Major law firms SAM, Sidley, and White & Case take part in The Leela's $409 million hospitality Initial Public Offering (IPO)
## Major Players in The Leela Hotel Brand’s $409.4 Million IPO
Based on available information, **Schloss Bangalore Ltd**—the entity operating luxury hotels and resorts under the Leela brand—was the direct issuer of the ₹3,500 crore ($409.4 million) IPO, which marked the largest hospitality IPO in India to date[2]. Here’s a breakdown of the key participants and their roles:
### Schloss Bangalore Ltd (Operating as Leela Hotels) - **Role**: Primary issuer, responsible for structuring and launching the IPO. - **Significance**: As of May 2025, the company manages 3,553 hotel rooms across 13 operational properties[4]. - **Objective**: The IPO was positioned to test investor appetite for India’s luxury travel market and to leverage growth in both leisure and business travel segments[3].
### Investment Banks and Underwriters - **Role**: Underwriters, lead managers, and syndicate members for the IPO—responsible for pricing, marketing, and selling shares to institutional and retail investors. - **Relevance**: While the names of specific investment banks are not detailed in the search results, such entities are typically involved in large IPOs to ensure regulatory compliance, coordinate roadshows, and facilitate allocations.
### Institutional and Retail Investors - **Role**: Subscribers to the IPO, comprising both domestic and international investors. - **Impact**: The IPO’s success would reflect broader market confidence in India’s hospitality sector, which is experiencing strong demand and a wave of new listings[2].
### Market Analysts and Consultants - **Role**: Provided research, industry insights, and market positioning—for example, Boston Consulting Group’s report highlighted the sector’s growth prospects to potential investors[2]. - **Purpose**: To build investor confidence and articulate the strategic case for investing in luxury hospitality.
## What is Not Highlighted in the Results
- **Existing Major Shareholders**: The search results do not clearly specify major pre-IPO shareholders (e.g., Brookfield Asset Management, which previously acquired The Leela’s hotels, or any family holdings), their roles, or their participation in the offering. - **Legal Advisors**: The names of law firms or regulatory advisors involved in the IPO are not mentioned. - **Government Regulators**: While regulatory bodies like SEBI (Securities and Exchange Board of India) oversee all IPOs, their direct involvement in this transaction is not detailed.
## Summary Table
| Player | Role in IPO | Details Known | |-----------------------------|------------------------------------|-------------------------------| | Schloss Bangalore Ltd | Issuer/Operator | Manages Leela brand hotels; launched ₹3,500 crore IPO[2][3][4] | | Investment Banks | Underwriters/Lead Managers | Not named in search results | | Institutional Investors | Subscribers | Not named | | Market Analysts (e.g., BCG) | Industry research & positioning | Cited for sector growth[2] | | Existing Shareholders | Pre-IPO stakeholders | Not detailed | | Legal/Regulatory Advisors | Compliance, documentation | Not detailed |
## Key Takeaways
- **Schloss Bangalore Ltd** was the central player, launching the IPO to capitalize on India’s luxury travel boom and expand its hospitality footprint[2][3]. - **Investment banks**, though unnamed, would have been instrumental in execution, while **institutional and retail investors** determined the IPO’s success. - **Industry analysts** provided the growth narrative, but details on other major stakeholders (founders, prior owners, or private equity) and advisors are absent from the available information.
In addition to the previously mentioned participants, it is worth noting that:
- **The Leela’s legal team** for the IPO was led by partners Pooja Ramchandani and Kriti Kaushik from Shardul Amarchand Mangaldas & Co, while the White & Case team advising the underwriters for the IPO was led by partners Rahul Guptan and Kaya Proudian[1]. - **The SAM capital markets team** was led by partners Nikhil Naredi and Rohit Tiwari for the IPO, with Tarun Srikanth, Rishika Sharma, Ankita Singh, Manish Soni, and Vartika Bhatnagar assisting[1]. - **The general corporate team** for Shardul Amarchand Mangaldas & Co in the Leela IPO was led by partners Jay Gandhi, Neelam Pathak, and Kaustubh Verma, while the real estate team was led by partners Mrinal Kumar and Arjun Perikal[1]. - **Principal associates Arnav Sahni and Vedashree P Ravishankar, and associate Aviral Arun** assisted the real estate team for the IPO[1]. - **Senior associates Shruti Khetan, Ankit P, and Samyukta Shetty, and associate Yashvardhan Mittal** assisted the general corporate team for the IPO[1]. - **Partner Steven Gee and associates Stephanie Zhao, Ji Yang Lim, Daniel Park, and Jiawei Zheng** were part of the White & Case team advising the underwriters for the IPO[1]. - **Edward Lee, Sarangan Rajesh Kumar, Dhanush Dinesh, Nicholas Brown, Carla Teodoro, Margaret Huang, Daniel O'Shea, Robert Kreitman, Andrew Shoyer, and Shu Min Ho** were part of Sidley Austin's team for the IPO, with Senior associate Istuti Kapoor assisting the employment team[1]. - **The consortium of 11 book-running lead managers** includes JM Financial, BofA Securities, Morgan Stanley, JP Morgan, Kotak Mahindra, Axis Capital, Citigroup, IIFL Capital, ICICI Securities, Motilal Oswal, and SBI Capital Markets[1]. - **White & Case represented a consortium of 11 book-running lead managers** for the IPO[1].
For a complete picture—especially regarding underwriters, legal advisors, and pre-IPO shareholders—additional, detailed financial disclosures or prospectus filings would be necessary.
[1] Based on additional information obtained after the initial search. [2] Based on multiple sources, including The Economic Times, Mint, and Livemint. [3] Based on The Leela Palaces, Hotels and Resorts’ official website. [4] Based on Schloss Bangalore Ltd’s official website.
Investors could also consider allocating their finances towards investing in Schloss Bangalore Ltd, the primary issuer of the $409.4 million IPO, as they expand their real-estate business through the Leela brand hotels. The success of the IPO would be influenced by the decisions of institutional and retail investors, as they determine the market's confidence in India's hospitality sector. Additionally, understanding the role of legal advisors, such as Shardul Amarchand Mangaldas & Co and White & Case, would provide valuable insights into the legal aspects of the Leela Hotel Brand's IPO.
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