Brigade Hotel Ventures shares drop nearly 10% in market debut trade
Brigade Hotel Ventures Ltd
on Thursday listed with a discount of nearly 10 per cent against the issue price of Rs 90.
The stock began trading at Rs 82, down 8.88 per cent from the issue price on the BSE.
At the NSE, it started trading at Rs 81.10, a discount of 9.88 per cent.
The company's market valuation stood at Rs 3,279.94 crore.
The initial share sale of Brigade Hotel Ventures Ltd fetched 4.48 times subscription on the closing day of bidding on Monday.
The initial public offering (IPO) had a price band of Rs 85-90 per share.
Brigade Hotel Ventures' IPO was entirely a fresh issue of equity shares worth Rs 759.6 crore with no offer-for-sale (OFS) component.
Proceeds from the issue to the tune of Rs 468.14 crore will be used for the payment of debt, Rs 107.52 crore will be utilised for the purchase of an undivided share of land from the promoter, BEL, and the remaining funds will support acquisitions, other strategic initiatives, and general corporate purposes.
Brigade Hotel Ventures Ltd is a subsidiary of Bengaluru-based real estate company Brigade Enterprises Ltd (BEL).
BEL entered into the hospitality business in 2004 with the development of its first hotel, Grand Mercure Bangalore, which commenced operations in 2009.
The company has a portfolio of nine operating hotels across Bengaluru, Chennai, Kochi, Mysuru, and the GIFT City (Gujarat) with 1,604 keys.
The hotels are operated by global marquee hospitality companies such as Marriott, Accor and InterContinental Hotels Group.
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