<p>Schloss Bangalore, owner of luxury hotel chain 'The Leela', has set a price band of Rs 413 rupees to Rs 435 per share for its Rs 3,500 crore <a href="https://www.deccanherald.com/tags/ipo">initial public offering (IPO)</a>, a newspaper advertisement showed on Wednesday.</p>.<p>The hotel operator is targeting a valuation of about Rs 14,500 crore at the upper end of the price band, according to Reuters calculations.</p>.<p>Schloss slashed the size of its offering by 30 per cent, its prospectus showed on Tuesday, eight months after it filed draft papers for an IPO, joining a growing list of firms that have tempered their issues to go public amid market uncertainty.</p>.<p>The IPO will open for bids from May 26 to May 28, with large anchor investors getting to bid on May 23. Shares of the hotel operator are expected to start trading on June 2.</p>.<p>Brookfield-backed Schloss will sell fresh shares worth Rs 2,500 crore, down from an initially planned Rs 3,000 crore. Brookfield plans to sell shares worth Rs 1,000 crore, half of its original plan.</p>.<p>Schloss, which runs 13 hotels, will use proceeds from the sale of new shares to repay its borrowings. </p>
<p>Schloss Bangalore, owner of luxury hotel chain 'The Leela', has set a price band of Rs 413 rupees to Rs 435 per share for its Rs 3,500 crore <a href="https://www.deccanherald.com/tags/ipo">initial public offering (IPO)</a>, a newspaper advertisement showed on Wednesday.</p>.<p>The hotel operator is targeting a valuation of about Rs 14,500 crore at the upper end of the price band, according to Reuters calculations.</p>.<p>Schloss slashed the size of its offering by 30 per cent, its prospectus showed on Tuesday, eight months after it filed draft papers for an IPO, joining a growing list of firms that have tempered their issues to go public amid market uncertainty.</p>.<p>The IPO will open for bids from May 26 to May 28, with large anchor investors getting to bid on May 23. Shares of the hotel operator are expected to start trading on June 2.</p>.<p>Brookfield-backed Schloss will sell fresh shares worth Rs 2,500 crore, down from an initially planned Rs 3,000 crore. Brookfield plans to sell shares worth Rs 1,000 crore, half of its original plan.</p>.<p>Schloss, which runs 13 hotels, will use proceeds from the sale of new shares to repay its borrowings. </p>