White & Case advises on Leela Hotels IPO – largest Indian hospitality IPO

Global law firm White & Case LLP has advised the book running lead managers on the ₹35 billion (approximately US$409 million) Rule 144A/Regulation S initial public offering (IPO) of Schloss Bangalore Limited, which owns and operates 'The Leela' Indian luxury hotels, on the Bombay Stock Exchange and the National Stock Exchange of India.

"The successful execution of this landmark offering – which currently stands as the largest IPO in the Indian hospitality sector to date and the second largest in 2025 in India – necessitated responding to changing market dynamics with complex solutions and tight timelines," said White & Case partner Rahul Guptan, who co-led the Firm's deal team. "The deal, which reflects strong investor interest in the sector amid a challenging market, was also notable given the size of the syndicate of 11 book running lead managers, which required a practical and client-sensitive approach to tailor to each lead manager."

The offering comprised a fresh issue of ₹25 billion and an offer for sale of ₹10 billion by the Brookfield-backed selling shareholder. The proceeds of the IPO will be used for debt reduction and general corporate purposes including, among others, potential business expansion in the future.

The book running lead managers were JM Financial Limited, BofA Securities India Limited, Morgan Stanley India Company Private Limited, JP Morgan India Private Limited, 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.

Schloss Bangalore Limited is a prominent luxury hospitality company that owns, operates, manages and develops luxury hotels and resorts under the 'The Leela' brand. Representing Brookfield's India hotel asset portfolio, Schloss Bangalore's portfolio includes 3,553 keys across 13 operational hotels as of March 31, 2025, making it one of the largest luxury hospitality companies in India by number of keys.

The White & Case team which advised on the transaction was led by partners Rahul Guptan (London) and Kaya Proudian (Singapore) and included partner Steven Gee (New York), local partner James Hsiao (Hong Kong) and associates Stephanie Zhao, Ji Yang Lim (both Singapore), Royston Tan (Hong Kong), Daniel Park and Jiawei Zheng (both New York).

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