Upcoming IPOs: Leela Hotel, Scoda Tubes, Aegis Vopak set to hit D-Street soon

After a brief pause of two months, the Indian initial public offering (IPO) market has started to pick up pace as a slew of companies, including Schloss Bangalore--the owner of luxury hotel chain The Leela and Scoda Tubes, are set to hit D-Street soon. Among others, Aegis Vopak Terminals is also gearing up to list its shares on the BSE and NSE, investment banking sources told Fortune India. These three companies look to collectively raise ₹8,775 crore via the primary market.

This week, Belrise Industries IPO will open for subscription on May 21, looking to raise ₹2,150 crore at a price band of ₹85-90 per share. The three-day IPO will close on May 23, while shares of Belrise Industries are expected to be listed on the BSE and NSE on May 28.

This is going to be the second mainboard IPO of FY26, after Ather Energy, a leading electric scooter manufacturer, got listed on May 6 after raising ₹2,981 crore. So far this calendar year, 11 mainboard IPOs garnered a total of around ₹19,000 crore via the IPO route, with the first 10 listing in the first two months of CY25. 

Here’s all you need to know about upcoming IPOs:

Schloss Bangalore

The owner of luxury hotel chain The Leela aims to raise ₹5,000 crore via IPO, for which it received approval from the Sebi in December last year. This is being touted as the country's largest IPO in the hospitality sector.

The company had filed its DRHP with the capital market regulator in September last year. As per the IPO document, the issue is a combination of a fresh issue of equity shares worth ₹3,000 crore and an offer for sale (OFS) of stocks valued at around ₹2,000 crore by promoter Project Ballet Bangalore Holdings (DIFC) Pvt Ltd.

Backed by Brookfield Asset Management, Schloss Bangalore intends to use capital raised from fresh equities primarily for repayment of loan availed by the company and its subsidiaries. A part of the fund will be used for general corporate purposes.

Scoda Tubes

The Gujarat-based manufacturer of stainless-steel tubes and pipes filed its IPO papers on September 30, 2024, while it received observation from the Sebi in January this year. The company plans to raise ₹275 crore solely through a fresh issue, with no OFS component, meaning all the funds will go directly into the company.

The company proposes to utilise the net proceeds from the issue for expanding production capacity of seamless and welded tubes and pipes; funding the part incremental working capital requirements of the company; and meet general corporate purposes.

Aegis Vopak Terminals

Last month, the Mumbai-based company, a joint venture between Aegis Logistics of India and Royal Vopak of the Netherlands, received the final observations from the Sebi for its IPO. The public issue is entirely a fresh issuance of equity shares with a face value of ₹10 apiece, amounting to ₹3,500 crore.

The company, which operates India's largest storage terminals for LPG and liquid products, will use IPO proceeds for debt repayment, capital expenditures (including the acquisition of an LPG terminal in Mangalore), and general corporate purposes. 

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