Schloss Bangalore Limited (The Leela) launches ₹3,500 crore IPO — the largest ever in India’s hospitality sector — with legal advice from SAM, Sidley Austin, and White & Case.
In a landmark moment for India’s hospitality industry, Schloss Bangalore Limited, the company behind The Leela Palaces, Hotels and Resorts, has launched a blockbuster ₹3,500 crore ($409.4 million) initial public offering (IPO)—the largest ever IPO in the Indian hospitality sector.
The offering includes a combination of fresh equity and an offer for sale, enabling the group to go public with its complete portfolio of premium hotel assets.
Legal Counsel Behind the Mega Deal
Shardul Amarchand Mangaldas & Co (SAM) played a key role in advising The Leela on the IPO, as well as Project Ballet Bangalore Holdings (DIFC) Pvt Ltd, one of the promoters participating in the offer for sale.
Prior to the IPO, SAM also led the legal work on a restructuring initiative that consolidated multiple acquisitions under the Issuer, paving the way for the entire “The Leela” brand to be listed publicly.
Capital Markets: Led by Partners Nikhil Naredi and Rohit Tiwari, with support from a team including Tarun Srikanth, Rishika Sharma, Ankita Singh, Manish Soni, and Vartika Bhatnagar.
General Corporate: Headed by Partners Jay Gandhi, Neelam Pathak, and Kaustubh Verma.
Real Estate: Managed by Mrinal Kumar and Arjun K Perikal.
Employment Law: Guided by Partners Pooja Ramchandani and Kriti Kaushik.
Sidley Austin LLP also advised The Leela on the IPO, with a core transaction team led by Manoj Bhargava, supported by legal professionals across their international offices.
White & Case LLP represented the Book Running Lead Managers, which included major players such as JM Financial, BofA Securities, Morgan Stanley, J.P. Morgan, Kotak, Axis, Citi, IIFL, ICICI Securities, Motilal Oswal, and SBI Capital Markets. Their global legal team was led by Rahul Guptan (London) and Kaya Proudian (Singapore), among others.
About The Leela
The Leela is a premier luxury hospitality brand in India, known for its award-winning properties across key cities and tourist destinations. With 13 upscale hotels—both owned and managed—the brand is backed by Brookfield Group, and is recognized internationally for its architectural excellence and world-class service.
IPO Highlights
IPO Price Band: ₹413 to ₹435 per share
Oversubscription: 4.5 times, driven by strong institutional demand
Anchor Investment: ₹1,575 crore raised from investors like Goldman Sachs, Fidelity, and HDFC Mutual Fund
Use of Proceeds: Approximately ₹2,300 crore allocated for debt repayment, aiding financial restructuring and future expansion
A Benchmark Moment
The Leela’s IPO sets a new benchmark for India’s hotel industry, reflecting growing investor confidence in the travel and hospitality sector. With a strategic mix of legal precision, restructuring, and investor interest, this IPO represents a major leap forward for Indian luxury hospitality on the global stage.
Disclaimer: This update is published for informational purposes and reflects publicly available deal information. For inquiries or corrections, please contact our editorial team.
Also read: Deal Update: AZB & CAM Advise on Aegis Vopak Terminals’ ₹2,800 Cr IPO
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