Brigade Hotel Ventures plans to launch ₹749.6 crore IPO on July 24

The offer will remain open until July 28, with anchor investor bidding set to begin a day earlier on July 23, as per the company's RHP

Brigade Hotel Ventures Ltd, which owns and develops hotels primarily in South India, is set to launch its initial public offering (IPO) worth ₹749.6 crore on July 24. 

The offer will remain open until July 28, with anchor investor bidding set to begin a day earlier on July 23, as per the company's Red Herring Prospectus (RHP). 

Brigade Hotel Ventures' IPO consists solely of a fresh issuance of equity shares, with no offer-for-sale (OFS). 

Out of the total funds raised, ₹468.14 crore will be allocated to repaying debt, while ₹107.52 crore will be used to acquire an undivided share of land from the promoter, Brigade Enterprises Ltd (BEL). The remaining proceeds will be used for acquisitions, strategic initiatives, and general corporate purposes. 

 

Background and Business

Earlier in July, Brigade Hotel Ventures secured ₹126 crore by issuing shares to 360 ONE Alternates Asset Management through a private placement.

 

Brigade Hotel Ventures is a subsidiary of Brigade Enterprises Ltd (BEL), a prominent real estate developer based in Bengaluru. BEL entered the hospitality sector in 2004, starting with the Grand Mercure Bangalore, which opened its doors in 2009.

 

Currently, the company operates nine hotels across Bengaluru, Chennai, Kochi, Mysuru, and GIFT City in Gujarat, with a total of 1,604 rooms. These properties are managed in partnership with leading global hotel chains such as Marriott, Accor, and InterContinental Hotels Group.

IPO Managers and Listing Date

JM Financial and ICICI Securities are the book-running lead managers for the IPO. The company's shares are expected to be listed on stock exchanges by July 31.