New Delhi: Schloss Bangalore, the owner of luxury hotel chain Leela Palaces Hotels and Resorts, on Monday listed its shares with a discount of nearly 7 per cent against the issue price of ₹435.

The stock made its debut at ₹406.50 in BSE, down 6.55 per cent from the issue price. Later, it tanked 7 per cent to ₹404.45. At the NSE, shares of the firm were listed at ₹406, a discount of 6.66 per cent.

The company's market valuation stood at ₹13,642.18 crore.

The initial share sale of Schloss Bangalore received 4.50 times subscription on the closing day of bidding on Wednesday last week. The Initial Public Offer (IPO) had a price band of ₹413-435 per share.

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Schloss Bangalore, which is backed by Brookfield Asset Management, plans to use the proceeds of the fresh issue to pay loans availed by the company and its subsidiaries and for general corporate purposes.

Schloss, known for its luxurious hotels and resorts under "The Leela" brand, had a portfolio of 3,382 keys across 12 operational hotels as of May 31, 2024. Its portfolio includes The Leela Palaces, The Leela Hotels, and The Leela Resorts, located across 10 destinations in the country.

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