The Leela palaces, hotels and resorts to seek $2.5 billion valuation in IPO: Report

The Leela Palaces, Hotels and Resorts is aiming for a valuation of at least 2.5 billion dollars or approximately 21,000 crore rupees in its upcoming initial public offering, according to a report by Mint.

This marks a significant turnaround for the hotel chain, which faced severe debt and defaults five years ago.

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The report further added that the IPO is expected to raise approximately 3,150 crore rupees, making it the largest IPO in India's hospitality sector.

Promoter Brookfield has engaged JM Financial and Bank of America as investment bankers for the offering.

The Canadian investor plans to sell 15% of its stake to the public initially and an additional 10% over the next three years. The IPO will exclude The Leela Mumbai, which is promoted by HLV Limited and already listed.