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Last day! Brigade Hotel IPO closes today; check subscription status, GMP
According to data from the National Stock Exchange (NSE), the Brigade Hotel Ventures received bids for 72.7 million equity shares against 51.19 million shares on offer as of 11:50 AM on Monday. This reflects an oversubscription of only 1.42 times.
Among the individual categories, retail investors placed the highest number of bids, oversubscribing their reserved category by 5.48 times. This was followed by Non-institutional Investors (NIIs), who bid 1.23 times. However, the Qualified Institutional Buyers (QIBs) portion was booked at only 8 per cent.
Brigade Hotel Ventures IPO GMP
On the final day of subscription, Brigade Hotel's unlisted shares were commanding a marginal premium in the grey market. Sources tracking unofficial market activity revealed the shares were trading at ₹91.5 per share, reflecting a GMP of only ₹1.5, or 1.67 per cent, over the upper end of the price band of ₹85 to ₹90.
Brigade Hotel Ventures IPO details
The public offering of Brigade Hotel comprises an entire fresh issue of 84.4 million equity shares. There is no offer-for-sale (OFS) component.
The IPO is priced in the range of ₹85-90 per share, with a lot size of 166 shares. Investors can bid for a minimum of 166 shares and in multiples thereof. A retail investor would need a minimum of ₹14,940 to bid for one lot at the upper end price. The maximum limit for retail investors is 13 lots (2,158 shares), amounting to an investment of ₹1,94,220.
As the IPO closes for subscription today, the basis of allotment is expected to be finalised on Tuesday, July 29. Shares are expected to be credited to investors' demat accounts on Wednesday, July 30. Brigade Hotel shares are tentatively set to list on the BSE and NSE on Thursday, July 31.
Kfin Technologies is the registrar of the issue. JM Financial and ICICI Securities are the book-running lead managers.
According to the red herring prospectus, the company plans to use the net issue proceeds for repayment of debt availed by itself and its subsidiary, SRP Prosperita Hotel Ventures. In addition, the funds will be used to buy an undivided share of land from the promoter, Brigade Enterprises, unidentified acquisitions and other strategic initiatives. The remaining funds will be used for general corporate purposes.
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