Brigade Hotel Ventures' IPO Sees Strong Investor Interest
Brigade Hotel Ventures Ltd's initial public offering saw 1.19 times subscription on its second day. Retail investors drove demand with a 4.65 times subscription, while QIBs subscribed 8%. Proceeds will pay off debt, purchase land, and fund strategic initiatives. The IPO is a fresh equity issue worth Rs 759.6 crore.
- Country:
- India
On the second day of bidding, the initial share sale of Brigade Hotel Ventures Ltd attracted substantial demand, achieving a 1.19 times subscription rate.
The IPO, which will close on July 28, saw retail investors leading the charge with a 4.65 times subscription compared to 98% for non-institutional investors and only 8% from Qualified Institutional Buyers.
Valued at over Rs 3,400 crore at the upper price band of Rs 90 per share, the IPO will raise Rs 759.6 crore. The funds, earmarked to pay debts and purchase land, also support strategic acquisitions. Brigade Hotel Ventures, a subsidiary of the real estate giant Brigade Enterprises Ltd, hosts a portfolio of 1,604 keys across nine hotels.
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