Brigade Hotel Ventures IPO: The IPO of Brigade Hotel Ventures has opened for subscription on 24 July today. On the first day of the bid, this IPO has become 28 percent subscribed. According to NSE data, there have been bids for 1,42,58,404 shares against the 5,11,93,987 shares offered by the company. The share of retail investors is 124 percent subscribed, which shows the tremendous trend of investors for this IPO. The quota of non-institutional investors (NII) has received 18 percent subscription.
Complete information about IPO
The IPO of Brigade Hotel Ventures is a fresh issue of equity shares of ₹ 759.6 crore completely. Its price band has been fixed at ₹ 85 to ₹ 90 per share. The company has reserved 75 per cent of the offer size for eligible institutional buyers, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors. This IPO can be subscribed by 28 July. The company’s shares are expected to be listed on stock exchanges on 31 July. JM Financial and ICICI Securities are the book-hanging lead manager of this issue.
Out of the funds received from the issue, ₹ 468.14 crore will be used to repay the debt, while ₹ 107.52 crore promoter, BEL will be used to buy a part of the land. The remaining funds will be used for acquisition, strategic measures and general corporate purposes.
Now know about the company
Brigade Hotel Ventures Limited is a subsidiary of Bangalore based Real Estate Company Brigade Enterprises Limited (BEL). BEL entered the hospital with his first hotel, Grand Mercury Bangalore in 2004 in Hospitality Business. The company’s portfolio consists of nine operating hotels in Bengaluru, Chennai, Kochi, Mysuru and Gift City, with a total of 1,604 rooms. These hotels are operated by global hospitality companies such as Marriott, Acor and Intercontinental Hotels Group.
Subscribe or not?
Bajaj Broking has advised investors to subscribe to the IPO of Brigade Hotel Ventures for a long period.
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