Brigade Hotel Ventures IPO Day 3: The initial public offering (IPO) of Brigade Hotel Ventures, which kicked off on July 24, closed for subscription today, July 28. The mainboard issue managed to sail through thanks to stellar retail and QIB demand. The grey market premium trend for Brigade Hotel Ventures IPO turned muted by the end of the bidding period.
The ₹759 crore IPO was entirely a fresh issue of 8.44 crore shares. The price band for Brigade Hotel Ventures IPO was set at ₹85 to ₹90 per share. The lot size was for 166 shares, requiring a minimum investment of ₹14,110 by the retail investors.
The company plans to use the funds raised for repayment of certain outstanding borrowings availed by the company, payment of consideration for buying of undivided share of land and pursuing other strategic acquisitions and initiatives along with general corporate purposes.
Now, with the closure of Brigade Hotel Ventures IPO, investor focus will now shift to its allotment. Brigade Hotel Ventures IPO allotment date is likely tomorrow, July 29.
Brigade Hotel Ventures IPO Subscription Status
At the end of the three-day bidding process, Brigade Hotel Ventures IPO was booked 4.76 times. The retail portion was subscribed 6.83 times, the NII portion was booked 2.03 times, while the QIB quota received 5.74 times bids.
Overall, the issue received bids for 22,99,23,944 shares as against 4,83,48,103 shares on offer.
Brigade Hotel Ventures IPO GMP
Brigade Hotel Ventures IPO GMP today is nil. This is much lower than ₹27 GMP that the company shares were commanding ahead of the beginning of the public offer. At the prevailing GMP, Brigade Hotel Ventures IPO shares could list at par with the issue price of ₹90 apiece.
About Brigade Hotel Ventures
Brigade Hotel Ventures is the hospitality arm of Brigade Enterprises, a leading real estate developer headquartered in Bengaluru.
The company owns and operates nine hotels across South India and GIFT City (Gujarat), with a combined portfolio of 1,604 keys. These properties are operated under international hospitality names such as Marriott, Accor, and InterContinental Hotels Group.
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