Brigade Hotel Ventures IPO Final Day: Issue booked 4.46 times; retial portion subscribed 6.31x

The initial public offering (IPO) of Brigade Hotel Ventures got subscribed 4.46 times in its closing day on Monday.

According to the BSE, the issue got bids for 22,82,84,362 shares against 5,11,93,987 shares on offer until 4:12 pm.

Category-wise, the retail investor portion fetched a 6.31 times subscription, while the non-institutional investor segment subscribed 1.91 times. Meanwhile, the Qualified Institutional Buyers (QIBs) segment fetched 5.42 times subscription against the offer.

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Brigade Hotel Ventures Ltd has secured Rs 325 crore from anchor investors ahead of its initial public offering (IPO), which closes on July 28. The IPO price band is set between Rs 85 and Rs 90 per share, valuing the company at over Rs 3,400 crore at the upper end.

The public offering comprises a fresh issue of equity shares totalling Rs 759.6 crore, with no offer-for-sale (OFS) component.

Who are BRLMs

JM Financial and ICICI Securities are the book-running lead managers for the issue.

Proceeds utilisation

Proceeds will primarily be used to repay debt (Rs 468.14 crore), purchase land from promoter Brigade Enterprises Ltd (Rs 107.52 crore), and fund acquisitions, strategic initiatives, and general corporate expenses.

About Brigade Hotel Ventures

A subsidiary of Bengaluru-based real estate firm BEL, Brigade Hotel Ventures began its hospitality journey in 2004 and launched its first property, Grand Mercure Bangalore, in 2009.

Currently, the company operates nine hotels with 1,604 keys across Bengaluru, Mysuru, Chennai, Kochi, and GIFT City. These properties are managed by global hospitality giants such as Marriott, Accor, and InterContinental Hotels Group.