Leela Palaces parent firm Schloss Bangalore shares end flat in market debut trade

New Delhi: Shares of Schloss Bangalore, which operates Leela Palaces Hotels and Resorts, on Monday ended on a flat note after listing with a discount of nearly 7 per cent against the issue price of Rs 435 earlier in the day.

The stock made its debut at Rs 406.50, down 6.55 per cent from the issue price, on the BSE. During the morning trade, it tanked 7 per cent to Rs 404.45. However, later, the counter saw some buying activity and climbed 0.87 per cent to Rs 438.80. Shares of the firm ended at Rs 435.55 apiece, up marginally by 0.12 per cent.

On the NSE, shares of the firm listed at Rs 406, a discount of 6.66 per cent. The stock finally ended at Rs 435.55, up 0.12 per cent.

The company's market valuation stood at Rs 14,545.54 crore.

In volume terms, 7.32 lakh shares of the firm were traded on the BSE and 133.48 lakh shares on the NSE during the day.

The initial share sale of Schloss Bangalore received 4.50 times subscription on the closing day of bidding on Wednesday last week.

The Initial Public Offer (IPO) had a price band of Rs 413-435 per share.

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

Schloss Bangalore, known for its luxurious hotels and resorts under "The Leela" brand, had a portfolio of 3,382 keys across 12 operational hotels as of May 31, 2024. Its portfolio includes The Leela Palaces, The Leela Hotels, and The Leela Resorts, located across 10 destinations in the country.