Leela Hotels shares list at a 7% discount vs IPO price
Luxury hospitality chain Schloss Bangalore, which owns and operates hotels under the iconic “The Leela” brand, listed at a 6.7% discount on the exchanges on Monday. The stock debuted at Rs 406 on NSE (down Rs 29) and at Rs 406.50 on the BSE (down Rs 28.50 or a 6.55% discount) compared to the issue price of Rs 435.
The muted sentiment reflects caution from investors despite the company’s strong brand presence and improving financial metrics.
The IPO comprised a fresh issue of Rs 2,500 crore and an offer for sale worth Rs 1,000 crore. The issue was subscribed 2.62 times overall, led by Qualified Institutional Buyers (QIBs), who bid 4.34 times their allotted quota. In contrast, retail investors subscribed only 70% of their portion,…
