Leela Hotels share price: Schloss Bangalore stock lists at over 6% discount; here's how much investors lost per lot

The stock listed at ₹406 apiece on the NSE, a discount of 6.67% against the issue price of ₹435 per share.

On the BSE, it debuted at ₹406.50, down 6.55%.

At 1:10 pm, the scrip was trading 6.77% higher at ₹433.5 per unit on the NSE.

Leela Hotels share price: Here's how much investors lost per lot

As the application size was 34 shares, investors who were allotted Leela Hotels IPO incurred a loss of ₹986 per lot (34 x 406 = ₹13,804). A single lot had cost ₹14,790.

The public offer got bids for 20,96,73,852 shares as against 4,66,10,169 equity shares on offer, resulting in a 4.50 times subscription.

Qualified Institutional Buyers (QIBs) led the bidding with 7.46 times subscription. This investor category submitted applications for 18,96,63,322 shares compared to 2,54,23,729 shares on offer.

The non-institutional investors (NIIs) portion received bids for 1,29,96,908 shares as against 1,27,11,864 shares reserved, leading to a 1.02 times subscription.

The retail investors applied for 70,13,622 shares compared to 84,74,576 shares on offer. Their part was subscribed 83%.

Brookfield Asset Management-backed Schloss Bangalore intends to use fresh issue proceeds to clear the debt of the company and its units. A part will also be used for corporate general purposes.

Schloss Bangalore operates luxurious hotels and resorts under "The Leela" brand name. Across 12 operations hotels, it had a portfolio of 3,382 keys as of May 31, 2024. Its portfolio includes The Leela Hotels, The Leela Palaces, and The Leela Resorts.

JM Financial, Morgan Stanley India Company, BofA Securities India, JP Morgan India, Axis Capital, Citigroup Global Markets India, Kotak Mahindra Capital Company, IIFL Securities, ICICI Securities, SBI Capital Markets, and Motilal Oswal Investment Advisors were the IPO's merchant bankers.