The Leela Hotels IPO
The Leela Hotels IPO — date, price band, lot size & details 2025
The Leela Hotels listed on 2 Jun 2025 at ₹406, 6.7% below the ₹435 issue price.
Schloss Bangalore owns, operates and manages luxury hotels and resorts under The Leela brand. Its portfolio had 3,553 keys across 13 operational hotels on 31 March 2025.
Stock price
The Leela Hotels is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 26 May 2025
- Close 28 May 2025
- Allotment 29 May 2025
- Refund/credit 30 May 2025
- Listing 02 Jun 2025
Issue summary
The terms of the offer, as filed.
| IPO Dates | 26 to 28 May, 2025 |
|---|---|
| Price Band | ₹413 – ₹435 |
| Face Value | ₹10 |
| Lot Size | 34 Shares |
| Issue Size | ₹3500 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,790 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 34 shares at the ₹435 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 34 | ₹14,790 |
| Retail (max) | 13 | 442 | ₹1,92,270 |
| S-HNI (min) | 14 | 476 | ₹2,07,060 |
| S-HNI (max) | 67 | 2,278 | ₹9,90,930 |
| B-HNI (min) | 68 | 2,312 | ₹10,05,720 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 903.27 crore in FY2023 to Rs 1,406.56 crore in FY2025.
- 02The company moved from a loss of Rs 61.68 crore in FY2023 to a profit of Rs 47.66 crore in FY2025.
- 03The EBITDA margin was 49.78%, as per the figures at the source.
- 04Rs 1,102.50 crore of the fresh issue was for repaying company debt and Rs 1,197.50 crore was for subsidiaries.
- 05Net worth turned positive at Rs 3,604.99 crore on 31 March 2025, from negative Rs 2,825.72 crore a year earlier.
Risks · 7
- 01The P/E was 213.09 at the upper band of Rs 435, based on post-issue EPS of Rs 2.04.
- 02Total borrowing was Rs 3,908.75 crore on 31 March 2025, above net worth of Rs 3,604.99 crore.
- 03Return on net worth was only 1.32%.
- 04Profit after tax of Rs 47.66 crore in FY2025 followed losses of Rs 2.13 crore in FY2024 and Rs 61.68 crore in FY2023, so the profit record is short.
- 05Net worth was negative on both 31 March 2023 and 31 March 2024, at Rs 2,511.96 crore and Rs 2,825.72 crore.
- 06Rs 1,000.00 crore of the issue was offer for sale and did not reach the company.
- 07Shares listed at Rs 406 against the issue price of Rs 435, and promoter holding fell from 100% to 75.91%.
Three years of numbers
All figures in ₹ crore, as reported in the The Leela Hotels offer document.
| Metric | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 8,266.16 | 7,061.88 | 5,875.54 |
| Total Income | 1,406.56 | 1,226.50 | 903.27 |
| Profit After Tax | 47.66 | -2.13 | -61.68 |
| NET Worth | 3,604.99 | -2,825.72 | -2,511.96 |
| Reserves and Surplus | 3,280.43 | -2,906.20 | -2,582.80 |
| Total Borrowing | 3,908.75 | 4,242.18 | 3,696.18 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the The Leela Hotels RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
The Leela Hotels IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹2.71 | ₹2.04 |
| P/E Ratio (x) | 160.63 | 213.09 |
| Market Cap at Offer Price (₹ Cr) | ₹7,650.22 | ₹10,162.79 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹435 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹2,554.18 Cr of the issue is earmarked to named objects.
The Leela Hotels IPO Anchor Investors
47 anchor investors across 32 fund houses committed ₹1,574.98 Cr a day before the issue opened.
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
On 31 March 2025 the portfolio had 3,553 keys across 13 operational hotels. Five hotels were owned, seven were managed under hotel management agreements and one was run under a franchise arrangement.
The owned hotels are in Bengaluru, Chennai, New Delhi, Jaipur and Udaipur. The promoters are Brookfield group holding entities based in the Dubai International Financial Centre.
The IPO was Rs 3,500 crore, with Rs 2,500.00 crore of fresh issue and Rs 1,000.00 crore of offer for sale. Most of the fresh money was planned for reducing debt, directly and through subsidiaries.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
The Leela Hotels IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
JM Financial Ltd.
53 issues handledBest listing: Tempsens Instruments (India) (+111.3%). Weakest: Turtlemint Fintech Solutions (-10.4%).
SBI Capital Markets Ltd.
23 issues handledBest listing: Indo-MIM (+44.3%). Weakest: Ajax Engineering (-8.4%).
Axis Capital
40 issues handledBest listing: Moneyview (+61.8%). Weakest: Clean Max Enviro Energy Solutions (-8.8%).
Motilal Oswal Investment Advisors
40 issues handledBest listing: GNG Electronics (+49.8%). Weakest: Turtlemint Fintech Solutions (-10.4%).
Kotak Mahindra Capital Company Limited
30 issues handledBest listing: Moneyview (+61.8%). Weakest: Amagi Media Labs (-12.2%).
IIFL Capital Services Limited
50 issues handledBest listing: Tonbo Imaging India (+65.7%). Weakest: Acevector (-11.5%).
Bofa Securities India Limited
8 issues handledBest listing: Moneyview (+61.8%). Weakest: Paras Healthcare (+3.9%).
Morgan Stanley India Co. Pvt. Ltd
3 issues handledBest listing: Urban Company (+57.5%). Weakest: Dr. Agarwal's Health Care (0.0%).
JP Morgan India Pvt. Ltd
2 issues handled2 of their issues have listed so far, and 2 opened above the issue price (average +16.1%). That is too small a sample to read as a hit rate.
Citigroup Global Markets India Pvt. Ltd
4 issues handledBest listing: Anthem Biosciences (+26.9%). Weakest: Ajax Engineering (-8.4%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of The Leela Hotels?
The current Grey Market Premium is ₹2.
What is the The Leela Hotels IPO price band?
₹413 to ₹435, on a face value of ₹10.
When is the allotment?
The basis of allotment is 29 May 2025, with listing on 2 June 2025.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
