Media & Events
Shardul Amarchand Mangaldas & Co. advises Schloss Bangalore Limited (The Leela Palaces, Hotels and Resorts) on the biggest IPO in the Indian hospitality sector
June 9, 2025
Shardul Amarchand Mangaldas & Co. advised Schloss Bangalore Limited (The Leela Palaces, Hotels and Resorts) (“Issuer”), on the largest initial public offering (“IPO”) in the Indian hospitality sector. The IPO comprised a fresh issue and an offer for sale of equity shares, aggregating to ₹ 3,500 crores (USD 409.40 million) and the equity shares of the Issuer were listed on the Indian stock exchanges on June 2, 2025. The Firm also advised Project Ballet Bangalore Holdings (DIFC) Pvt Ltd, one of the promoters of the Issuer, on its participation in the offer for sale in the IPO.
Prior to the IPO, the Firm also advised on the restructuring process for consolidation of value under the Issuer comprising multiple acquisitions. Such restructuring facilitated the Issuer to take the entire “The Leela” portfolio public.
The IPO received an overall subscription of 4.5x, with the qualified institutional buyers (QIB) portion oversubscribed by 7.46x.
The Issuer is promoted by private equity funds managed and/or advised by affiliates of Brookfield, one of the world’s largest alternative asset managers, with over USD 1 trillion in assets under management as of March 31, 2025.
As of March 31, 2025, the Issuer is among the largest luxury hospitality companies in India by number of keys, with 3,553 keys across 13 operational hotels, under the brands The Leela Palaces, The Leela Hotels, and The Leela Resorts.
The book running lead managers to the IPO were 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, ICICI Securities Limited, Motilal Oswal Investment Advisors Limited and SBI Capital Markets Limited.
The Capital Markets team was led by Partners, Nikhil Naredi and Rohit Tiwari with assistance from Principal Associate, Tarun Srikanth; Senior Associate, Rishika Sharma; and Associates, Ankita Singh, Manish Soni, and Vartika Bhatnagar.
The General Corporate team was led by Partners, Jay Gandhi, Neelam Pathak, and Kaustubh Verma with assistance from Senior Associates, Shruti Khetan, Ankit Parekh and Samyukta Shetty; and Associate, Yashvardhan Mittal.
The Real Estate team was led by Partners, Mrinal Kumar and Arjun K Perikal with assistance from Principal Associate, Arnav Sahni and Vedashree Ravishankar; and Associate, Aviral Arun.
The Employment team was led by Partners, Pooja Ramchandani and Kriti Kaushik, with assistance from Senior Associate, Istuti Kapoor.
With this IPO, the Firm continues to build its track record of being a part of marquee transactions in the Indian hospitality sector. So far, the Firm has been a part of the following transactions: ₹ 1,039 crore IPO by Lemon Tree Hotels Limited in 2018; ₹ 1,650 crore IPO by Chalet Hotels Limited in 2019; ₹ 2,000 crore rights issue by The Indian Hotels Company Limited in 2021; ₹ 2,000 crore QIP by The Indian Hotels Company Limited in 2022; ₹ 1,500 crore IPO by SAMHI Hotels Limited in 2023; ₹ 1,000 crore QIP by Chalet Hotels Limited in 2024; ₹ 920 crore IPO by Apeejay Surrendra Park Hotels Limited in 2024; ₹ 1,800 crore IPO by Juniper Hotels Limited in 2024; ₹ 1,600 crore IPO by Ventive Hospitality Limited in 2024; and ₹ 3,500 crore IPO by Schloss Bangalore Limited (The Leela Palaces, Hotels and Resorts) in 2025.