Brigade Hotel Ventures Shares Slip on Market Debut

Shares of Brigade Hotel Ventures Ltd took a hit on their debut, closing at a discount of over 5% from the issue price. Trading commenced at Rs 82 on BSE, down 8.88% from the issue price of Rs 90, before it recovered slightly to close at Rs 85.40.

On NSE, the shares started even lower at Rs 81.10, marking a 9.88% drop. The stock closed at Rs 85.32, reflecting a 5.2% decline from the issue price. The market valuation of Brigade Hotel Ventures stood at Rs 3,243.86 crore.

The IPO attracted 4.48 times subscription with a price band of Rs 85-90 per share. Proceeds from the IPO, totaling Rs 759.6 crore, are earmarked for debt payments, land purchase, acquisitions, and other corporate strategies.

(With inputs from agencies.)