Brigade Hotel Ventures sets IPO price band at Rs 85-90/share
PTI
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New Delhi, Jul 21 (PTI) Brigade Hotel Ventures Ltd owner and developer of hotels in South India on Monday fixed a price band of Rs 85-90 per share for its Rs 749.6-crore upcoming Initial Public Offering (IPO).
At the upper end of the price band, the company is valued at over Rs 3,400 crore.
The IPO is scheduled to open on July 24 and close on July 28. The one-day bidding for the anchor investor will open on July 23, the company announced.
Brigade Hotel Ventures' IPO is entirely a fresh issue of equity shares with no Offer For Sale (OFS) component.
Proceeds from the issue to the tune of Rs 468.14 crore will be used for payment of debt; Rs 107.52 crore be utilised for 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.
Earlier this month, Brigade Hotel Ventures raised Rs 126 crore by selling equity shares to 360 ONE Alternates Asset Management.
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 (Karnataka), Chennai (Tamil Nadu), Kochi (Kerala), Mysuru (Karnataka) 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.
The company announced that 75 per cent of the offer size has been set aside for qualified institutional buyers, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.
JM Financial and ICICI Securities are the book-running lead managers to the issue. Shares of the company are expected to list on the bourses on July 31. PTI SP DR DR
(This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments
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July 21, 2025, 09:15 IST
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