The Leela’s $400 Million IPO to Fund Luxury Expansion in India
Photo Credit: Aerial view of the swimming pool at The Leela Palace Chennai. The Leela
Skift Take
The Leela plans to pay down debt and expand its luxury footprint across spiritual, heritage, and wildlife destinations.
No new brands. Niche luxury segments. That is what The Leela is planning post its IPO – $400 million (INR 35 billion) offering set for Monday.
Parent company Schloss Bangalore aims to use proceeds to pay down debt, said Ankur Gupta, managing partner at Brookfield Asset Management, which acquired The Leela in 2019.
The remaining IPO proceeds are meant to be used for acquisitions, marketing, and other initiatives at the company, which has 13 properties, including five owned hotels.
In a press conference Friday, the company shared more on its future plans. Here's what we learned:
Sticking with luxury: Schloss Bangalore is not planning to move away from luxury and ultra-luxury. “There is a lot of opportunity in this space,” said CEO Anuraag Bhatnagar.
