Brigade Hotel Ventures IPO subscribed 1.19 times on Day 2, led by retail, NII investors; check latest GMP

Brigade Hotel Ventures IPO fully subscribed on July 25 in it's second day of share sale.

Brigade Hotel Ventures initial public offer (IPO) got fully subscribed in it's second day of share sale on July 25 at 1.19 times.

Brigade Hotel Ventures, the owner and developer of hotels in South India, received bids for 6.09 crore shares against 5.11 crore shares on offer, as per NSE data.

Retail Individual Investors (RIIs) part received 4.65 times subscription, while the quota for non-institutional investors got subscribed 98 percent. The portion for Qualified Institutional Buyers (QIBs) received 8 percent subscription. Earlier it raised Rs 325 crore from anchor investors.

The IPO will conclude on July 28. The price band has been fixed at Rs 85 to Rs 90 per share.

At the upper end of the price band, the company is valued at over Rs 3,400 crore.

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Brigade Hotel Ventures IPO GMP

According to websites tracking the grey market activities, the shares of Brigade Hotel Ventures are commanding a GMP of about 7 percent. Investorgain quoted a GMP of Rs 6 for the shares of the company, indicating a GMP of 6.67 percent.

Brigade Hotel Ventures Ltd is a subsidiary of Bengaluru-based real estate company Brigade Enterprises Ltd (BEL). BEL entered into the hospitality business in 2004 with the development of its first hotel, Grand Mercure Bangalore, which commenced operations in 2009.

The company has a portfolio of nine operating hotels across Bengaluru (Karnataka), Chennai (Tamil Nadu), Kochi (Kerala), Mysuru (Karnataka) and the GIFT City (Gujarat) with 1,604 keys. The hotels are operated by global marquee hospitality companies such as Marriott, Accor and InterContinental Hotels Group.

Shares of the company will be listed on the exchanges on July 31, while the allotment is expected on July 29.

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