Brookfield-backed Schloss Bangalore Ltd, the owner of the luxury hospitality brand “The Leela” Palaces, Hotels and Resorts, secured ₹1,575 crore from anchor investors just days before its initial public offering (IPO) opens for public subscription.

The anchor book attracted strong participation from major domestic institutional investors like HDFC Mutual Fund, ICICI Prudential Mutual Fund, Nippon India MF, Mirae MF, Invesco MF, and Aditya Birla Sun Life Insurance. On the global front, sovereign funds and foreign portfolio investors (FPIs) such as Think Invest, Fidelity, Norges Bank, Whiteoak, UC Regents, TT International, and Ward Ferry showed robust demand.

According to a circular on the BSE website, Schloss Bangalore allotted over 36.2 million equity shares to 47 funds at ₹435 per share, totaling ₹1,575 crore.

The public subscription for the ₹3,500-crore IPO will run from May 26 to 28, with a price band of ₹413-435 per share. The issue consists of a ₹2,500 crore fresh equity issue and a ₹1,000 crore offer-for-sale (OFS) by promoter Project Ballet Bangalore Holdings.

The company plans to utilize the fresh issue proceeds to repay loans and fund general corporate purposes. As of March 2025, Schloss Bangalore’s total borrowings stood at over ₹3,900 crore.

Known for its upscale portfolio of 3,382 keys across 12 hotels in 10 Indian destinations, The Leela brand includes palaces, hotels, and resorts.

Financially, Schloss Bangalore showed remarkable growth, with EBITDA surging from ₹87.72 crore in FY22 to ₹600.03 crore in FY24.

The IPO is managed by a group of 11 merchant bankers, including JM Financial, Morgan Stanley India, JP Morgan India, Kotak Mahindra, Axis Capital, Citigroup, ICICI Securities, Motilal Oswal, and SBI Capital Markets.