The Leela Palaces Aims for USD2.5 Billion Valuation in Landmark Hospitality IPO

According to The Mint,the Leela Palaces, Hotels and Resorts is aiming for a valuation of at least $2.5 billion (approximately Rs 21,000 crore) in its initial public offering (IPO), marking a significant recovery from its debt and defaults five years ago, according to Mint.

Hi thje The IPO is expected to raise around Rs 3,150 crore, potentially becoming the largest IPO in India’s hospitality sector. Promoter Brookfield has enlisted JM Financial and Bank of America as investment bankers. The Canadian investor plans to sell 15 percent to the public initially, with an additional 10 percent over the next three years.

Brookfield acquired the assets of the luxury hotel chain in 2019 during bankruptcy proceedings for Rs 3,950 crore.