Brigade Hotel Ventures share price: Stock lists at nearly 10% discount; here's how much investors lost

On the BSE, it started trading at ₹82, reflecting a decline of 8.89% from the issue price.

Brigade Hotel Ventures share price: Here's how much investors lost

The ₹759.60 crore initial share sale was subscribed to 4.48 times, with bids for 22,95,14,588 shares compared to 5,11,93,987 shares on offer, as per the NSE data.

The qualified institutional buyers (QIBs) category attracted 5.42 times the subscription, as they bid for 13,81,49,848 shares against 2,54,68,941 shares on offer.

The portion for non-institutional investors (NIIs) was booked 1.92 times. They submitted applications for 2,43,91,708 shares as against 1,27,34,470 shares reserved.

The retail investors quota got 6.40 times the subscription, as they applied to 5,43,65,498 shares against 84,89,647 shares offered.

The initial public offering is completely a fresh issuance of 8.44 crore shares. The price band was fixed at ₹85 to ₹90 per share.

Before the IPO, the company mobilised ₹324.72 crore from 17 anchor investors, including SBI Mutual Fund (MF), Axis MF, Motilal Oswal MF, 360 One MF, Edelweiss MF, Nuvama MF, and Bandhan MF.

Brigade Hotel Ventures is a subsidiary of Brigade Enterprises Ltd (BEL), a Bengaluru-based real estate company. It entered into the hospitality business in 2004 with the development of its first hotel, Grand Mercure Bangalore, which started operations in 2009.

It has a portfolio of nine operating hotels across Bengaluru, Kochi, Mysuru, Chennai, and the GIFT City (Gujarat) with 1,604 keys.

ICICI Securities and JM Financial were the book running lead managers for the issue.