Brigade Hotel Ventures' ₹750-crore IPO to open on July 24
Brigade Hotel Ventures
Ltd, owner and developer of hotels in South India, is set to launch its Rs 749.6-crore initial public offering (IPO) on July 24.
The IPO is scheduled to close on July 28, and the one-day bidding for the anchor investor will open on July 23, according to the red herring prospectus (RHP).
Brigade Hotel Ventures' IPO is entirely a fresh issue of equity shares with no offer-for-sale (OFS) component.
Of the total issue proceeds, Rs 468.14 crore will be used for debt payment, 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.
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 GIFT City (Gujarat) with 1,604 keys.
These 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. Shares of the company are expected to list on the bourses on July 31.
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