The last day of the hotel and hotel enterprise IPO: 4.46 bookings were reserved; 6.31 times of some subscriptions were retained
On Monday’s deadline, the initial public offering (IPO) was subscribed 4.46 times on its deadline.
According to BSE, the bid for the issue is 22,82,84,362 Stocks with 5,11,93,987 shares until 4:12 pm.
Category-wise, the retail investor segment received 6.31x subscriptions, while the non-institutional investor segment subscribed 1.91x. Meanwhile, the Qualified Institutional Buyer (QIBS) section received a 5.42x subscription at the quoted price.
Brigade Hotel Ventures Ltd received Rs 3.25 crore from Anchor investors ahead of its initial public offering (IPO), the product closed on July 28. The IPO price band is set between Rs 85 and Rs 90 per share, and the company is valued at Rs 3,400 crore, a high-end stake.
Public offerings include brand new stock shares, totaling Rs 7596 crore, no-sold (OFS) components.
Who is brlms
JM Financial and ICICI Securities are the chief managers of the issue’s book run.
Profit utilization
The proceeds will be mainly used to repay debts (Rs 468.14 crore), purchase of land from the promoter Travel Enterprises Limited (Rs 1075.2 crore), as well as fund acquisitions, strategic plans and general corporate expenses.
About the hotel joint venture of the travel industry
Brigade Hotel Ventures, a subsidiary of Bangalore real estate company BEL, started its hospitality journey in 2004 and launched its first property, Mercure Bangalore, in 2009.
Currently, the company operates nine hotels in Bengaluru, Mysuru, Chennai, Koochi and Gift City. These properties are managed by global hotel giants such as Marriott, ACCOR and InterContinental Hotel Group.
