Brigade Hotel Ventures fixes price band at Rs 85-90/share for Rs 760-cr IPO

New Delhi, Jul 21 (PTI) Brigade Hotel Ventures Ltd, which is launching its Rs 760 crore public issue this week, has fixed a price band of Rs 85-90 per share.

Brigade Hotel Ventures Ltd, a subsidiary of Bengaluru-based real estate company Brigade Enterprises Ltd, has nine hotels in South India comprising 1,604 keys. It has posted a revenue of Rs 468.25 crore during the 2024-25 financial year.

On Monday, the company fixed a price band of Rs 85-90 per share for its initial public offering (IPO), which will be open from July 24-28.

At the upper end of the price band, the company is valued at over Rs 3,400 crore.

Brigade Hotel Ventures plans to raise up to Rs 759.60 crore through its IPO, which is entirely a fresh issue of equity shares.

As per the red herring prospectus filed with Sebi, the company will use Rs 468.14 crore for payment of debt, while Rs 107.52 crore will be utilised for purchase of an undivided share of land from promoter firm Brigade Enterprises.

The remaining funds will be deployed to support acquisitions, other strategic initiatives, and general corporate purposes.

Earlier this month, Brigade Hotel Ventures raised Rs 126 crore by selling equity shares to 360 ONE Alternates Asset Management.

Brigade Enterprises, one of the leading real estate firms in the country, entered into the hospitality business in 2004.

Brigade Hotel Ventures has a portfolio of nine operating hotels across Bengaluru (Karnataka), Chennai (Tamil Nadu), Kochi (Kerala), Mysuru (Karnataka) and the GIFT City (Gujarat) with 1,604 keys.

The hotels are operated by hospitality companies such as Marriott, Accor and InterContinental Hotels Group.

India's hospitality sector has revived strongly since the COVID-19 pandemic, which had adversely affected the hotel industry.

Schloss Bangalore, which operates Leela Palaces Hotels and Resorts, has recently been listed on the stock exchanges.

Bengaluru-based Prestige Estates has filed the draft red herring prospectus (DRHP) with markets regulator Sebi to launch its IPO. PTI SP MJH MJH SHW