Brigade Hotel Ventures Announces Rs 749.6 Crore IPO with Price Band of Rs 85-90
By ScanX News Team
Brigade Hotel Ventures Ltd, a subsidiary of Brigade Enterprises Ltd, has announced its IPO with a price band of Rs 85-90 per share, aiming to raise Rs 749.60 crore. The IPO will open from July 24 to July 28, with anchor investor bidding on July 23. The company operates nine hotels in South India with 1,604 keys. The IPO consists entirely of fresh equity shares, with 75% allocated to institutional buyers, 15% to non-institutional investors, and 10% to retail investors. Funds will be used for debt repayment, land purchase, acquisitions, and general corporate purposes. The company recently raised Rs 126.00 crore from 360 ONE Alternates Asset Management.
*this image is generated using AI for illustrative purposes only.
Brigade Hotel Ventures Ltd, a subsidiary of Brigade Enterprises Ltd, has set the stage for its initial public offering (IPO) with a price band of Rs 85-90 per share. The company, which operates nine hotels across South India, is looking to raise Rs 749.60 crore through this public offering.
IPO Details
The IPO is scheduled to open on July 24 and will close on July 28, with anchor investor bidding set for July 23. At the upper end of the price band, the company is valued at over Rs 3,400.00 crore. Notably, the offering consists entirely of fresh equity shares, with no existing shareholders selling their stakes.
Share Allocation
The share allocation for the IPO has been structured as follows:
- 75% for institutional buyers
- 15% for non-institutional investors
- 10% for retail investors
The company expects to list on the stock exchanges on July 31.
Use of Proceeds
Brigade Hotel Ventures has outlined specific plans for the funds raised through the IPO:
- Rs 468.14 crore for debt repayment
- Rs 107.52 crore for purchasing land from promoter BEL (Brigade Enterprises Ltd)
- The remaining funds will be used for acquisitions and general corporate purposes
Company Profile
Brigade Hotel Ventures operates a portfolio of nine hotels across South India, boasting a total of 1,604 keys. The company has partnerships with renowned international hotel brands, including Marriott, Accor, and InterContinental Hotels Group.
Recent Developments
In a recent development, the company successfully raised Rs 126.00 crore from 360 ONE Alternates Asset Management, demonstrating investor confidence in its business model and growth prospects.
Market Position
As a subsidiary of Brigade Enterprises Ltd, Brigade Hotel Ventures benefits from the parent company's strong presence in the real estate sector. The hospitality arm's focus on South India, coupled with its partnerships with global hotel brands, positions it uniquely in the Indian hospitality market.
The upcoming IPO presents an opportunity for investors to participate in the growth story of a company operating in the dynamic Indian hospitality sector. As always, potential investors are advised to carefully review the offer documents and consider their financial goals before making investment decisions.
17
