Brigade Hotel Ventures Debuts on Stock Market with Disappointing Start

Shares of Brigade Hotel Ventures Ltd made a tepid debut in the stock market on Thursday, opening at nearly 10% below the issue price of Rs 90.

The stock commenced trading at Rs 82 on the BSE and Rs 81.10 on the NSE, reflecting an 8.88% and 9.88% reduction, respectively. The company, valued at Rs 3,279.94 crore, had an IPO subscribed 4.48 times upon closing.

The IPO, priced between Rs 85 and Rs 90 per share, was a fresh issue surge of equity shares worth Rs 759.6 crore. Proceeds will alleviate Rs 468.14 crore in debt obligations, with Rs 107.52 crore earmarked for land purchase from promoter BEL. Additional funds will facilitate acquisitions and strategic goals. Brigade, a subsidiary of real estate giant Brigade Enterprises Ltd, has expanded from real estate to operating nine hotels across key Indian cities, partnering with global hospitality leaders.

(With inputs from agencies.)