Brigade Hotel Ventures IPO — Should You Subscribe Or Not? Read Anand Rathi's Report
Brigade Hotel Ventures' Rs 759.6-crore IPO will open for subscription on July 24 at the price band of Rs 85 to Rs 90 per share.
Brigade Hotel Ventures' Rs 759.6-crore IPO is an entirely of fresh issue with no component of offer-for-sale. An owner and developer of hotels has set the price band at Rs 85 to Rs 90 per share.
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Anand Rathi Report
Brigade Hotel Ventures Ltd. will open its initial public offering for subscription on July 24 and close on July 28. An owner and developer of hotels has set the price band at Rs 85 to Rs 90 per share.
The Rs 759.6-crore IPO is an entirely of fresh issue with no component of offer-for-sale.
Investors can place bids starting from a minimum of 166 shares and in multiples thereafter.
JM Financial Ltd., ICICI Securities Ltd. are the book-running lead managers for the public issue.
Objects of the Issue
Repayment of certain borrowings availed by company and their subsidiaries.
Payment of consideration for buying of undivided share of land from the Promoter, BEL.
Pursuing inorganic growth opportunities and General corporate purposes.
Valuation
Brigade Hotel Ventures has a portfolio of strategically located, award-winning hotels that offer a diverse range of hospitality experiences across key metropolitan and emerging cities, primarily in South India.
With a strong emphasis on asset ownership and operational oversight, the company has consistently demonstrated high levels of operating efficiency. Its affiliation with the reputed Brigade Group provides it with the advantage of strong parentage, deep real estate expertise, and brand credibility.
At the upper price band company is valuing at P/E of 160x to its FY25 earnings, EV/Ebitda of 25.3x and market cap of Rs 34,184 million post issue of equity shares. We believe that the IPO is fully priced and recommend a “Subscribe Long term” rating to the IPO.
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