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Brigade Hotel Ventures Raises Rs 126 Crore Pre-IPO, Trims IPO to Rs 774 Crore

Proceeds from the stake sale will underwrite debt repayment, land acquisition and inorganic expansion under the guidance of JM Financial and ICICI Securities.

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Overview

  • Brigade Hotel Ventures issued 1.4 crore shares to 360 ONE Alternates at Rs 90 apiece to secure Rs 126 crore in a pre-IPO placement.
  • The pre-IPO funding prompted a reduction in the proposed IPO size from Rs 900 crore to Rs 774 crore.
  • About Rs 480 crore of the capital will go toward cutting debt and Rs 107 crore is earmarked for land purchases, with remaining funds set aside for inorganic growth.
  • The company operates nine branded hotels with a total of 1,604 keys across Bengaluru, Chennai, Kochi, Mysuru and GIFT City.
  • The maiden public offering is being led by JM Financial and ICICI Securities as book runners ahead of the IPO launch.