Leela Hotels (Schloss Bangalore) IPO: Price, Allotment, And GMP

Leela Hotels IPO (Schloss Bangalore IPO) - Complete Overview

Schloss Bangalore IPO or Leela Hotels IPO, a Mainboard IPO, is a book-built issue of Rs. 3500 Cr (8,04,59,769 Shares) by Schloss Bangalore Limited, incorporated on March 20, 2019, which operates under “The Leela” brand in India. The Company provides luxury hotel & resort ownership worldwide by delivering the true Indian hospitality to each individual in services offered as per demand, which distinguishes luxury from run-of-the-mill.

As of May 31, 2024, its owned portfolio consists of 5 prestigious properties totalling 1,216 rooms strategically located in prime business/leisure nodes (Bangalore, Chennai, Delhi, Jaipur & Udaipur). The modern palaces represented by these hotels are usually built using a new architectural style that has been inspired by Indian traditional architectural design.

 

Owned Portfolio:

The Leela Palace Bengaluru - An 8.23-acre area that serves as a business and leisure ecosystem located within the central business zone, The Leela Palace Bengaluru is an ideal spot for business travelers in need of relaxation.  

The Leela Palace Chennai - Situated on the marina of Chennai, this 4.8-acre world’s first Chettinad architectural style palace overlooks the Bay of Bengal, with 7-star views which are further accentuated by defense forces stationed in the bay.

The Leela Palace New Delhi - Expansion plans and long-term strategy position this three-acre investment in the diplomatic enclave of Chanakyapuri with over 60 embassies

 

This new IPO is to be launched on 26 May 2025, and its ‘initial public offering’ will end on 28 May 2025.

Leela Hotels IPO Details

This Mainline IPO comprises a combination of a fresh issue of 5.75 crore Shares (Rs. 2,500 Cr) and an offer for sale of 2.30 crore shares (Rs. 1000 Cr). The Leela Hotels IPO date of listing is June 02, 2025. The Leela Hotels IPO price is between Rs. 413 to Rs. 435 for each Share.

If you want to apply for the IPO, click to open a Demat Account.

Company Financial

(Amount in Cr)

Period	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	8,266.16	7,061.88	5,875.54
Total Revenue	1,406.56	1,226.50	903.27
PAT	47.66	-2.13	-61.68
Net Worth	3,604.99	-2,825.72	-2,511.96
Reserves & Surplus	3,280.43	-2,906.20	-2,582.80
Borrowings	3,908.75	4,242.18	3,696.18

 

 

Cash Flows

The cash flows for various activities are shown below:

(Amount in millions)

Net Cash Flow In Multiple Activities	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	5,528.79	5,387.84	3,183.16
Net Cash Flow Investing Activities	(57,297.32)	(7,860.10)	(846.71)
Net Cash Flow Financing Activities	52,358.85	1,469.94	(3,177.70)

 

Revenue from Management Fees Breakdown

 

(Source RHP)

 

The Objective of the Issue

• Repayment/ prepayment/ redemption of certain outstanding borrowings of the Company/ our Subsidiaries, i.e. Schloss Chanakya, Schloss Chennai, Schloss Udaipur, TPRPL, through investment done in each Subsidiary.

• General corporate objectives.

 

Peers of Leela Hotels

Company Name	Face Value (Rs.)	EPS (Rs.)	P/E (x)
Indian Hotels Co. Ltd.	1	13.40	59.84

 The above-listed peer is for FY25.

 

 

Evaluation

The Leela Hotels Limited IPO price is Rs. 413 to Rs. 435 for each Share.

Evaluation of P/E Ratio

Considering the FY ended 31 Mar 2025 with an EPS of Rs. 1.97 from the last year, the resulting P/E ratio is 220.81x.

Considering the weighted EPS of Rs. 0.36 for the last three years, the P/E ratio is 1,208.33x.

The Aegis Vopak Terminals IPO application window will open on 26 May 2025.

Comparative Analysis With Listed Peers

The average P/E Ratio of the industry is 95.13.

Particulars	P/E Ratio (x)
Highest	197.91
Lowest	36.24
Average	95.13

In simple words, the P/E ratio of this IPO (220.81x), compared with the industry’s average P/E of 95.13x, has an overvaluation (on a P/E ratio basis only). Hence, the price of the Share seems aggressively priced for the investors when considered based on the average P/E ratio of the industry.

IPO's Strengths

• Leela Hotels is an award-winning luxury hospitality brand with 250+ awards and enduring guest satisfaction at very high levels.

• The owned portfolio of five heritage hotels (1,224 keys) in high-barrier locations such as Delhi, Bengaluru, and Chennai provides prime locations, big average room sizes (~36% above industry average), and insufficient new supply, allowing strong pricing power.

• Strategic asset management lifted RevPAR to 1.4x industry averages, with 65.36% of room revenue generated from direct sales.

• Our company is guided by a mature, experienced management team with more than 20 years of hospitality expertise, augmented by a noted board, promoting operational excellence and strategic expansion through extensive industry knowledge.

 

IPO’s Weaknesses

• The corporation earns a considerable part of its overall revenue from its 5 owned properties, 93.46% in FY25, 93.77% in FY24, and 91.13% in FY23, making it susceptible to the risk of negative occurrences related to these properties or their locations.

• The corporation has borrowed Rs. 3,908.7 crores as of FY25. Non-payment of loan obligations can lead to the seizure of assets or compulsory sale.

• The company and major subsidiaries have posted negative net cash flows (Rs. 100.23 crores in FY24 and Rs. 84.13 crores in FY23) and have historically, may further do so, which can affect operations and financial well-being.

 

Leela Hotels IPO GMP Today

Hotel Leela IPO GMP or Leela Hotels IPO GMP is Rs. 20 as of May 24, 2025, when this information was written. With the price of Rs. 435, the Leela Hotels IPO listing price might be Rs. 455 (estimated). 

 

 

Leela Hotels Limited IPO Timetable (Tentative)

The Leela IPO dates are between May 26 to May 28. With IPO allocation on May 29, refund initiation on May 30, and listing on Jun 02, 2025.

Events	Date
IPO Opening Date	26 May 2025
IPO Closing Date	28 May 2025
IPO Allotment Date	29 May 2025
Refund Initiation	30 May 2025
IPO Listing Date	02 Jun 2025

 

IPO Other Details 

The IPO with a face value of Rs. 10 per Share, offers an IPO size of 8,04,59,769 Shares Rs. 3,500 Cr) and it will be listed at BSE and NSE.

IPO Opening & Closing Date	26 May 2025 to 28 May 2025
Face Value	Rs. 10 per Share
Issue Price	Rs. 413 to Rs. 435
Lot Size	34 Shares
Issue Size	8,04,59,769 Shares Rs. 3,500 Cr)
Offer for Sale	2,29,88,505 Shares (Rs. 1,000 Cr)
Fresh Issue	5,74,71,264 Shares (Rs. 2,500 Cr)
Listing At	BSE, NSE
Issue Type	Book Built Issue IPO
Registrar	Kfin Technologies Limited

 

IPO GMP

The GMP IPO is available at our live IPO GMP page, where you get the new IPO GMP of open IPOs and the GMP of upcoming IPO.

 

Leela Hotels IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (34 Shares) amounting to Rs. 14,790 and 13 Lots (442 Shares) for Rs. 1,92,270 respectively, while for HNI investors, the minimum Lot is 14 (476 Shares) amounting to Rs. 2,07,060.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	13 Lots
S-HNI (Minimum)	14 Lots
S-HNI (Maximum)	67 Lots
B-HNI (Minimum)	68 Lots

 

IPO Reservation

Institutional Share Portion	75%
Retail Investors' Share Portion	10%
Non-Institutional Shares Portion	15%

 

Promoters and Management of Leela Hotels Ltd. 

• 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.

• Project Ballet Udaipur Holdings (DIFC) Pvt Ltd.

Pre-Issue Promoter Shareholding	100%
Post-Issue Promoter Shareholding	75.91%

 

IPO Lead Managers

• JM Financial Limited

• Bofa Securities India Limited

• Morgan Stanley India Company Pvt Ltd.

• J.P. Morgan India Private Limited

• Kotak Mahindra Capital Company Limited

• Axis Capital Limited

• Citigroup Global Markets India Private Limited

• IIFL Securities Ltd.

• Motilal Oswal Investment Advisors Limited

• SBI Capital Markets Limited.

 

 

Dividend Policy

The company hasn’t paid a dividend in any three FYs preceding the date of its RHP.

 

Conclusion

Leela Hotels IPO is an opportunity to get involved in the hotel industry in India. It carries a high P/E ratio, suggesting the issue is aggressively priced. It has its 5 landmark hotels and has certain negative cash flows.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

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To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This IPO blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.