Upcoming IPO: Brigade Hotel Ventures files DRHP with Sebi for ₹900 crore IPO

Brigade Hotel Ventures has filed a DRHP for an IPO to raise 900 crore through fresh equity shares. Proceeds will be used for debt repayment, land acquisition, and growth strategies. The company, a key hotel operator in South India, reported profitability in fiscal 2024.

Saloni Goel
Published31 Oct 2024, 12:16 PM IST
Upcoming IPO: Brigade Hotel Ventures files DRHP with Sebi for  <span class='webrupee'>₹</span>900 crore IPO
Upcoming IPO: Brigade Hotel Ventures files DRHP with Sebi for ₹900 crore IPO(Photo: Courtesy Samhi Hotels Limited website)

Upcoming IPO: Brigade Hotel Ventures has filed a draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (Sebi) for an initial public offer (IPO).

The company’s IPO is entirely a fresh issue of equity shares of face value 10 each, aggregating to 900 crore. The issue has no offer-for-sale (OFS) component.

Brigade Hotel Ventures plans to use the proceeds raised from the IPO for payment of certain borrowings and to pursue growth strategies.

Also Read | HDFC Bank’s NBFC arm HDB Financial Services files DRHP for IPO with SEBI

As per the company’s DRHP, it plans to use 481 crore for repayment/prepayment, in full or in part, of borrowings availed by the company and its subsidiary. Another 10.75 crore will be allocated to payment of consideration for buying of undivided share of land from the promoter. Meanwhile, the remaining will be utilised for pursuing inorganic growth through unidentified acquisitions and other strategic initiatives, and general corporate purposes.

About Brigade Hotel Ventures

The company owns and develops hotels in key Indian cities, particularly in South India. As per its DRHP, Brigade Hotel Ventures is the second-largest owner of chain-affiliated hotels and rooms in South India among major private hotel asset owners as of June 30, 2024.

Also Read | Afcons Infrastructure IPO allotment finalised today; here’s how to check status

The company said 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.

The number of keys has grown over the years, from 1,474 keys as of March 31, 2022, to 1,604 keys as of September 30, 2024. Further, our average occupancy in fiscal 2024 was 73.29%, which was higher than the industry's annual occupancy of 64%.

The company turned profitable for the fiscal year ended 2024, reporting a profit of 31.14 crore as against a loss of 3.09 crore in the previous fiscal and 82.7 crore in the year before that.

JM Financial and ICICI Securities are the book-running lead managers while KFin Technologies is the registrar to the issue.

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First Published:31 Oct 2024, 12:16 PM IST
Business NewsMarketsIPOUpcoming IPO: Brigade Hotel Ventures files DRHP with Sebi for ₹900 crore IPO

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