Sidley represented Schloss Bangalore Limited in its US$410 million (₹35 billion) initial public offering (IPO), which was underwritten by JM Financial, BofA Securities, Morgan Stanley, JP Morgan, Kotak Mahindra, Axis Capital, Citigroup, IIFL Capital, ICICI Securities, Motilal Oswal, and SBI Capital Markets.
The offering comprised a fresh issue of equity shares by the company and an offer for sale by the promoter selling shareholder. The equity shares are listed on the BSE and NSE.
Schloss Bangalore is one of India’s luxury hospitality groups, owning, operating, managing, and developing luxury hotels and resorts under the “The Leela” brand. As of March 31, 2025, it is one of the largest luxury hospitality companies in India by number of keys (3,553 keys), with a portfolio of 13 operational luxury hotels located across key Indian cities and leisure destinations, encompassing both owned and managed properties. The company is actively expanding its portfolio with additional hotels expected to be added in the near future. Backed by the Brookfield Group, the Leela properties are widely recognized for the superior quality of architecture, guest facilities and services, repeatedly earning top rankings among the world’s best hotels and travel experiences by recognized publications such as Travel + Leisure and Conde Nast Traveler. The IPO marks a significant milestone in the company’s growth journey and underscores investor confidence in India’s luxury hospitality sector.
Manoj Bhargava led the Sidley team, which included Edward Lee, Sarangan Rajesh Kumar, Dhanush Dinesh, and legal assistant Sanketh Hareesh Kumar, with support from Nicholas R. Brown, Carla G. Teodoro, Margaret Huang, Daniel O’Shea, Robert M. Kreitman, Andrew Shoyer, and Shu Min Ho.
Over the past 12 months, Sidley’s India capital markets team has advised on 17 successful offerings, including IPOs by Belrise Industries Limited, Dr. Agarwal’s Health Care Limited, Ajax Engineering Limited, Vishal Mega Mart Limited, Sagility India Limited, Afcons Infrastructure Limited, Brainbees Solutions Limited, Akums Drugs and Pharmaceuticals Limited, Unicommerce eSolutions Limited, Emcure Pharmaceuticals Limited, and Indegene Limited, as well as qualified institutions placements/rights offerings by Fusion Finance Limited, Home First Finance Company India Limited, Brookfield India Real Estate Trust, Torrent Power Limited, Godrej Properties Limited, and Mankind Pharma Limited.
Sidley’s India practice is widely recognized for its deep market knowledge, strong transactional track record, and seamless cross-border execution. With a team spanning key financial centers in Asia, the U.S., and Europe, Sidley regularly advises on many of the most high-profile and complex India-related matters. The practice is consistently ranked among the top international legal advisers for India work by leading directories and league tables.
