Theranautilus Secures $1.2 Mn in Seed...
19 Nov 2024
The Leela Palaces, Hotels and Resorts will seek a valuation of at least $2.5 billion (approximately Rs 21,000 crore) in an initial public offering (IPO), a significant turnaround for the hotel chain that changed hands under crushing debt and defaults five years ago, Mint has reported.
The IPO is likely to be worth approximately Rs 3,150 crore, making it the biggest IPO in India's hospitality sector, the report said.
Promoter Brookfield has tapped JM Financial and Bank of America to be investment bankers, the report said, adding the Canadian investor plans to sell 15 percent to the public initially and 10 percent over the next three years.
Brookfield had in In 2019 acquired the assets of the luxury hospitality chain in a bankruptcy proceedings for Rs 3,950 crore.
"The Leela has not only emerged stronger than ever from its worrisome debts issues but is also seeing steady year-on-year valuations on the back of higher margins," one of the person familiar with the matter was quoted as saying.
The IPO excludes The Leela Mumbai, which is promoted by HLV Limited and is already listed, the report added.
In June 2016, The Leela Palaces, Hotels and Resorts was ranked the world's fifth best hotel brand by readers in Travel Leisure's USA 2016 World's Best Awards Survey. The group's flagship hotel - The Leela Palace New Delhi — was voted one of the top three city hotels in Asia.
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