Leela Hotels IPO
- IPO Date26 May, 2025 to 28 May, 2025
- Listing Date02 Jun, 2025
- Face Value₹10 per share
- Issue Price₹413 to ₹435 per share
- Lot Size34 Shares
- Minimum Investment₹14,790
- Listing AtBSE, NSE
- Total Issue Size8,04,59,769 Shares
(aggregating up to ₹3500.00 Cr) - Fresh Issue5,74,71,264 Shares
(aggregating up to ₹2500.00 Cr)
- Offer for Sale2,29,88,505 Shares
(aggregating up to ₹1000.00 Cr) - Issue TypeBookbuilding IPO
- Share holding pre issue27,64,86,614
- Shareholding post issue33,39,57,878
IPO Dates
Closing Date
28 May, 2025
Initiation of Refunds
30 May, 2025
Listing Date
02 Jun, 2025
26 May, 2025
Opening Date
29 May, 2025
Basis of Allotment
30 May, 2025
Credit of Shares
Leela Hotels Lot Size
Investors can bid for a minimum of 34 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| S-HNI (Max) | 67 | 2278 | ₹9,90,930 |
| Retail (Max) | 13 | 442 | ₹1,92,270 |
| Retail (Min) | 1 | 34 | ₹14,790 |
| B-HNI (Min) | 68 | 2312 | ₹10,05,720 |
| S-HNI (Min) | 14 | 476 | ₹2,07,060 |
Leela Hotels Promoter Holding
Project Ballet Bangalore Holdings (DIFC) Pvt Ltd, BSREP III Joy (Two) Holdings (DIFC) Limited, BSREP III Tadoba Holdings (DIFC) Pvt Ltd, Project Ballet Chennai Holdings (DIFC) Pvt Ltd, Project Ballet Gandhinagar Holdings (DIFC) Pvt Ltd, Project Ballet HMA Holdings (DIFC) Pvt Ltd and Project Ballet Udaipur Holdings (DIFC) Pvt Ltd are the company promoters.
| Pre Issue Share Holding | Post Issue Share Holding |
|---|---|
| 100% | 75.91% |
Leela Hotels COMPANY INFORMATION
Leela Hotels IPO is a bookbuilding of ₹3,500.00 crores. The issue is a combination of fresh issue of 5.75 crore shares aggregating to ₹2,500.00 crores and offer for sale of 2.30 crore shares aggregating to ₹1,000.00 crores. Leela Hotels IPO opens for subscription on May 26, 2025 and closes on May 28, 2025. The allotment for the Leela Hotels IPO is expected to be finalized on Thursday, May 29, 2025. Leela Hotels IPO will be list on BSE, NSE with a tentative listing date fixed as Monday, June 2, 2025. Leela Hotels IPO price band is set at ₹413 to ₹435 per share. The minimum lot size for an application is 34. The minimum amount of investment required by retail investors is ₹14,042. But it is suggested to the investor to bid at the cutoff price to avoid the oversubscription senerio, which is about to ₹14,790. The minimum lot size investment for sNII is 14 lots (476 shares), amounting to ₹2,07,060, and for bNII, it is 68 lots (2,312 shares), amounting to ₹10,05,720. Jm Financial Limited, Bofa Securities India Limited, Morgan Stanley India Company Pvt Ltd, J.P. Morgan India Private Limited, Kotak Mahindra Capital Company Limited, Axis Capital Limited, Citigroup Global Markets India Private Limited, Iifl Securities Ltd, Motilal Oswal Investment Advisors Limited, SBI Capital Markets Limited are the book running lead managers of the Leela Hotels IPO, while Kfin Technologies Limited is the registrar for the issue. Refer to Leela Hotels IPO RHP for detailed information.
Schloss Bangalore Limited, established on March 20, 2019, is a luxury hospitality company operating under "The Leela" brand in India. It owns, operates, manages, and develops luxury hotels and resorts, offering premier accommodations and personalised services inspired by Indian hospitality.
As of May 31, 2024, Schloss Bangalore Limited is one of India's largest luxury hospitality companies by number of keys, with a portfolio of 12 operational hotels comprising 3,382 keys. The portfolio includes The Leela Palaces, The Leela Hotels, and The Leela Resorts. The company operates through direct ownership and hotel management agreements with third-party owners.
The owned portfolio comprises five landmark hotels with 1,216 keys across key business and leisure destinations: Bengaluru, Chennai, New Delhi, Jaipur, and Udaipur. These hotels, renowned as modern palaces, blend traditional Indian architecture with contemporary luxury.
Owned Portfolio Highlights:
- The Leela Palace Bengaluru – An 8.23-acre urban ecosystem in the central business district, catering to business and leisure travelers.
- The Leela Palace Chennai – A 4.8-acre sea-facing palace on the Chennai marina, inspired by Chettinad architecture, offering expansive views of the Bay of Bengal.
- The Leela Palace New Delhi – A three-acre property in the diplomatic enclave of Chanakyapuri, positioned near over 60 embassies and high commissions.
- The Leela Palace Jaipur – An 8.1-acre luxury retreat near Jaipur’s historic sites, awarded Best Family Hotel by Travel + Leisure India’s Best Awards 2022 and Top 20 Best Hotels in India by Conde Nast Traveler, Readers’ Choice Awards 2023.
- The Leela Palace Udaipur – A seven-acre property overlooking Lake Pichola and the royal City Palace, offering a picturesque setting.
As of May 31, 2024, the company operates 67 restaurants, bars, and cafes, including Jamavar, Library Bar, ZLB 23, Megu, China XO, Le Cirque, and Sheesh Mahal. The portfolio also includes 12 spas and wellness sanctuaries, with a spa collaboration with Soneva under development at The Leela Palace Bengaluru, set for completion in FY 2026. Additionally, the properties are equipped to host corporate meetings, conferences, weddings, and social events, catering to India's premium MICE market.
Schloss Bangalore Limited is promoted by private equity funds managed and advised by affiliates of Brookfield, one of the world’s largest alternative asset managers.
Comprehensive Analysis of Leela Hotels IPO
Leela Hotels, a hallmark in India's luxury hospitality segment, is launching its Initial Public Offering (IPO) to further solidify its footprint across the premium hotel industry. The company operates under the prestigious "The Leela" brand and manages a diversified portfolio comprising 13 hotels with 3,553 keys as of March 2025. These include five owned hotels, seven under management contracts, and one franchised hotel.
The IPO proceeds aim to enhance financial flexibility and accelerate growth initiatives. The luxury brand plans to continue expanding into underserved but high-demand geographies, particularly in leisure and spiritual destinations.
Leela Hotels IPO Business Summary and Industry Position
Leela Hotels operates in India’s luxury hospitality market, which includes high-end hotels and resorts offering exceptional service, upscale amenities, and bespoke guest experiences. The company is known for its premium room sizes, strategic locations in key cities, and personalized services.
With a consistent RevPAR (Revenue per Available Room) that outperforms the industry average by 1.4 times, Leela demonstrates operational efficiency and brand appeal. The brand has received high Net Promoter Scores (NPS), reaching 85.11 in 2025, signaling superior guest satisfaction and loyalty.
Objects of the Offer
The primary objectives for raising capital through this IPO include:
Reducing debt burden and improving leverage.
Funding future growth through expansion into new markets.
Enhancing working capital.
Supporting general corporate purposes.
Financial Performance Highlights
ARR (Average Room Rate): ₹16,409 in FY2025, up from ₹12,820 in FY2023.
RevPAR: ₹10,696 in FY2025.
TRevPAR: ₹29,575 in FY2025 for the owned portfolio.
EBITDA Margin: Approximately 50%.
Revenue Growth: 11.8% CAGR in RevPAR from FY2019–FY2024.
Despite strong topline metrics, the company has reported net losses for FY2023 and FY2024 due to high finance costs and debt servicing requirements.
Strengths and Opportunities
Brand Prestige: Ranked among the top global hotel brands by Travel + Leisure.
Diverse Revenue Model: Includes room sales, F&B, event spaces, and wellness.
Asset-Light Expansion: Managed and franchised hotel model limits capital exposure.
High Barriers to Entry: Presence in markets where new developments are restricted.
Risk Factors
Heavy reliance on five owned properties (over 90% of revenue).
Substantial debt of ₹39,087.46 million as of FY2025.
Past losses and negative cash flows.
Exposure to risks related to new construction and renovations.
Reputation risks linked to service quality and franchise partners.
Pros and Cons of Investing in Leela Hotels IPO
Pros
Strong brand reputation in luxury hospitality.
High occupancy and revenue metrics compared to peers.
Well-diversified and scalable business model.
Strategic expansion plans aligned with growing tourism.
High guest satisfaction indicated by top-tier NPS.
Cons
Financial instability: Losses and negative cash flow in recent years.
High dependency on limited properties.
Large debt obligations and associated interest expenses.
Regulatory and environmental risks in the hospitality sector.
Vulnerability to regional disruptions in tourism demand.
FAQs about Leela Hotels IPO
Leela Hotels IPO will open on 26 May, 2025 and close on 28 May, 2025. Investors must apply within this period to participate.
The Leela Hotels IPO price band is set between ₹413.00 and ₹435.00 per share. The minimum lot size is 34, requiring an investment of at least ₹14790.00.
The Leela Hotels IPO shares are expected to be listed on 02 Jun, 2025, subject to regulatory approvals and final allotment.
You can track your Leela Hotels IPO application status on the registrar’s website: Link Intime or KFintech using your PAN, application number, or DP ID
The Leela Hotels IPO will be listed on major stock exchanges such as NSE and BSE, where you can trade shares once they are listed.
Leela Hotels IPO stands out due to the company’s luxury positioning, superior room economics (RevPAR and ARR), and its asset-light expansion strategy in high-barrier markets.
Through award-winning service, consistent quality control, superior room sizes, and strategic location choices, Leela sustains a luxury perception that is reflected in global accolades and high NPS scores.
Yes, while the asset-light model reduces capital expenditure, it introduces dependencies on third-party owners, which may impact service consistency and brand control.
The company plans to reduce debt, optimize operational efficiency, and grow revenues through high-margin managed properties and premium F&B services.
As a luxury hospitality brand, Leela is exposed to economic cycles and travel disruptions. However, diversification across business and leisure destinations can provide some insulation.
Proceeds will be allocated toward debt repayment, corporate purposes, and expansion projects that include both new constructions and refurbishments.
Leela targets an attractive international and domestic customer mix. With increasing inbound tourism to India, it seeks to position its properties as top choices for foreign travelers.