Brigade Hotel Ventures IPO opens on July 24: Check price band, lot size, objectives, key dates and more

Brigade Hotel Ventures IPO: The initial public offering of Brigade Hotel Ventures, the owner and developer of hotels, is set to hit the primary market on Thursday, July 24. The issue will conclude on July 28. The bidding for anchor investors will take place on July 23.

The ₹759.60 crore initial share sale, with a price band of ₹85 to ₹90 per share, is a fresh issuance of 8.44 crore shares. There is no offer for sale (OFS) component.

The money raised will be used for repayment of certain outstanding borrowings, payment of consideration for buying an undivided share of land from the promoter, and pursue inorganic growth and general corporate purposes.

Earlier this month, the company had mobilised ₹126 crore by selling shares to 360 ONE Alternates Asset Management.

Brigade Hotel Ventures IPO: Lot size

A lot consists of 166 shares. The company has set aside 75% of the net offer for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs) and 10% for retail investors.

Brigade Hotel Ventures IPO: Key dates

Brigade Hotel Ventures Ltd is a unit of Bengaluru-based real estate major Brigade Enterprises Ltd.

Brigade Enterprises debuted into the hospitality business in 2004 with the development of Grand Mercure Bangalore, its first hotel, which started operations in 2009.

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

These hotels are run by global marquee hospitality firms, such as Accor, InterContinental Hotels Group and Marriott.

ICICI Securities and JM Financial are the book-running lead managers of the issue.