<p>Bengaluru: Schloss Bangalore Limited, which operates The Leela Palaces, Hotels and Resorts, announced a Rs 3,500 crore initial public offering (IPO) set to open on Monday (May 26). As per its draft red herring prospectus (DRHP) dated September 20, 2024, the firm had been planning for a Rs 5,000 crore IPO.</p>.<p>The cut comes amidst global market volatilities and several companies downsizing their IPOs.</p>.<p>The proceeds will be used for repayment/prepayment/ redemption of certain outstanding borrowings, interest accrued and prepayment penalties (Rs 2,300 crore, which earlier was Rs 2,700 crore), the company (Rs 1,102.5 crore), investment in some of its subsidiaries (Rs 1,197.5 crore).</p>.<p>Schloss fixed the price band from Rs 413-435 per equity share, as per the company’s RHP filed on Tuesday evening.</p>.<p>Shares are expected to list on the exchanges by June 2.</p>.<p>Speaking to the media on Wednesday, the company’s executives reiterated their focus on the luxury segment due to its inelasticity compared to other segments.</p>
<p>Bengaluru: Schloss Bangalore Limited, which operates The Leela Palaces, Hotels and Resorts, announced a Rs 3,500 crore initial public offering (IPO) set to open on Monday (May 26). As per its draft red herring prospectus (DRHP) dated September 20, 2024, the firm had been planning for a Rs 5,000 crore IPO.</p>.<p>The cut comes amidst global market volatilities and several companies downsizing their IPOs.</p>.<p>The proceeds will be used for repayment/prepayment/ redemption of certain outstanding borrowings, interest accrued and prepayment penalties (Rs 2,300 crore, which earlier was Rs 2,700 crore), the company (Rs 1,102.5 crore), investment in some of its subsidiaries (Rs 1,197.5 crore).</p>.<p>Schloss fixed the price band from Rs 413-435 per equity share, as per the company’s RHP filed on Tuesday evening.</p>.<p>Shares are expected to list on the exchanges by June 2.</p>.<p>Speaking to the media on Wednesday, the company’s executives reiterated their focus on the luxury segment due to its inelasticity compared to other segments.</p>
