Brigade Hotel Ventures files Rs 900 cr IPO DRHP

31 Oct 2024 , 01:38 PM

In order to generate around Rs 900 crore through an initial public offering (IPO), Brigade Hotel Ventures Limited, a wholly-owned subsidiary of Brigade Enterprises, has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI).

According to their registration with the Bombay Stock Exchange (BSE), this offering entails a new issuance of equity shares with a face value of ₹10 each.

Grand Mercure Bangalore, the company’s first property, opened in 2004 and began operations in 2009, marking its entry into the hospitality industry. Brigade Hotel Ventures now operates nine hotels with a total of 1,604 rooms spread across strategic cities like Bengaluru, Chennai, Kochi, Mysuru, and GIFT City.

Brigade Hotel Ventures holds a prominent position among the major private hotel asset owners in the region, which includes the states of Kerala, Andhra Pradesh, Tamil Nadu, Karnataka, Telangana, and the Union territories of Lakshadweep and the Andaman and Nicobar Islands. Brigade is the second-largest owner of chain-affiliated hotels in South India.

Leading international hospitality companies including Marriott, Accor, and InterContinental Hotels Group collaborate with the management of these facilities. They are positioned in a number of market sectors, such as midscale, upper midscale, upmarket, and upper upscale. Every hotel is ideally located in regions with dense populations, upscale neighbourhoods, business districts, and IT corridors.

JM Financial Limited and ICICI Securities Limited have been designated as the Book Running Lead Managers for this initial public offering.

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