Kolkata: Leela Palaces Hotels and Resorts is one of India’s prominent luxury hotel chains. Its holding company Schloss Bangalore has floated a Rs 3,500-crore issue that has triggered tepid response from the investors. Till the end of the second day of the three-day application window, the issue could garner application that constituted only 17% of the issue size. However, last week the company successfully raised as much a Rs 1,575 crore from anchor investors which included prominent mutual fund houses and FPIs.
The IPO will consist of a fresh issue of equity shares worth Rs 2,500 crore and OFS (offer for sale) of stocks of Rs 1,000 crore. Also Schloss Bangalore will use part proceeds of fresh issue to extinguish loans taken by the company/subsidiaries and for different corporate purposes.
Leela Hotels IPO GMP
According to investorgain, the GMP (Grey Market Premium) of the Leela Hotels IPO stood at a mere Rs 4.5 on the morning of Wednesday, May 28. In fact, the GMP kept sliding over the past few days after rising initially. It was Rs 12 on May 21, Rs 14 on May 22 and Rs 20 on May 23. But the slide began later. the GMP was Rs 13 on May 25, Rs 12.50 on May 26 (day when issue opened) and crashed to Rs 4.5 on May 27.
Leela Hotels IPO price band, allotment date, refund date
The Leela Hotels IPO price band is Rs 413-435 per share. For a retail investor the minimum lot size is 34 shares, requiring a minimum application amount of Rs 14,042 at the top of the price band. The cut-off time for UPI mandate confirmation is 5 PM on May 28.
The shares will be allotted on May 29. Refunds to unsuccessful bidders will take place on May 30 and shares will be allotted to successful bidders the same day. The day of listing has been scheduled on June 2. The IPO is managed by as many as 11 merchant bankers.
(Disclaimer: This article is only meant to provide information. News9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds, precious metals, commodity, any form of alternative investment instruments and crypto assets.)
The Rs 3,500-crore IPO of Schloss Bangalore Ltd, which operates Leela Palaces Hotels and Resorts, is set to close today (May 28). The GMP of the issue has been dipping and the applications till the end of day 2 stood at only 17% of the capital that the company wants to raise. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
