1. Financial Performance 📊
Metric FY23 FY24 FY25 Revenue from Operations ₹ 8,600.58 m ₹ 11,714.53 m ₹ 13,005.73 m Profit After Tax (PAT) –₹ 616.79 m –₹ 21.27 m ₹ 476.58 m PAT Margin –7.18% –0.18% 3.66% Basic EPS (₹) –3.50 –0.12 1.97
Trend: 3-yr revenue CAGR ≈ 24.9% with PAT turning positive in FY25
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from Operations | ₹ 8,600.58 m | ₹ 11,714.53 m | ₹ 13,005.73 m |
| Profit After Tax (PAT) | –₹ 616.79 m | –₹ 21.27 m | ₹ 476.58 m |
| PAT Margin | –7.18% | –0.18% | 3.66% |
| Basic EPS (₹) | –3.50 | –0.12 | 1.97 |
Trend: 3-yr revenue CAGR ≈ 24.9% with PAT turning positive in FY25
2. Prospectus Highlights & Issue Specs 📄
Field Details Issue Size ₹ 35,000 m (₹ 25,000 m Fresh + ₹ 10,000 m OFS) Pre-Offer Promoter Holding 63.65% (Project Ballet Bangalore Holdings) Face Value ₹ 10.00 Price Band ₹ 413.00 – ₹ 435.00 Tick Size ₹ 1.00 Market Lot 34 shares Min. Bid Quantity 34 shares Max. Bid Quantity (QII) 4,66,10,158 shares Max. Bid Quantity (NII) 2,11,86,420 shares Issue Period 26 May 2025 to 28 May 2025 Security Type Equity Symbol (BSE) THELEELA No. of Shares Offered 4,66,10,169 shares
| Field | Details |
|---|---|
| Issue Size | ₹ 35,000 m (₹ 25,000 m Fresh + ₹ 10,000 m OFS) |
| Pre-Offer Promoter Holding | 63.65% (Project Ballet Bangalore Holdings) |
| Face Value | ₹ 10.00 |
| Price Band | ₹ 413.00 – ₹ 435.00 |
| Tick Size | ₹ 1.00 |
| Market Lot | 34 shares |
| Min. Bid Quantity | 34 shares |
| Max. Bid Quantity (QII) | 4,66,10,158 shares |
| Max. Bid Quantity (NII) | 2,11,86,420 shares |
| Issue Period | 26 May 2025 to 28 May 2025 |
| Security Type | Equity |
| Symbol (BSE) | THELEELA |
| No. of Shares Offered | 4,66,10,169 shares |
3. BSE Bid & Demand Details 📈
BSE Demand Schedule: View bids by price level for THELEELA
Cumulative Demand Schedule: Aggregated demand up to each price
BSE Demand Graph: Visual of bidding intensity across ₹413–435
Cumulative Demand Graph: Cumulative bid curve
BSE Demand Schedule: View bids by price level for THELEELA
Cumulative Demand Schedule: Aggregated demand up to each price
BSE Demand Graph: Visual of bidding intensity across ₹413–435
Cumulative Demand Graph: Cumulative bid curve
(Data available on BSE website under “THELEELA” issue details.)
4. IPO’s Purpose 🎯
Use of Net Fresh Proceeds:
Debt Reduction (₹ 23,000 m)
General Corporate Purposes (up to 25% of gross proceeds)
Impact: Lower interest cost → stronger credit profile → free cash flow for growth.
5. Market Trends & Industry Analysis 🌐
Segment Outlook: Luxury & upper-upscale hospitality recovering on domestic demand.
Growth Forecast: 10–12% revenue CAGR (FY25–30).
Competitive Edge: “Leela” flagship properties & marquee management agreements.
Segment Outlook: Luxury & upper-upscale hospitality recovering on domestic demand.
Growth Forecast: 10–12% revenue CAGR (FY25–30).
Competitive Edge: “Leela” flagship properties & marquee management agreements.
6. Peer Group Analysis 🤝
Company Mkt Cap (₹ m) EPS (₹) P/E (x) RoNW (%) EV (₹ m) EV/Rev (x) EV/EBITDA (x) P/BV (x) D/E (x) EIH Ltd 25,112.71 10.22 36.24 16.58 40,863.65 65.34 22.34 8.82 10.37 Chalet Hotels Ltd 14,172.52 13.54 59.93 15.03 18,508.68 84.74 33.46 12.33 4.10 Juniper Hotels Ltd 8,176.63 1.46 197.91 0.90 26,552.81 119.34 22.97 7.78 2.23 Ventive Hospitality Ltd 18,420.66 –5.24 N.A. –1.82 36,697.33 157.13 24.39 9.33 3.55 ITC Hotels Ltd 30,340.00 3.05 N.A. 5.93 N.A. N.A. 12.99 N.A. N.A. Schloss Bangalore Ltd – 1.97 – – – – – – –
| Company | Mkt Cap (₹ m) | EPS (₹) | P/E (x) | RoNW (%) | EV (₹ m) | EV/Rev (x) | EV/EBITDA (x) | P/BV (x) | D/E (x) |
|---|---|---|---|---|---|---|---|---|---|
| EIH Ltd | 25,112.71 | 10.22 | 36.24 | 16.58 | 40,863.65 | 65.34 | 22.34 | 8.82 | 10.37 |
| Chalet Hotels Ltd | 14,172.52 | 13.54 | 59.93 | 15.03 | 18,508.68 | 84.74 | 33.46 | 12.33 | 4.10 |
| Juniper Hotels Ltd | 8,176.63 | 1.46 | 197.91 | 0.90 | 26,552.81 | 119.34 | 22.97 | 7.78 | 2.23 |
| Ventive Hospitality Ltd | 18,420.66 | –5.24 | N.A. | –1.82 | 36,697.33 | 157.13 | 24.39 | 9.33 | 3.55 |
| ITC Hotels Ltd | 30,340.00 | 3.05 | N.A. | 5.93 | N.A. | N.A. | 12.99 | N.A. | N.A. |
| Schloss Bangalore Ltd | – | 1.97 | – | – | – | – | – | – | – |
7. Valuation 💰
Relative P/E: Schloss Bangalore priced vs. peer avg. ~95×.
P/BV: Industry ~3× (to be confirmed in band).
Relative P/E: Schloss Bangalore priced vs. peer avg. ~95×.
P/BV: Industry ~3× (to be confirmed in band).
8. Market Sentiment & Underwriters 🤝
Anchor Demand: 60% QIB portion reserved—strong institutional interest.
BRLMs & Underwriters: JM Financial, BofA, Morgan Stanley, J.P. Morgan, Kotak, Axis, Citi, IIFL, ICICI Sec, MOFSL & SBI Cap
Anchor Demand: 60% QIB portion reserved—strong institutional interest.
BRLMs & Underwriters: JM Financial, BofA, Morgan Stanley, J.P. Morgan, Kotak, Axis, Citi, IIFL, ICICI Sec, MOFSL & SBI Cap
9. Lock-up Periods 🔒
Promoters: 1 yr lock-in (fresh shares); 3 mo (existing shares).
Employees: As per SEBI ICDR regs.
Promoters: 1 yr lock-in (fresh shares); 3 mo (existing shares).
Employees: As per SEBI ICDR regs.
10. KPI Highlights 📌
RoCE / RoE: Poised to improve post-debt reduction.
EBITDA Margin: Schloss Bangalore FY25 ~48.9% vs. peers’ 33.7–45.6%
RoCE / RoE: Poised to improve post-debt reduction.
EBITDA Margin: Schloss Bangalore FY25 ~48.9% vs. peers’ 33.7–45.6%
🔔 Disclaimer
This is for informational purposes only. Please read the RHP carefully
