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Brigade Hotel Ventures Sets Rs 85–90 Price Band for Rs 759.6 Crore Fresh-Equity IPO

Anchor investor bidding is set for July 23; public subscription follows July 24–28 under the SEBI-approved fresh-equity offer

Brigade Group said the IPO is scheduled to close on July 28, and the one-day bidding for the anchor investor will open on July 23. (Representational Image)
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Overview

  • The IPO comprises only a fresh issuance of equity shares at a face value of Rs 10 per share with no offer-for-sale component
  • Anchor investor bidding begins July 23, the public subscription runs July 24–28, allotment occurs July 30 and listings follow on July 31
  • Net proceeds will allocate Rs 468 crore to debt repayment and Rs 107.5 crore to acquiring an undivided promoter land share with the balance funding acquisitions and strategic initiatives
  • The Securities and Exchange Board of India approved the offering on February 4 and JM Financial Ltd. and ICICI Securities Ltd. are acting as book running lead managers
  • Brigade Hotel Ventures operates nine hotels with 1,604 keys across Bengaluru, Mysuru, Chennai, Kochi and GIFT City under Marriott, Accor and IHG and a Rs 126 crore pre-IPO placement will dilute promoter stake to about 74%