus

Leela Hotels IPO Registrar and Lead Managers

Leela Hotels IPO 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
Motilal Oswal Investment Advisors Limited
SBI Capital Markets Limited

Registrar for Leela Hotels IPO

Kfin Technologies Limited

Contact Number: 04067162222, 04079611000
Email Address: leelahotels.ipo@kfintech.com

Leela Hotels IPO Registrar

Financial Performance of Schloss Bangalore Limited

Particulars	Year ending on March 31, 2025	Year ending on March 31, 2024	Year ending on March 31, 2023
Revenue from Operation (in ₹ million)	13,005.73	11,714.53	8,600.58
Restated profit/ (loss) for the year (in ₹ million)	476.58	(21.27)	(616.79)
Total Income (₹ in million)	14,065.56	12,265.00	9,032.67
Total Borrowings (in ₹ million)	39,087.46	42,421.81	36,961.82
Basic earnings per share (in ₹)	1.97	(0.12)	(3.50)
NAV per Equity Share (in ₹)	148.88	(160.57)	(142.74)
EBITDA (in ₹ million)	7,001.68	6,000.26	4,236.29

Know before investing

Strengths

Schloss is a leading luxury brand with over 250 awards since 2021.
Owns five hotels with 1,224 keys across major Indian cities by 2025.
Achieved 11.8% CAGR in RevPAR, outperforming the sector’s 8.6% growth.
Diverse revenue from retail (57%), corporate (17%), and group bookings (25%).
RevPAR increased from 1.2 times in 2019 to 1.4 times by 2025.

Risks

Brand damage to “The Leela” may harm reputation and earnings.
93.46% income relies on five key hotel properties.
Losses of ₹616.79 million reported in FY 2023 operations.
Negative cash flows continue to affect business performance and stability.
₹39,087.46 million borrowings risk asset seizure if obligations fail.

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Leela Hotels IPO Peer Comparison

Company	Face Value (₹)	EPS (Basic) (₹)	P/E	RoNW (%)
Schloss Bangalore Limited	10.00	(0.12)	[●]	[●]
The Indian Hotels Co. Ltd.	1.00	8.86	86.43	13.13
EIH Limited	2.00	10.22	36.24	16.58
Chalet Hotels Limited	10.00	13.54	59.93	15.03
Juniper Hotels Limited	10.00	1.46	197.91	0.90
Ventive Hospitality Ltd.	1.00	(5.24)	[●]	(1.82%)
ITC Hotels Limited	1.00	[●]	[●]	[●]