The IPO of Schloss Bangalore Ltd, the operator of Leela Palaces, Hotels & Resorts, is set to open for subscription tomorrow, May 26. If you're considering investing in IPOs, this could be a great earning opportunity. The issue size is ₹3500 crore, and impressively, it has already garnered ₹1575 crore from anchor investors before opening. Here's all you need to know about the price band, lot size, and other crucial details...
Issuing 2500 Crore Worth of New Shares
The IPO market on Dalal Street is buzzing with excitement as several companies prepare to launch. Following suit, the IPO of Schloss Bangalore Ltd, the promoter company of Leela Hotels, opens on May 26, with investments accepted until May 28. Leela Hotels plans to issue 5.75 crore new shares to raise ₹2500 crore, and existing shareholders will sell 2.30 crore shares, bringing in ₹1000 crore through an Offer for Sale (OFS).
Here’s the IPO Price Band
Now, let's talk about the price band for the Leela Hotel IPO. The company has set the price band between ₹413 and ₹435 per share. Regarding total shares, Schloss Bangalore is issuing 80,459,769 shares with a face value of ₹10 each. The listing is expected on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Source: aajtak
Minimum Investment Required
Let's look at the lot size set by the company for this IPO. Schloss Bangalore's lot size is set at 34 shares. It means any investor must bid for at least this many shares. Calculations based on the upper price band suggest a minimum investment of ₹14,790 for investors. Retail investors can bid for up to 13 lots, totaling 442 shares, which will require ₹192,270. Following the IPO, the market cap of Leela Hotels is anticipated to be ₹10,155.36 crore.
Anchor Investors Show Enthusiastic Support
The IPO of Leela Hotel's company was opened for anchor investors last Friday before the main opening. According to a circular uploaded to the BSE website on Friday, the anchor book received remarkable responses from HDFC Mutual Fund (MF), ICICI Prudential MF, Nippon India MF, Mirae MF, Invesco MF, and others. ₹1575 crore has been raised through this enthusiasm. The IPO is likely to list in the stock market (Stock Market) on June 2 once it closes on May 28.
