New Delhi, Shares of Brigade Hotel Ventures Ltd on Thursday listed with a discount of nearly 10 per cent against the issue price of ₹90.
The stock began trading at ₹82, down 8.88 per cent from the issue price on the BSE.
At the NSE, it started trading at ₹81.10, a discount of 9.88 per cent.
The company’s market valuation stood at ₹3,279.94 crore.
The initial share sale of Brigade Hotel Ventures Ltd fetched 4.48 times subscription on the closing day of bidding on Monday.
The initial public offering had a price band of ₹85-90 per share.
Brigade Hotel Ventures’ IPO was entirely a fresh issue of equity shares worth ₹759.6 crore with no offer-for-sale component.
Proceeds from the issue to the tune of ₹468.14 crore will be used for the payment of debt, ₹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.
Brigade Hotel Ventures Ltd is a subsidiary of Bengaluru-based real estate company Brigade Enterprises Ltd .
BEL entered into the hospitality business in 2004 with the development of its first hotel, Grand Mercure Bengaluru, which commenced operations in 2009.
The company has a portfolio of nine operating hotels across Bengaluru, Chennai, Kochi, Mysuru, and the GIFT City with 1,604 keys.
The hotels are operated by global marquee hospitality companies such as Marriott, Accor and InterContinental Hotels Group.
This article was generated from an automated news agency feed without modifications to text.
