Brigade Hotel Ventures' IPO Sees Robust Demand on Closing Day

Brigade Hotel Ventures Ltd's IPO received strong demand with 4.48 times subscription. Retail investors led with 6.40 times interest, while QIBs and non-institutional investors showed notable participation. The IPO aims to raise funds for debt payment, land purchase, and strategic corporate purposes.

The initial public offering (IPO) of Brigade Hotel Ventures Ltd experienced overwhelming demand, recording a 4.48 times subscription as bidding closed on Monday. According to the National Stock Exchange, the IPO attracted bids for over 229 million shares against the 51 million shares on offer.

Retail Individual Investors led the surge with a 6.40 times subscription, while Qualified Institutional Buyers and non-institutional investors recorded 5.42 and 1.92 times subscriptions, respectively. The company had previously garnered Rs 325 crore from anchor investors.

Proceeds from the Rs 759.6 crore fresh issue are earmarked for debt payment, land acquisitions, and strategic corporate uses. Brigade Hotel Ventures, a subsidiary of Brigade Enterprises Ltd, manages nine hotels across several Indian cities in collaboration with major international hospitality brands.

(With inputs from agencies.)