Brigade Hotel Ventures IPO subscribed 63 pc on day 1 of offer
New Delhi, Jul 24 (PTI) The initial public offer of Brigade Hotel Ventures Ltd, owner and developer of hotels in South India, got subscribed 63 per cent on the first day of share sale on Thursday.
The initial public offer (IPO) received bids for 3,20,21,234 shares against 5,11,93,987 shares on offer, as per NSE data.
Retail Individual Investors (RIIs) part received 2.50 times subscription, while the quota for non-institutional investors got subscribed 42 per cent. The portion for Qualified Institutional Buyers (QIBs) received 8 per cent subscription.
Brigade Hotel Ventures Ltd on Wednesday raised Rs 325 crore from anchor investors.
The IPO will conclude on July 28. The price band has been fixed at Rs 85 to Rs 90 per share.
At the upper end of the price band, the company is valued at over Rs 3,400 crore.
Brigade Hotel Ventures' IPO is 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 (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.
JM Financial and ICICI Securities are the book-running lead managers to the issue. PTI SUM SUM SHW
(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 24, 2025, 18:15 IST
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