India’s Luxury Hospitality Market Reaches New Heights As The Leela Hotels, Via Schloss Bangalore, Debuts On BSE And NSE With ₹35 Billion IPO, Supported By White & Case: Here’s All You Need to Know

White & Case LLP, a globally renowned law firm, has provided expert legal counsel to the book-running lead managers of Schloss Bangalore Limited’s initial public offering (IPO). The offering raised ₹35 billion (approximately US$409 million), marking a significant milestone in the company’s journey to further enhance its position in the luxury hospitality industry. The IPO, executed under Rule 144A/Regulation S, marked a significant milestone for Schloss Bangalore, the esteemed owner and operator of the renowned ‘The Leela’ luxury hotel brand, as it made its debut on both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE).

Details of the IPO
The IPO was structured with a ₹25 billion fresh issue and an offer for sale amounting to ₹10 billion, which was sold by a Brookfield-backed selling shareholder. These funds raised will be primarily allocated towards debt reduction, ensuring Schloss Bangalore’s financial health, and supporting various corporate objectives, including potential future business expansion. The company’s strategic plans highlight its commitment to strengthening its position in India’s luxury hospitality market and exploring new opportunities for growth.

This IPO offers investors a chance to participate in one of India’s leading luxury hospitality firms, known for its iconic brand, ‘The Leela’. Schloss Bangalore’s brand is synonymous with luxury, premium services, and exclusivity, which have made it one of India’s most respected hotel chains. With its plans to reduce debt and expand operations, the company is poised for continued growth and a stronger market presence in the competitive hospitality sector.

Book-Running Lead Managers and Their Role
The IPO was underwritten by a distinguished group of financial institutions that acted as book-running lead managers for the offering. The consortium of financial institutions participating in the offering comprised JM Financial Limited, BofA Securities India Limited, Morgan Stanley India Private Limited, JP Morgan India Private Limited, and Kotak Mahindra. Capital Company Limited, Axis Capital Limited, Citigroup Global Markets India Private Limited, IIFL Capital Services Limited, ICICI Securities Limited, Motilal Oswal Investment Advisors Limited, and SBI Capital Markets Limited.These financial powerhouses played a crucial role in ensuring the successful execution of the IPO, leveraging their expertise and resources to guide Schloss Bangalore through the listing process.

By partnering with such prestigious financial institutions, Schloss Bangalore ensured that its IPO was well-executed and highly anticipated by investors. These institutions helped to position the company as a strong contender in the Indian luxury hotel industry and facilitated the process of listing on India’s top stock exchanges, further enhancing Schloss Bangalore’s corporate visibility and investor appeal.

Schloss Bangalore’s Presence in the Hospitality Sector
Schloss Bangalore Limited, a leading luxury hospitality company, has earned a reputation for excellence in the hotel and resort sector.Schloss Bangalore, as the owner, operator, and manager of the prestigious ‘The Leela’ brand, oversees a portfolio of 3,553 rooms across 13 active hotels as of March 31, 2025. With these assets, the company is not only one of the largest luxury hospitality firms in India by room count, but it also operates some of the country’s most iconic and highly sought-after hotels.

The company is a part of Brookfield’s India hotel asset portfolio, which has allowed Schloss Bangalore to benefit from Brookfield’s global investment expertise and extensive market network. This relationship has been instrumental in Schloss Bangalore’s growth trajectory, enabling the company to leverage financial strength for expansion opportunities in the competitive Indian hospitality landscape.

The Role of White & Case LLP in the Transaction
White & Case LLP’s role in this transaction was integral to its success. The firm’s legal team, led by partners Rahul Guptan from London and Kaya Proudian from Singapore, provided expert counsel to the book-running lead managers throughout the IPO process. Their deep legal expertise and international experience played a pivotal role in navigating the complexities of the IPO under Rule 144A/Regulation S.

The White & Case team’s contributions extended to managing key legal aspects of the IPO, from regulatory compliance to drafting documents and structuring the offering to ensure its smooth execution. The legal team also featured partner Steven Gee from New York, local partner James Hsiao from Hong Kong, and associates Stephanie Zhao and Ji Yang Lim from Singapore, along with Royston Tan from Hong Kong, and Daniel Park and Jiawei Zheng from New York. Each member of the team brought valuable experience and insight, which was essential for ensuring the transaction’s success across multiple jurisdictions.

Impact of the IPO on Schloss Bangalore’s Future
The funds raised through Schloss Bangalore’s ₹35 billion IPO are expected to significantly strengthen the company’s balance sheet, providing it with the financial flexibility required to execute its strategic objectives.Reducing debt will strengthen Schloss Bangalore’s financial stability, while directing funds towards potential expansion initiatives will allow the company to grow its operations and further extend its reach. its portfolio of luxury properties.

Schloss Bangalore’s focus on innovation and exceptional service in the hospitality sector aligns seamlessly with its long-term growth objectives. The IPO serves as a clear reflection of the company’s ambition to reinforce its position as a dominant force in India’s luxury hotel market.

As the company moves forward with its expansion plans, it is poised to continue making significant contributions to the Indian hospitality sector, offering world-class luxury experiences for both domestic and international travelers. The IPO not only strengthens Schloss Bangalore’s financial standing but also sets the stage for continued success in the highly competitive and rapidly evolving hospitality industry.

Conclusion
White & Case LLP’s involvement in the Schloss Bangalore IPO is a testament to the firm’s prowess in handling complex, high-profile transactions. As Schloss Bangalore embarks on its journey as a publicly listed company, the legal expertise and counsel provided by White & Case have played a vital role in ensuring the IPO’s success. With the funds raised from this IPO, Schloss Bangalore is well-positioned to reduce its debt, expand its operations, and continue its legacy as one of India’s premier luxury hotel operators under ‘The Leela’ brand.

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