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Business Standard
3 hours ago
- Business
- Business Standard
Brigade Hotel Ventures IPO opens today; GMP up 9%; should you subscribe?
Brigade Hotel Ventures IPO opens for public subscritpion: Hotels chain operator Brigade Hotel Ventures is set to launch its initial public offering (IPO) today, July 24, 2025. At the upper end, the company seeks to raise ₹759.60 crore from the public issue, which comprises an entirely fresh issue of 84.4 million equity shares. Brigade Hotel Ventures has announced that it has already raised ₹324.72 crore from the anchor investors on the bidding concluded on July 23. The anchor book saw participation from investors, including SBI Mutual Fund (MF), 360 One MF, Axis MF, Motilal Oswal MF, Bandhan MF, Edelweiss MF, and Nuvama MF. The brokerages remain optimistic on the public offering of Brigade Hotel Ventures for the long-term investment outlook, citing the company's expansion and improving financial performance. Here are the key details of Brigade Hotel Ventures IPO: Brigade Hotel Ventures IPO price band, lot size Brigade Hotel Ventures IPO is being offered at a price band of ₹85–90 per share, and a lot size of 166 shares. Thus, the investors can bid for a minimum of 166 shares and in multiples thereof. A retail investor would require ₹14,940 to bid for one lot or 166 shares of Brigade Hotel Ventures IPO. A retail investor can, however, bid for a maximum of 13 lots or 2,158 shares of Brigade Hotel Ventures IPO with an investment of ₹1,94,220. Brigade Hotel Ventures IPO grey market premium (GMP) The unlisted shares of Brigade Hotel Ventures were commanding a decent premium in the grey markets ahead of the opening of their public issue on Thursday. Sources tracking unofficial market activity revealed that Brigade Hotel Ventures shares were trading at ₹98 apiece, reflecting a grey market premium (GMP) of ₹8 or 8.89 per cent over the upper price band of ₹90. Brigade Hotel Ventures IPO timelines The three-day subscription window to bid for the Brigade Hotel Ventures IPO is likely to close on Monday, July 28, 2025. Following that, the basis of allotment of Brigade Hotel Ventures IPO shares is expected to be finalised on Tuesday, July 29, 2025, and shares will be credited to successful allottees' demat accounts on Wednesday, July 30, 2025. Shares of Brigade Hotel Ventures are set to make their D-Street debut tentatively on Thursday, July 31, 2025. Brigade Hotel Ventures IPO registrar, lead manager Kfin Technologies serves as the registrar for the Brigade Hotel Ventures IPO, while JM Financial is the sole book-running lead manager for the issue. Brigade Hotel Ventures IPO objectives The company proposes to utilise the proceeds from the public issue for the repayment or prepayment, either in full or in part, of certain outstanding borrowings availed by the company and its material subsidiary, SRP Prosperita Hotel Ventures Limited. A portion of the proceeds will also be used for the payment of consideration towards the purchase of an undivided share of land from the Promoter, BEL. Additionally, the funds will support the company's inorganic growth plans through potential unidentified acquisitions and other strategic initiatives. The remaining proceeds will be allocated towards general corporate purposes. Should you subscribe to Brigade Hotel Ventures IPO? Canara Bank Securities – Subscribe for long-term Analysts at Canara Bank Securities have recommended that investors bid for the Brigade Hotel Ventures IPO with a long-term outlook. "Its high occupancy, strategic alliances with global hotel chains, strong brand equity, and premium location focus enhance its long-term prospects." Brigade Hotel Ventures IPO is valued at a steep P/E of 125x and P/B of 32.26x (FY25), which the analysts said is well above the industry averages of 92.53x and 4.95x respectively. "We recommend a Subscribe rating only for well-informed investors with a long-term outlook, given the company's aggressive expansion, improving financial performance, and strategic advantage in high-growth hospitality corridors," wrote the analysts in their report. SBI Securities – Subscribe for long term Brokerage firm SBI Securities has also recommended investors to subscribe to the issue at the cut-off price for the long term. The brokerage, in its report, highlighted that the company has demonstrated strong financial growth, with a CAGR of 15.6 per cent in revenue, 30 per cent in Ebitda, and 73.2 per cent in PAT over FY23–FY25. However, it also noted that the company has a negative Reserves & Surplus of ₹196 crore as of March 2025, owing to accumulated losses in the past. "Out of the total IPO proceeds of ₹760 crore, BHVL will utilise approximately ₹468 crore towards debt repayment, which will lead to a reduction in the debt-to-equity ratio to below 1.0x from the current 7.1x, and an improvement in profitability as interest cost savings of ₹45 crore will flow through the P&L. Going forward, trends in occupancy levels and average room rates (ARR) of the company will be key monitorables," said the brokerage in its report. "At the upper price band of ₹90, BHVL is valued at a FY25 EV/Ebitda of 19.8x. We recommend subscribing at the cut-off price for the long term." About Brigade Hotel Ventures Brigade Hotel Ventures Limited is an owner and developer of hotels in key Indian cities, with a primary focus on South India. The company is the second-largest owner of chain-affiliated hotels and hotel rooms in South India—including the states of Karnataka, Tamil Nadu, Kerala, Andhra Pradesh, Telangana, and the Union Territories of Lakshadweep, Andaman and Nicobar Islands, and Puducherry—among major private hotel asset owners (defined as investors owning at least 500 rooms across India).
Business Standard
a day ago
- Business
- Business Standard
Stock to Watch today, July 23: Dixon Tech, Paytm, Hyundai Motor, JSW Infra, Infosys
Stock Market today: Benchmark equity indices are expected to open on a flat tone with a slight positive bias, as the ongoing earnings season for the first quarter of financial year 2025-2026 (Q1FY26) keeps investor sentiment in a 'wait and watch' mode. At 7:20 AM, GIFT Nifty futures were trading at 25,157 level, up by 73 points or 0.29 per cent, signalling a flat start. While earnings remain the primary focus for D-Street, prevailing uncertainty around the India-US trade deal is keeping the overall sentiment cautious. In the Asia-Pacific region, markets witnessed a strong uptrend. Nikkei was trading over 1,000 points higher or up by 2.65 per cent, quoting 40,830.97 after Trump announced a 'massive' trade deal with Japan. Hang Seng was also trading in green, up 147 points or 0.59 per cent, quoting 25,279.66. However, South Korea's Kospi remained in red, trading at 3,163.32, down by 0.21 per cent or 6 points. CATCH STOCK MARKET LATEST UPDATES LIVE Global market remained flat, albeit with a positive bias. The Dow Jones Industrial Average was up by 179 points or 0.4 per cent, and settled at 44,502.44. The S&P 500 concluded the trading session at 6,309.62 level, up by just 4 points. Q1FY26 earnings today All eyes will remain on the earnings of IT giant Infosys. Besides the IT major, companies such as Tata Consumer Products, Dr. Reddy's Laboratories, Bajaj Housing Finance, Persistent Systems, Oracle, Coforge, Aditya Birla Estate and PCBL Chemicals are set to announce their results for the quarter ended June 30, 2025. Meanwhile, Bikaji Foods International, Aditya Birla Foods International, Sapphire Foods India, Syrma SGS Technology, Force Motors, Borosil Renewables, Bajaj Steel Industries and HMT are also scheduled to release their earnings today. Here is a list of stocks to watch today: One97 Communications (Paytm): The company reported a consolidated profit of ₹123 crore, compared to a loss of ₹840 crore in the corresponding period of the previous fiscal year. Revenue from operations for the quarter under review stood at ₹1,918 crore, up by 28 per cent from ₹1,502 crore reported in the first quarter of FY25. Earnings before interest, taxes, depreciation, and amortisation (Ebitda) margins for the quarter ending June 30, 2025, stood at 4 per cent. Dixon Technologies: The company reported a robust rise of 95 per cent in its revenue from operations figure in Q1FY26 to ₹12,835 crore from ₹6,579 crore recorded in the corresponding quarter of the previous fiscal year. Consolidated net profit for the quarter under review stood at ₹280 crore as against ₹140 crore reported in the same period of FY25, marking a 100 per cent rise. The company's Ebitda figure also witnessed a healthy surge of 89 per cent year-on-year (Y-o-Y) to ₹484 crore in the first quarter of FY26. Dalmia Bharat: The cement manufacturing company reported a triple-digit rise of 172.4 per cent in its consolidated profit after tax (PAT) of ₹395 crore during the quarter ending June 30, 2025, up from ₹145 crore reported in the corresponding period of the previous fiscal year. Ebitda also rose to ₹883 crore in Q1FY26, up 31.9 per cent from ₹669 crore recorded in the first quarter of FY25. However, sales volume took a hit and declined by 5.8 per cent Y-o-Y to 7 million tonnes. JSW Infra: The company's consolidated net profit stood at ₹389.57 crore for the quarter ending June 30, 2025, up 31 per cent from ₹296.55 crore reported in the same period of the last fiscal year. However, on sequential basis, the profit figure was down by 24.4 per cent. Revenue from operations also declined to ₹1,223.85 crore in the quarter, from ₹1,283.18 crore recorded in the previous quarter. United Breweries: The alcobev company's revenue from operations figure for the quarter ending June 30, 2025, stood at ₹5,380.7 crore, a slight decline from ₹5,811.2 crore reported in the same period of the previous financial year. The company's consolidated profit for Q1FY26 stood at ₹184 crore, up by just 6.4 per cent from ₹173 crore recorded during the first quarter of FY25. Colgate Palmolive: The FMCG firm reported a decline in net profit for the quarter ending June 30, 2025, to ₹320.62, indicating a decline of over 11.8 per cent from ₹363.98 crore recorded in the corresponding period of the previous fiscal year. The management cited weak urban demand levels and intensified competition as the reason behind the decline in profit. Revenue from operations for the quarter stood at ₹1,433 crore as against ₹1,496.71 crore reported in the same period of the previous financial year. Schloss Bangalore: The luxury hotel chain reported a consolidated PAT of ₹8.7 crore for the quarter ending June 30, 2025. The company had incurred a loss of ₹75 crore for the corresponding quarter of the previous financial year. The company's total revenue for the quarter stood at ₹301 crore as compared to ₹240 crore in the first quarter of FY 26, indicating a rise of 25 per cent. Hyundai Motor: The automobile major has received an order from the CGST Department in Tamil Nadu, confirming a demand for ₹258.67 crore as GST Compensation Cess, along with an equal penalty. The demand pertains to an alleged short payment of GST Compensation Cess on certain SUV models for the period from September 2017 to March 2020. BrainBees Solutions: The parent company of FirstCry, announced in its latest exchange filing that the Bombay High Court has set aside the income tax reassessment notices issued for the assessment years 2018-19 to 2021-22. The Court found that the notices were issued without proper jurisdiction. This comes after the company filed a Writ Petition and had earlier received interim relief staying the reassessment proceedings. Panache Digilife: The firm, in a recent exchange filing, announced that its subsidiary, Panache Newage Tech Pvt. Ltd., has received a work order for geographic information system (GIS) and related services. The project is set to be executed over a period of approximately 36 months, with a total order value of ₹1,184 Lakh.
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Business Standard
a day ago
- Business
- Business Standard
Stock to Watch today, July 23: Dixon Tech, Paytm, Hyundai Motor, JSW Infra
Stock Market today: Benchmark equity indices are expected to open on a flat tone with a slight positive bias, as the ongoing earnings season for the first quarter of financial year 2025-2026 (Q1FY26) keeps investor sentiment in a 'wait and watch' mode. At 7:20 AM, GIFT Nifty futures were trading at 25,157 level, up by 73 points or 0.29 per cent, signalling a flat start. While earnings remain the primary focus for D-Street, prevailing uncertainty around the India-US trade deal is keeping the overall sentiment cautious. In the Asia-Pacific region, markets witnessed a strong uptrend. Nikkei was trading over 1,000 points higher or up by 2.65 per cent, quoting 40,830.97 after Trump announced a 'massive' trade deal with Japan. Hang Seng was also trading in green, up 147 points or 0.59 per cent, quoting 25,279.66. However, South Korea's Kospi remained in red, trading at 3,163.32, down by 0.21 per cent or 6 points. Global market remained flat, albeit with a positive bias. The Dow Jones Industrial Average was up by 179 points or 0.4 per cent, and settled at 44,502.44. The S&P 500 concluded the trading session at 6,309.62 level, up by just 4 points. Q1FY26 earnings today All eyes will remain on the earnings of IT giant Infosys. Besides the IT major, companies such as Tata Consumer Products, Dr. Reddy's Laboratories, Bajaj Housing Finance, Persistent Systems, Oracle, Coforge, Aditya Birla Estate and PCBL Chemicals are set to announce their results for the quarter ended June 30, 2025. Meanwhile, Bikaji Foods International, Aditya Birla Foods International, Sapphire Foods India, Syrma SGS Technology, Force Motors, Borosil Renewables, Bajaj Steel Industries and HMT are also scheduled to release their earnings today. Here is a list of stocks to watch today: One97 Communications (Paytm): The company reported a consolidated profit of ₹123 crore, compared to a loss of ₹840 crore in the corresponding period of the previous fiscal year. Revenue from operations for the quarter under review stood at ₹1,918 crore, up by 28 per cent from ₹1,502 crore reported in the first quarter of FY25. Earnings before interest, taxes, depreciation, and amortisation (Ebitda) margins for the quarter ending June 30, 2025, stood at 4 per cent. Dixon Technologies: The company reported a robust rise of 95 per cent in its revenue from operations figure in Q1FY26 to ₹12,835 crore from ₹6,579 crore recorded in the corresponding quarter of the previous fiscal year. Consolidated net profit for the quarter under review stood at ₹280 crore as against ₹140 crore reported in the same period of FY25, marking a 100 per cent rise. The company's Ebitda figure also witnessed a healthy surge of 89 per cent year-on-year (Y-o-Y) to ₹484 crore in the first quarter of FY26. Dalmia Bharat: The cement manufacturing company reported a triple-digit rise of 172.4 per cent in its consolidated profit after tax (PAT) of ₹395 crore during the quarter ending June 30, 2025, up from ₹145 crore reported in the corresponding period of the previous fiscal year. Ebitda also rose to ₹883 crore in Q1FY26, up 31.9 per cent from ₹669 crore recorded in the first quarter of FY25. However, sales volume took a hit and declined by 5.8 per cent Y-o-Y to 7 million tonnes. JSW Infra: The company's consolidated net profit stood at ₹389.57 crore for the quarter ending June 30, 2025, up 31 per cent from ₹296.55 crore reported in the same period of the last fiscal year. However, on sequential basis, the profit figure was down by 24.4 per cent. Revenue from operations also declined to ₹1,223.85 crore in the quarter, from ₹1,283.18 crore recorded in the previous quarter. United Breweries: The alcobev company's revenue from operations figure for the quarter ending June 30, 2025, stood at ₹5,380.7 crore, a slight decline from ₹5,811.2 crore reported in the same period of the previous financial year. The company's consolidated profit for Q1FY26 stood at ₹184 crore, up by just 6.4 per cent from ₹173 crore recorded during the first quarter of FY25. Colgate Palmolive: The FMCG firm reported a decline in net profit for the quarter ending June 30, 2025, to Rs 320.62, indicating a decline of over 11.8 per cent from ₹363.98 crore recorded in the corresponding period of the previous fiscal year. The management cited weak urban demand levels and intensified competition as the reason behind the decline in profit. Revenue from operations for the quarter stood at ₹1,433 crore as against ₹1,496.71 crore reported in the same period of the previous financial year. Schloss Bangalore: The luxury hotel chain reported a consolidated PAT of ₹8.7 crore for the quarter ending June 30, 2025. The company had incurred a loss of ₹75 crore for the corresponding quarter of the previous financial year. The company's total revenue for the quarter stood at ₹301 crore as compared to ₹240 crore in the first quarter of FY 26, indicating a rise of 25 per cent. Hyundai Motor: The automobile major has received an order from the CGST Department in Tamil Nadu, confirming a demand for ₹258.67 crore as GST Compensation Cess, along with an equal penalty. The demand pertains to an alleged short payment of GST Compensation Cess on certain SUV models for the period from September 2017 to March 2020. BrainBees Solutions: The parent company of FirstCry, announced in its latest exchange filing that the Bombay High Court has set aside the income tax reassessment notices issued for the assessment years 2018-19 to 2021-22. The Court found that the notices were issued without proper jurisdiction. This comes after the company filed a Writ Petition and had earlier received interim relief staying the reassessment proceedings. Panache Digilife: The firm, in a recent exchange filing, announced that its subsidiary, Panache Newage Tech Pvt. Ltd., has received a work order for geographic information system (GIS) and related services. The project is set to be executed over a period of approximately 36 months, with a total order value of ₹1,184 Lakh. Aster DM Healthcare: The Bangalore-based healthcare services provider has received approval from the Ministry of Corporate Affairs for the incorporation of its wholly-owned subsidiary, 'Aster DM Super-Specialty Hospital (Sarjapur) Pvt. Ltd.' The company has invested ₹10 lakh in the new entity, acquiring 1,00,000 equity shares at ₹10 each.
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Business Standard
2 days ago
- Business
- Business Standard
Indiqube Spaces IPO opens on July 23: check key strengths, risks from RHP
Indiqube Spaces IPO: Workplace solutions provider Indiqube Spaces is set to launch its Initial Public Offering (IPO) on Wednesday, July 23, 2025. The public issue comprises a fresh issue of 27.4 million shares aggregating to ₹650 crore, and an offer for sale (OFS) with promoters divesting up to 2.1 million shares worth ₹50 crore. Indiqube Spaces IPO will be offered at a price band of ₹225-237 per share. The minimum application size has been set at 63 shares per lot. The issue will remain available until July 25. The company's shares are tentatively scheduled to make their D-Street debut on July 30, 2025. It is worth noting that Indiqube Spaces will not receive any proceeds from the IPO. All the funds raised will go directly to the selling promoters, after accounting for offer-related expenses and applicable taxes, which will be borne by the respective sellers. Indiqube Spaces, however, proposes to use the fresh proceeds for funding capital expenditure towards establishment of new centers, repayment/pre-payment, in full or in part, of certain borrowings availed by the company, as well as for general corporate purposes. As investors await the opening of Indiqube Spaces IPO, here are the key strengths and risks outlined in its Red Herring Prospectus (RHP) that every investor should be aware of: Key Strengths of Indiqube Spaces One of the leading players in flexible workspace market: The company is well-positioned to benefit and capture the growth in the flexible workspace segment. The company's comprehensive footprint spans 15 cities, including eight Tier-I and seven non-Tier I cities as of March 31, 2025. With over 186,719 seats in 115 centers, Indiqube Spaces offers a comprehensive portfolio that spans workspace leasing and VAS, such as interior design, facility management, and technology-enabled solutions. Acquisition strategy: The company renovates and upgrades older Grade-B properties in central business districts, transforming them into technology-enabled workspaces. As of March 31, 2025, renovated centers make up 25.22 per cent of its total portfolio. Prudent business management practices: The company concentrates on leasing large to midsized full buildings over fractional spaces and as of March 31, 2025, 64.71 per cent of its portfolio consists of full buildings. A large number of its properties are in hub and spoke clusters resulting in concurrent allocation of manpower and resources. Capital efficient model: The company has strategically adopted an asset-light model, focusing on leasing rather than owning properties. This model allows the company to secure 10-year leases with a three-year lock-in period, extendable for another 10 years, ensuring flexibility and control in its arrangements with lessors. The company maintains termination rights in its leases, providing adaptability and risk mitigation in changing market conditions. Experienced leadership: Indiqube Spaces is led by experienced promoters and a professional management team with experience in the workspace industry and a proven track record of performance. The comapny's promoters are Rishi Das, Meghna Agarwal, and Anshuman Das. Rishi Das, an alumnus of IIT Roorkee, is its Chief Executive Officer and has diverse entrepreneurial experience of over two and a half decades. Key risks for Indiqube Spaces Financial performance, future profitability risks: IndiQube Spaces has experienced losses over the last three fiscal years and may continue to incur losses in the future, which could have an adverse impact on its business, operating results, and cash flows. Exposure to real estate market fluctuations: The company's business is sensitive to fluctuations in the real estate market. It has witnessed a decline in occupancy rates—from 83.68 per cent as of March 31, 2023, to 80.21 per cent as of March 31, 2024. Variations in commercial property prices may significantly affect leasing costs, potentially impacting overall profitability. Risks related to property ownership: IndiQube does not own the properties where its centers are located. Any defects in property title or ownership may lead to the closure of centers, relocation expenses, and termination of client agreements, all of which could negatively affect the company's business, financial condition, and operational results. Uncertainty in development plans for new centers: The company has not yet finalised the exact locations for new centers intended to be developed using the net proceeds from the offer. Impact of changing work culture trends: Evolving work culture trends—such as the growing adoption of remote and hybrid working models—could reduce the demand for plug-and-play workspaces, thereby adversely affecting the company's business, cash flows, and financial condition. About Indiqube Spaces Indiqube Spaces is a managed workplace solutions company offering comprehensive, sustainable, and technology-driven workplace solutions dedicated to transforming the traditional office experience. Its diverse solutions range from providing large corporate offices (hubs) to small branch offices (spokes) for enterprises and transforming the workplace experience of their employees by combining interiors, amenities, and a host of value-added services.
Business Standard
6 days ago
- Business
- Business Standard
IPO Calendar: Anthem Biosciences listing, 7 new issues to track next week
IPO Calendar: Primary market investors will remain in action next week with the launch of seven initial public offerings (IPOs) and the listing of three companies on the stock exchanges. In the mainboard segment, Indiqube Spaces and GNG Electronics will open for subscription on Wednesday, July 23, 2025. The SME segment will also witness the launch of five public issues. In addition, Anthem Biosciences (mainboard), along with two SME companies, are scheduled to make their D-Street debut next week. Here's a detailed look at the IPO activity for next week: Mainline IPOs next week Indiqube Spaces IPO Indiqube Spaces aims to raise ₹700 crore through a combination of fresh issue of 27.4 million equity shares aggregating to ₹650 crore and offer for sale (OFS) of 2.1 million shares aggregating to ₹50 crore. Indiqube Spaces IPO will open for public subscription on Wednesday, July 23, 2025, and close on Friday, July 25, 2025. The basis of allotment of shares is likely to be finalised on July 28, 2025. Indiqube Spaces shares will be listed on the exchanges tentatively on July 30, 2025. The company has set the price band in the range of ₹225-237. The minimum lot size for the application is 63 shares. MUFG Intime India is the registrar of the issue. ICICI Securities and JM Financial are the book-running lead managers. GNG Electronics IPO The initial public offering (IPO) of GNG Electronics will open for bidding on July 23 and close on July 25. The company plans to raise ₹460.43 crore through a fresh issue of 16.9 million shares and the offer for sale of 2.6 million shares. The price band is set in the range of ₹225 to ₹237 per share, and the lot size for an application is 63 shares. The basis of allotment of shares is expected to be finalised on July 28. The company will be listed on the exchanges, NSE and BSE, on July 30. Bigshare Services is the registrar for the issue. Motilal Oswal Investment Advisors, IIFL Capital and JM Financial are the book-running lead managers. IPO listings next week In the mainboard segment, Anthem Biosciences will make its debut on the exchanges on July 22. In the SME segment, Spunweb Nonwoven will be listed on the NSE SME platform on July 22. On the BSE SME platform, Monica Alcobev will make its debut on July 23.
