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Now another company is preparing to join the IPO race going on in India. Schloss Bangalore, the parent company of India's luxury hotel chain 'The Leela', has recently applied for an IPO.
According to draft documents, the company wants to raise Rs 50 billion ($599 million) through this issue.
During this period, the company will issue new shares worth Rs 30 billion, while the existing shareholder Project Ballet Bangalore Holdings (DIFC) will sell shares worth Rs 20 billion through an offer for sale. DIFC is a subsidiary of Brookfield Asset Management.
According to data from LSEG, by mid-September, about 235 companies have gone public in the country and have raised funds worth more than $8.6 billion. This is more than the funds raised last year.
India's benchmark Nifty 50 index has hit record highs more than 50 times so far this year. Schloss said in its IPO prospectus that the company has 12 operational hotels in ten cities in India and plans to add 8 new hotels by 2028.
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