July 31, 2025
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Brigade Hotel Ventures IPO GMP, Details, Guidance, Subscription Status, allotment @ Chanakyanipothi.com
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- GMP
- Reviews
- Subscription
- Allotment
Subscription Status (Closed on 28 July)
| QIB | B HNI X | S HNI X | NII X | RII X | Total X |
| 5.74 | 1.67 | 2.74 | 2.03 | 6.83 | 4.76 |
| Applications: 293639 | |||||
| Subscription Review: Strong support from RII investors even on the last day of subscription |
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Who are the promoters of Brigade Hotel Ventures IPO?
THE PROMOTER OF THE COMPANY is BRIGADE ENTERPRISES LIMITED
What are the Objects of Brigade Hotel Ventures IPO?
The Offer comprises only fresh issue of capital.
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
- Repayment/ prepayment, in full or in part, of certain outstanding borrowings availed by the company and its Material Subsidiary, namely, SRP Prosperita Hotel Ventures Limited;
- Payment of consideration for buying of undivided share of land from its Promoter, BEL; and
- Pursuing inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes.
What is the business of Brigade Hotel Ventures?
The company is an owner and developer of hotels in key cities in India primarily across South India. It is the second largest owner of chain-affiliated hotels and rooms in South India (comprising the states of Kerala, Andhra Pradesh, Tamil Nadu, Karnataka, Telangana, and the Union territories Lakshadweep, Andaman and Nicobar Islands and Pondicherry) among major private hotel asset owners (i.e., owning at least 500 rooms pan India) as of June 30, 2024.
Its Promoter, Brigade Enterprises Limited (“BEL”) entered into the hospitality business in 2004 with the development of its first hotel Grand Mercure Bangalore, which commenced operations in 2009. As of the date of the DRHP, it has a portfolio of nine operating hotels across Bengaluru (Karnataka), Chennai (Tamil Nadu), Kochi (Kerala), Mysuru (Karnataka) and the GIFT City (Gujarat) with 1,604 keys. Its hotels are operated by global marquee hospitality companies such as Marriott, Accor and InterContinental Hotels Group and are in the upper upscale, upscale, upper-midscale, and midscale segments.
Its hotels provide a comprehensive customer experience including fine dining and specialty restaurants, venues for meetings, incentives, conferences, and exhibitions (“MICE”), lounges, swimming pools, outdoor spaces, spas, and gymnasiums. Its hotels have been recognized for their quality and have received several awards. For example, its hotel Sheraton Grand Bangalore at Brigade Gateway was awarded the ‘City Hotel of the Year 2022-2023’ at the Luxury Travel Guide Globe Awards, its hotel Holiday Inn Chennai OMR IT Expressway was awarded the ‘Best Five Star Hotel of the year’ for 2019 by Tamil Nadu Tourism and its hotel Four Points by Sheraton Kochi Infopark was awarded the ‘Vajra Award of the Year’ in 2023 by the Department of Labour and Skills, Government of Kerala in recognition of the highest category ranking for overall performance in labour relations and compliance.
Its hotels are strategically located in areas with high population density, premium neighbourhoods, commercial centres and IT hubs (Source: Horwath HTL Report). It focuses on identifying specific locations for its hotels within cities that are conveniently located near airports, business districts, commercial centres and retail hubs with a high footfall. For example, its hotel Grand Mercure Bangalore is located in the heart of Bengaluru’s Koramangala region, providing accessibility to key business hubs, prominent tech parks and a variety of dining and entertainment options while its hotel Grand Mercure Mysore is located in close proximity to iconic landmarks such as Mysore Palace, allowing customers to experience cultural heritage.
In addition, its hotel Grand Mercure Ahmedabad GIFT City is located within GIFT City (Gujarat) which is one of the India’s pioneering global financial hub. It aligns branding and positioning of its hotels with the characteristics of each location, catering to preferences and expectations of our target customers. For example, we strategically chose the ‘Grand Mercure’ brand for certain of its hotels in Bengaluru (Karnataka), Mysuru (Karnataka), and GIFT City (Gujarat) owing to their upscale positioning, offering a blend of international standards and local flavours. Its capability to collaborate with global marquee hospitality companies, its brand-agnostic approach, and its appeal to global brands demonstrate its adaptability and helps us enhance its market presence in India.
It has a proven track record of developing marquee hotels across various geographies and different hospitality segments. The number of keys has grown over the years, from 1,474 keys as of March 31, 2022 to 1,604 keys as on the date of the DRHP. Further, its average occupancy (representing the total number of room nights sold divided by the total number of room nights available at a hotel or group of hotels.) in Fiscal 2024 was 73.29% which was higher than the industry annual occupancy in Fiscal 2024 of 64%. The company intends to develop five additional hotels which will be operated by global hospitality companies. In particular, it intends to develop a luxury beach resort at ECR in Chennai (Tamil Nadu) and two upper midscale hotels in Bengaluru (Karnataka).
Brigade Hotel Ventures IPO GMP, Particulars & Guidance
| Brigade Hotel Ventures IPO Details | |
| IPO opens on | 24 July 2025 |
| IPO closes on | 28 July 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 844,00,000 Shares / Rs 759.60 Crore |
| * Fresh Issue | – Shares / Rs 900 Crore |
| * Offer for Sale | – Shares / Rs – Crore |
| Face Value per share: | Rs. 10 |
| Price Band | Rs. 85-90 |
| Retail Discount | Rs 0 per share |
| Employee discount | Rs. 3 per share |
| Retail Lot Size | 166 Shares |
| Listing will at | BSE, NSE |
| Shares offered in this IPO? |
Shares | Rs. in Crore |
| QIB (75 %) | 63300000 | 569.70 |
| NII (15 %) | 12660000 | 113.94 |
| RII (10 %) | 8440000 | 75.96 |
| Employees | ||
| Total Shares | 84400000 | 759.60 |
| Retail portion will be oversubscribed by | ? Forms. | |
| How to apply in this IPO? | Amount Rs. |
|
| Min Retail Application | 166 | 14,940 |
| Max Retail Application | 2158 | 194,220 |
| Small HNI (Min) | 2324 | 209,160 |
| Small HNI (Max) | 10956 | 986,040 |
| Big HNI Application | 11122 | 10,00,980 |
| What is the timetable of this IPO? | |
| IPO opens on | 24 July 2025 |
| IPO Closes on | 28 July 2025 |
| IPO Allotment on | 29 July 2025 |
| Unblocking of Asba | 30 July 2025 |
| Credit of Shares | 30 July 2025 |
| Listing of Shares | 31 July 2025 |
| Registered Office of the company 29th & 30th Floor, World Trade Center, Brigade Gateway Campus, 26/1, Dr. Rajkumar Road, Malleswaram-Rajajinagar, Bengaluru 560 055, Karnataka, India |
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| Who are the Lead Managers of Ajax Engineering IPO? JM Financial Limited ICICI Securities Ltd |
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| Registrar to IPO | |
| Kfin Technologies ltd |
Brigade Hotel Ventures IPO Financials
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 947.57 | 886.78 | 840.67 |
| Revenue | 470.68 | 404.85 | 356.41 |
| Profit After Tax | 23.66 | 31.14 | -3.09 |
| EBITDA | 166.87 | 144.61 | 113.98 |
| Net Worth | 78.58 | 58.74 | 33.81 |
| Total Borrowing | 617.32 | 601.19 | 632.5 |
| Amount in Rs. Crore | |||
| KPI | Values |
| ROCE | 13.62% |
| Debt/Equity | 7.4 |
| RoNW | 30.11% |
| PAT Margin | 5.03% |
| EBITDA Margin | 35.45% |
| Price to Book Value | 32.26 |
| EPS | 0.72 |
| PE Ratio | 125 |
How Brigade Hotel Ventures IPO compares with the Peers?
Peer Comparison.
| Company Name | P/E (x) | RoNW (%) |
| Brigade Hotel Ventures | 125 | 30.11 |
| The Indian Hotels Company Limited | 56.06 | 16.42 |
| Eih Limited | 32.2 | 16.23 |
| Chalet Hotels Limited | 136.6 | 4.68 |
| Juniper Hotels Limited | 99.48 | 2.61 |
| Lemon Tree Hotels Limited | 62.04 | 13.59 |
| Samhi Hotels Limited | 62.75 | 7.49 |
| Apeejay Surrendra Park Hotels Limited | 42.05 | 6.51 |
| Ventive Hospitality Limited | 115.6 | 0.82 |
| Itc Hotels Limited | 78.2 | 5.94 |
| Schloss Bangalore Limited | 229.3 | 1.32 |
# This is only coverage of News related to Grey Market. We do not deal in grey market premium, nor we recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.
Brigade Hotel Ventures IPO Review by Paresh Gordhandas, CA & Research Analyst.
Quicklinks
Brigade Hotel Ventures IPO
Brigade Hotel Ventures IPO GMP today review
Brigade Hotel Ventures IPO GMP today, Details, review, Subscription Status, allotment
Brigade Hotel Ventures is launching an IPO comprising only a fresh capital raise, with total issue size expected up to around ₹900 crore. Its parent company, Brigade Enterprises, received SEBI approval on January 28, 2025
Grey Market Premium (GMP) updates are tracked live on Chanakya. Readers can check the latest GMP trends directly on the Brigade Hotel Ventures IPO page
The IPO is backed by Brigade Enterprises Limited (BEL), which is the sole promoter
The company owns and develops nine hotels (1,604 keys) across Bengaluru, Chennai, Kochi, Mysuru, and GIFT City. These properties are operated by global chains like Marriott, Accor, and IHG
Funds from the IPO will be used for:
Debt repayment/prepayment by the company and subsidiary
Purchase of undivided land from promoter BEL
Inorganic expansion, acquisitions, and general corporate purposes
In FY 2023–24, total income stood at Rs.404.85 crore with a net profit of Rs.31.14 crore — a rebound from the Rs. 3 crore loss in FY 2022–23
