Brigade Hotel Ventures IPO day 3 Live: GMP, review to subscription status. Apply or not?
On the second day, the retail portion was subscribed 4.61 times, while the non-institutional investor (NII) segment recorded a 97% subscription. Meanwhile, the qualified institutional buyers (QIB) category saw bids for 8% of its allotted quota.
On the third day of bidding, Brigade Hotel Ventures IPO has been subscribed over 1.35 times, as of 10:42 am.
The retail portion has been subscribed over 5.22 times, meanwhile NII and QIB have received 1.14 times and 0.08 times subscription. The IPO has received 6,92,58,852 applications, as compared to offered 5,11,93,987 shares.
The GMP of Brigade Hotel Ventures IPO has fallen to ₹ 1.5 on Monday, July 28 from ₹ 2 on a day before, as per investorgain. This means that the shares of Brigade Hotel Ventures IPO is trading at a premium of ₹ 1.5 in the grey market.
Brigade Hotel Ventures plans to raise ₹ 759.60 crore through its IPO, consisting entirely of a fresh issue of 8.44 crore equity shares. The IPO has a lot size of 166 shares, with a minimum investment requirement of ₹ 14,940 for retail investors.
The price band for the offer is set between ₹ 85 and ₹ 90 per share. The allotment is expected to be finalized on Tuesday, July 29, 2025, and the shares are likely to be listed on both the NSE and BSE on Thursday, July 31. JM Financial Limited is serving as the book-running lead manager, while Kfin Technologies Limited is appointed as the registrar for the issue.
The company intends to use the IPO proceeds to repay or prepay, either fully or partially, certain borrowings of both the company and its key subsidiary, SRP Prosperita Hotel Ventures Limited. Additionally, the funds will go towards purchasing an undivided share of land from the promoter, supporting inorganic growth through potential acquisitions and strategic initiatives, and for general corporate purposes.
Brokerage firm Ventura said that combining brand-driven hospitality with real estate development expertise from its parent BEL, Brigade Hotel Ventures is positioning itself to capture demand in India's growing premium and business hotel segments, while strengthening its balance sheet and operational footprint through this IPO. We recommend 'Subscribe' to Brigade Hotel Ventures Ltd.
Meanwhile, brokerage SBI Securities, while giving 'subscribe for long-term' said that the company has a strong financial growth track record of 15.6%/30.0%/73.2% CAGR in Revenue/EBITDA/PAT over FY23-25 respectively. However, the company has a negative Reserves & Surplus of ₹ 196 cr as of Mar'25 due to accumulated losses in the past. Out of the total IPO proceeds of ₹ 760 cr, BHVL will utilize ~ ₹ 468 cr towards debt repayment which will lead to reduction in D/E to below 1.0x from 7.1x currently and improvement in profitability as interest cost saving of ~ ₹ 45 cr will flow through the P&L. Going forward, trends in occupancy levels and ARR of the company will be key monitorable
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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