Leela hotels owner Schloss Bangalore files for $599 million India IPO

ReutersLast Updated: Sep 20, 2024, 09:55:00 PM IST

Synopsis

The company would issue fresh shares worth 30 billion rupees, while existing shareholder Project Ballet Bangalore Holdings (DIFC) will sell shares worth 20 billion rupees.

India's Schloss Bangalore, owner of the luxury hotel chain 'The Leela', filed for a 50 billion rupee ($599 million) initial public offering, draft papers on Friday showed.

The company would issue fresh shares worth 30 billion rupees, while existing shareholder Project Ballet Bangalore Holdings (DIFC), an affiliate of Brookfield Asset Management , will sell shares worth 20 billion rupees.

As of mid-September, about 235 companies have gone public in the country and raised more than $8.6 billion, which exceeds the total amount raised last year, LSEG data showed.

India's benchmark Nifty 50 index has hit record highs more than 50 times so far this year.

The company has 12 operational hotels across ten cities in India and is planning to add eight new hotels through 2028, Schloss said in its IPO prospectus.

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