Brigade Hotel Ventures IPO: GMP Signals Nearly 9% Listing Gain Ahead Of July 24 Launch
Brigade Hotel Ventures has set the IPO price band at Rs 85 to Rs 90 per share.
The initial public offering (IPO) of Brigade Hotel Ventures Ltd. is scheduled to open for subscription on Thursday, July 24. The company is the owner and developer of hotels in various cities across India, with a major presence in southern states.
The Rs 759.6-crore mainboard issue will remain open for subscription till July 28.
Ahead of the launch of the IPO, the grey market premium (GMP) indicates a potential listing gain of nearly 9%.
Investors looking forward to participating in Brigade Hotel Ventures IPO subscription can check key details here:
Brigade Hotel Ventures GMP today
The grey market premium (GMP) for the Brigade Hotel Ventures IPO stood at Rs 8 per share at 3:35 p.m. on July 23. The latest GMP indicates an estimated listing price of Rs 98 per share. According to the latest GMP, shares of Brigade Hotel Ventures are expected to be listed on the stock exchanges at a premium of 8.89% over the upper limit of the issue price.
According to Investorgain, the GMP was Rs 16 per share on July 22.
Note: GMP is not an official source of data and is based on speculation.
Brigade Hotel Ventures IPO Key Details
Brigade Hotel Ventures IPO is a book-building issue worth Rs 759.6 crore. The IPO consists of only a fresh issue of 8.44 crore shares.
The Qualified Institutional Buyers (QIBs) will be allocated not less than 75% of the net issue. The retail quota will comprise 10% of the net issue, while Non-Institutional Investors (NIIs) will be offered 15% of the total issue.
Brigade Hotel Ventures has set the IPO price band at Rs 85 to Rs 90 per share. The lot size for the Brigade Hotel Ventures IPO is 166 shares.
The subscription window for the issue will remain open between July 24 and July 28. The tentative date for allotment of shares is Tuesday, July 29. Refunds to unsuccessful investors will also be initiated on the same day. The credited shares are expected to reflect in the Demat accounts of successful bidders by Wednesday, July 30.
Brigade Hotel Ventures IPO listing date has been tentatively fixed as July 31. Shares of the company will be listed on the NSE and BSE.
JM Financial Ltd. is the book-running lead manager for the Brigade Hotel Ventures IPO. KFin Technologies Ltd. has been appointed as the registrar for the issue.
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Brigade Hotel Ventures IPO: Issue Price, Price Band, Financials, GMP — All You Need To Know
Use of Proceeds
Brigade Hotel Ventures plans to use the net proceeds from the IPO for a few key purposes. These include repaying or prepaying certain outstanding borrowings taken by the company and its material subsidiary, SRP Prosperita Hotel Ventures Ltd. A portion of the proceeds will be used to pursue inorganic growth through potential acquisitions, strategic initiatives and for general corporate purposes.
About Brigade Hotel Ventures
Brigade Hotel Ventures Ltd. is a wholly-owned subsidiary of BEL, an Indian real estate developer. The company operates chain-affiliated hotels and rooms across south Indian states like Kerala, Andhra Pradesh, Tamil Nadu, Karnataka, Telangana and Union Territories including Lakshadweep, Andaman and Nicobar Islands and Puducherry.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
