Subscribe for Brigade Hotel Ventures Ltd IPO; Anand Rathi

Anand Rathi, has come out with its report on Brigade Hotel Ventures Ltd. The research firm has recommended to “ Subscribe” the ipo in its research report as on July 22, 2025.

Broker Research

July 22, 2025 / 13:41 IST

IPO

Anand Rathi, Brigade Hotel Ventures Ltd

Brigade Hotel Ventures Ltd is an owner and developer of hotels in key cities in India primarily across South India. They are the second largest owner of chain-affiliated hotels and hotel rooms in South India (comprising the states of Kerala, Andhra Pradesh, Tamil Nadu, Karnataka, Telangana, and the Union territories Lakshadweep, Andaman and Nicobar Islands and Pondicherry) among major private hotel asset owners (i.e., investors owning at least 500 rooms pan India) as of March 31, 2025. Their Promoter, Brigade Enterprises Limited (“BEL”), entered into the hospitality business in 2004 with the development of their first hotel, Grand Mercure Bangalore, which commenced operations in 2009. Company have 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. Their hotels are operated by global marquee hospitality companies such as Marriott, Accor, and InterContinental Hotels Group and are in the upper upscale, upscale, upper-midscale, and midscale segments.

Valuation and Outlook

At the upper price band company is valuing at P/E of 160x to its FY25 earnings, EV/EBITDA of 25.3x and market cap of ₹ 34,184 million post issue of equity shares. We believe that the IPO is fully priced and recommend a “SubscribeLong term” rating to the IPO.

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