Brigade Hotel Ventures' ₹750-cr IPO to open on Jul 24

Brigade Hotel Ventures Ltd, owner and developer of hotels in South India, is set to launch its ₹749.6-crore initial public offering (IPO) on July 24

New Delhi, Jul 20 (PTI) Brigade Hotel Ventures Ltd, owner and developer of hotels in South India, is set to launch its ₹749.6-crore initial public offering (IPO) on July 24.

Brigade Group said the IPO is scheduled to close on July 28, and the one-day bidding for the anchor investor will open on July 23. (Representational Image) (File Photo )

The IPO is scheduled to close on July 28, and the one-day bidding for the anchor investor will open on July 23, according to the red herring prospectus (RHP).

Brigade Hotel Ventures' IPO is entirely a fresh issue of equity shares with no offer-for-sale (OFS) component.

Of the total issue proceeds, ₹468.14 crore will be used for debt payment, ₹107.52 crore will be utilised for the purchase of an undivided share of land from the promoter, BEL, and the remaining funds will support acquisitions, other strategic initiatives, and general corporate purposes.

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

Brigade Hotel Ventures Ltd is a subsidiary of Bengaluru-based real estate company Brigade Enterprises Ltd (BEL).

BEL entered into the hospitality business in 2004 with the development of its first hotel, Grand Mercure Bangalore, which commenced operations in 2009.

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

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

JM Financial and ICICI Securities are the book-running lead managers to the issue. Shares of the company are expected to list on the bourses on July 31.