Brigade Hotel Ventures files draft IPO papers with Sebi to raise Rs 9 Bn

04 Nov 2024 CW Team

Brigade Hotel Ventures Ltd, a prominent hotel owner and developer in South India, has submitted draft papers to the Securities and Exchange Board of India (Sebi), seeking to raise Rs 9 billion via an initial public offering (IPO). As outlined in the draft red herring prospectus, the IPO will comprise solely a fresh issue of equity shares, with no Offer-for-Sale component.

The company plans to allocate Rs 4.81 billion from the proceeds to settle debt, with Rs 4.12 billion directed to the company itself and Rs 690 million designated for its material subsidiary, SRP Prosperita Hotel Ventures Ltd. Furthermore, Rs 1.07 billion will fund the purchase of an undivided share of land from its promoter, Brigade Enterprises Ltd (BEL), while the remaining funds will support acquisitions, other strategic initiatives, and general corporate purposes. There is a possibility that the company may raise up to Rs 1.8 billion through a Pre-IPO Placement, which would reduce the IPO size if undertaken.

A wholly-owned subsidiary of BEL, one of India’s leading real estate developers, Brigade Hotel Ventures Ltd entered the hospitality industry in 2004, establishing its first hotel, Grand Mercure Bangalore, which became operational in 2009. The company now manages a portfolio of nine hotels across Bengaluru, Chennai, Kochi, Mysuru, and GIFT City, offering a total of 1,604 rooms. These hotels are operated under renowned global brands, including Marriott, Accor, and InterContinental Hotels Group. JM Financial and ICICI Securities are the book-running lead managers for the IPO.

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