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3d ago

Brigade Hotel Ventures IPO Opens to 63% Day-One Subscription With Grey Market Premiums Signaling Strong Gains

Grey market premiums pointing to up to 19% gains underscore investor enthusiasm during the public subscription phase

Brigade Hotel Ventures IPO GMP
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Brigade Hotel Ventures IPO GMP
Brigade Hotel Ventures IPO kicks off today: Should you subscribe to it?

Overview

  • The IPO launched on July 24, offering 8.44 crore fresh-equity shares at a price band of Rs 85–90 for a total issue size of Rs 759.6 crore.
  • Anchor investors subscribed to 3.6 crore shares at the Rs 90 upper band on July 23, raising Rs 324.7 crore ahead of the public offer.
  • Grey market premiums of Rs 14–17 per share imply potential listing gains of 16–19% above the issue’s upper price limit.
  • After Day One, the IPO was 63% subscribed overall, with retail investors bidding 2.5 times their quota, NIIs at 42%, and QIBs at 8%.
  • Proceeds will be allocated to repaying Rs 468 crore of debt, acquiring land from Brigade Enterprises, pursuing inorganic growth, and supporting general corporate purposes.