Brigade Hotel Ventures IPO: Hospitality firm raises ₹325 crore from anchor investors ahead of opening of public issue
According to the exchange filing, notable investors like SBI Mutual Fund, 360 One MF, Axis MF, Motilal Oswal MF, Bandhan MF, Edelweiss MF, and Nuvama MF participated in the anchor book.
The company allocated over 3.6 crore shares to 17 institutional investors at ₹ 90 each, totaling ₹ 324.72 crore.
Out of the total allocation of 3.6 crore equity shares to the Anchor Investors, 2,54,88,636 Equity Shares (i.e. 70.64% of the total allocation to Anchor Investors) were allocated to 6 domestic mutual funds through a total of 12 schemes.
Brigade Hotel Ventures IPO will open on Thursday and close on July 28, with a price band of ₹ 85– ₹ 90 per share. At the upper price band, the company's valuation stands at over ₹ 3,400 crore. This IPO is a completely fresh issue worth ₹ 759.6 crore, with no offer-for-sale component.
Of the proceeds, ₹ 468.14 crore will go toward debt repayment, ₹ 107.52 crore will be used to buy a share of land from promoter Brigade Enterprises Ltd (BEL), and the rest will support acquisitions, strategic growth, and general corporate purposes. Earlier in the month, Brigade Hotel Ventures also raised ₹ 126 crore through a stake sale to 360 ONE Alternates Asset Management.
Brigade Hotel Ventures, a subsidiary of Bengaluru-based BEL, entered the hospitality sector in 2004 and began operations with its first hotel, Grand Mercure Bangalore, in 2009. Today, it operates nine hotels with 1,604 rooms across cities like Bengaluru, Chennai, Kochi, Mysuru, and GIFT City, managed by global chains such as Marriott, Accor, and IHG.
For the IPO, 75% of the shares are reserved for qualified institutional buyers, 15% for non-institutional investors, and 10% for retail investors.
JM Financial and ICICI Securities are the lead managers, and the stock is expected to debut on the exchanges on July 31.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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