Brigade Hotel Ventures to Launch Rs 749.6-Crore IPO
Brigade Hotel Ventures Ltd plans to launch its Initial Public Offering (IPO) with a price band of Rs 85-90 per share, aiming to raise Rs 749.6 crore. The company intends to use the proceeds for debt repayment, land purchase, acquisitions, and other corporate purposes. Shares are set to list on July 31.
- Country:
- India
Brigade Hotel Ventures Ltd, a key developer of hospitality properties in South India, has set a price band of Rs 85-90 per share for its forthcoming Rs 749.6-crore Initial Public Offering (IPO), the company revealed on Monday.
Valued at over Rs 3,400 crore at the upper price band, the IPO will be entirely a fresh equity issue, devoid of any Offer For Sale (OFS) components. The offering opens for subscription from July 24 to July 28, with anchor investor bidding starting on July 23.
The proceeds from the IPO will largely be allocated towards debt repayment and land purchases, while also facilitating strategic acquisitions and corporate objectives. JM Financial and ICICI Securities have been appointed as lead managers, with plans for listing on stock exchanges by July 31.
(With inputs from agencies.)
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