Brigade Hotel Ventures IPO: A New Chapter in South India's Hospitality Sector
Brigade Hotel Ventures Ltd's IPO, the owner of hotels in South India, was subscribed 63% on the first day. With a set price band of Rs 85 to Rs 90, the IPO aims to raise Rs 759.6 crore for debt payment, land purchase, and expansion. It will conclude on July 28.
- Country:
- India
Brigade Hotel Ventures Ltd, a key player in South India's hospitality industry, witnessed a 63% subscription to its initial public offering (IPO) on the first day of trading, according to data from the NSE.
The IPO, featuring a fresh issue of equity shares worth Rs 759.6 crore, did not include an offer-for-sale component. Aimed primarily at servicing the company's debt, acquiring land, and supporting expansion initiatives, the offer sets its price band at Rs 85 to Rs 90 per share, valuing the company at over Rs 3,400 crore at the upper limit.
Retail investors took a strong position, subscribing to 2.50 times their allotted shares, while non-institutional investors and Qualified Institutional Buyers (QIBs) engaged at 42% and 8% subscriptions, respectively. The IPO will wrap up on July 28, with JM Financial and ICICI Securities acting as the book-running lead managers.
(With inputs from agencies.)
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