The initial public offering of Brigade Hotel Ventures got subscribed 1.39 times so far on the last day of bidding on Monday.
According to the BSE, the issue got bids for 7,09,08,892 shares against 5,11,93,987 shares on offer until 11 am.
Category-wise, the retail investor portion fetched a 5.34 times subscription, while the non-institutional investor segment subscribed 1.18 times. Meanwhile, the Qualified Institutional Buyers (QIBs) segment fetched an 8 per cent subscription.
Brigade Hotel Ventures Ltd has secured Rs 325 crore from anchor investors ahead of its initial public offering (IPO), which closes on July 28. The IPO price band is set between Rs 85 and Rs 90 per share, valuing the company at over Rs 3,400 crore at the upper end.
The public offering comprises a fresh issue of equity shares totalling Rs 759.6 crore, with no offer-for-sale (OFS) component.
Who are BRLMs
JM Financial and ICICI Securities are the book-running lead managers for the issue.
Proceeds utilisation
Proceeds will primarily be used to repay debt (Rs 468.14 crore), purchase land from promoter Brigade Enterprises Ltd (Rs 107.52 crore), and fund acquisitions, strategic initiatives, and general corporate expenses.
About Brigade Hotel Ventures
A subsidiary of Bengaluru-based real estate firm BEL, Brigade Hotel Ventures began its hospitality journey in 2004 and launched its first property, Grand Mercure Bangalore, in 2009.
Currenlty, the company operates nine hotels with 1,604 keys across Bengaluru, Mysuru, Chennai, Kochi, and GIFT City. These properties are managed by global hospitality giants such as Marriott, Accor, and InterContinental Hotels Group.
