Leela Palaces Hotels, Aegis Vopak Terminals IPOs open today for subscription; check issue and lot size, price bands, other details

Leela Palaces Hotels & Resorts

Schloss Bangalore Ltd, which operates Leela Palaces Hotels and Resorts, garnered ₹1,575 crore from anchor investors on Friday, May 23, ahead of the public issue.

The anchor book received widespread participation from domestic institutional investors, including HDFC Mutual Fund (MF), ICICI Prudential MF, Nippon India MF, Mirae MF, Invesco MF and Aditya Birla Sun Life Insurance Company, according to a circular uploaded on BSE's website on Friday.

According to the circular, Schloss Bangalore allotted 36,206,896 equity shares to 47 funds, comprising domestic and global investors, at ₹435 apiece, for ₹1,575 crore.

The issue, with a price band of ₹413-₹435 per share, will be open for public subscription during May 26-28.

The company's ₹3,500 crore IPO is a combination of a fresh issue of equity shares worth ₹2,500 crore and an offer for sale (OFS) of stocks valued at ₹1,000 crore by promoter Project Ballet Bangalore Holdings (DIFC) Pvt Ltd.

Schloss Bangalore, which is backed by Brookfield Asset Management, plans to use proceeds of the fresh issue to pay loans availed by the company and its subsidiaries and for general corporate purposes.

As of March 2025, the company had total borrowings of over ₹3,900 crore, the red herring prospectus showed.

Schloss Bangalore Ltd, which owns the luxury hospitality brand 'The Leela' Palaces, Hotels and Resorts, is investing ₹1,131 crore to develop five company-owned hospitality properties, comprising 475 rooms, in Agra, Srinagar, Bandhavgarh, Ranthambore and Ayodhya.

The five owned hotels are expected to commence operations by 2028, according to the company's red herring prospectus (RHP).

Schloss Bangalore Ltd Financials

The company has seen significant financial growth, with operating profit, or EBITDA, increasing from ₹87.72 crore in FY22 to ₹600.03 crore in FY24.

According to the HVS report, India's hospitality sector is set for strong growth as the country's GDP is expected to nearly double to $7.1 trillion by 2030 from $3.6 trillion in 2023.

The luxury hotel segment, which makes up just 17% of the branded hotel market, is underdeveloped. Further, demand for luxury rooms is projected to grow at a rate of 10.6% annually from FY24 to FY28, while supply will increase only 5.9%, the report noted.

Schloss Bangalore Ltd: IPO details

The company announced that 75% of the issue size has been reserved for qualified institutional buyers, 15% for non-institutional buyers and the remaining 10% for retail investors.

Investors can bid for a minimum of 34 equity shares and in multiples of 34 thereafter.

The IPO is being managed by a consortium of 11 merchant bankers – JM Financial, BofA Securities India, Morgan Stanley India Company, J.P. Morgan India, Kotak Mahindra Capital Company, Axis Capital, Citigroup Global Markets India, IIFL Securities, ICICI Securities, Motilal Oswal Investment Advisors, and SBI Capital Markets.

The public issue will run for three trading days, i.e., from May 26 to May 28.

Shares of the company are expected to list on the stock exchanges on June 2.

Aegis Vopak Terminals IPO

Aegis Vopak Terminals, a subsidiary of Aegis Logistics Ltd, has raised ₹1,260 crore from anchor investors ahead of its initial share sale that opens for public subscription today, i.e., May 26.

Some of the investors include American Funds Insurance, HDFC Mutual Fund, Smallcap World Fund, 360 One, Motilal Oswal, SBI General Insurance and Think India, according to a circular uploaded on BSE's website on Friday.

As per the circular, Aegis Vopak Terminals has allotted 5.36 crore equity shares to 32 funds at the upper price band of ₹235 per equity share. This aggregates the transaction size to ₹1,260 crore.

The issue, with a price band of ₹223 to ₹235 per share, will open for public subscription on May 26 and conclude on May 28.

The company is valued at around ₹26,000 crore at the upper end of the price band.

The IPO is entirely a fresh issue of equity shares worth ₹2,800 crore with no offer-for-sale (OFS) component, according to the red herring prospectus (RHP). Previously, the IPO was planned to raise ₹3,500 crore.

Proceeds worth ₹2,016 crore will be used for payment of debt, ₹671.30 crore to fund capital expenditure for the acquisition of a cryogenic LPG terminal at Mangalore, and the remaining amount will be allocated for general corporate purposes.

About Aegis Vopak Terminals

Aegis Vopak Terminals owns and operates storage tank terminals across India. These terminals provide secure storage facilities for liquids like petroleum, vegetable oil, lubricants, chemicals, and gases such as LPG, propane, and butane.

The strategic location of the company's terminals near key ports, closer to major shipping routes, offers competitive advantages, including faster evacuation through pipelines, rail, and road, lower delivery costs, and improved delivery times.

The terminaling industry relies heavily on the strategic location of storage terminals. Terminals near major shipping routes and well-connected ports gain a competitive edge by reducing last-mile delivery costs and ensuring faster delivery times.

ICICI Securities, BNP Paribas, IIFL Capital Services, Jefferies India and HDFC Bank are the book-running lead managers to the issue.

Shares of the company are expected to be listed on the bourses by June 2.