Brigade Hotel Ventures Limited, a wholly-owned subsidiary of Brigade Enterprises and operator of nine branded hotels across South India and GIFT City, completed its ₹759.6 crore IPO—an entirely fresh issue priced at ₹85–90 per share.
The IPO opened on 24 July 2025, closed on 28 July 2025, with allotment confirmed on 29 July and listing on 31 July 2025.
| Key Feature | Details |
|---|---|
| Issue Size | ₹759.6 crore (all fresh issue) |
| Price Band | ₹85–90 per share |
| Date Range | Opened 24 Jul → Closed 28 Jul → Listed 31 Jul |
| Subscription | 4.48× overall; Retail: 6.40×; QIBs: 5.42×; NIIs: 1.92× |
| Booking Breakdown | 84.4 million shares; 9.50% retail, 19% QIB, 14.25% NII, 1% employees reserved |
| Post-Issue Valuation | Approx. ₹3,280–3,420 crore value (based on ₹90 price) |
| Use of Proceeds | ₹468.1 crore for debt, ₹107.5 crore for land, balance for growth and acquisitions |
Legal Advisory Teams
Cyril Amarchand Mangaldas (Issuer Legal Counsel)
Capital Markets Team
Reuben Chacko, Partner & Regional Co-Head – Capital Markets – South (Lead)
Anjali Menon, Principal Associate
Anjini Ganguly, Associate
Arikta Shetty, Associate
Tejaswi Sade, Associate
Zubin Ronnie, Associate
Securities & Regulatory Team
Rutu Gandhi, Partner
Pratiksha Arekar, Senior Associate
Real Estate Team
Abhilash Pillai, Partner
Kripa Sankari, Principal Associate
Pavithra Rao, Senior Associate
Shivani Subbaiah, Associate
General Corporate Team
Pooranimaa Hariharan, Partner
Nimrah Rasheed, Associate
Prashastha Cormaty, Associate
Khaitan & Co (Legal Counsel to BRLMs – JM Financial & ICICI Securities)
Thomas George, Partner (Lead)
Suman Prabhu, Partner
Tharun Vadlapatla, Associate
Aadhya Singh, Associate
Varun Nair, Associate
Anand Sivasankaran, Associate
Anveeksha Anand, Associate
Hogan Lovells (International Counsel to BRLMs)
Biswajit Chatterjee, Head of India Practice & Dubai Office Managing Partner (Lead)
Kaustubh George, Counsel
Varun Jetly, Counsel
Suchisubhra Sarkar, Senior Associate
Aditya Rajput, Senior Associate
Aditya Dsouza, Associate
Sanjana Ravjiani, Associate
Komal Israni, Associate
Purva Mishra, Associate
Key Transaction Highlights
The issue drew strong interest from retail and institutional investors, resulting in over 4x subscription.
Retail demand (6.4×) outpaced QIBs (5.42×) and NIIs (1.92×), despite a later-day dry listing sentiment.
Though oversubscribed, the shares debuted at a ~9–10% discount to IPO price, opening at ~₹81–82 on listing day, signaling muted post-listing sentiment.
Despite listing weakness, the transaction marks one of the largest hospitality IPOs in recent times, backed by iconic asset partnerships with Marriott, Accor, and InterContinental.
About Brigade Hotel Ventures Limited & Strategic Significance of the IPO
Hospitality under recovery: Typical of post-COVID upcycle, marquee real estate backed hotel platforms are tapping public markets for capital expansion.
Hotel Assets: BHVL owns nine hotels with ~1,604 keys across Bengaluru, Chennai, Kochi, Mysuru, and GIFT City, under global brands, providing rental and cash-flow visibility.
Business plan alignment: Amount raised is aimed at deleveraging, land acquisition, inorganic growth, and expansions aligned with expected demand uptick in leisure and corporate travel.
Why It Matters
Showcases continued investor willingness to back branded hospitality and asset-backed capital raises.
Highlights evolving IPO structuring complexity: involvement of issuer-side, BRLM-side, and global legal counsel teams.
From a legal advisory perspective, strong cross-functional execution around capital markets, real estate, regulatory compliance, and international coordination.
Also read: Amagi Media Labs Files for ₹1,020 Crore IPO — CAM and Trilegal Advise
For more legal deal updates and analysis, stay tuned to TheCourtroom.in
Disclaimer
This article is for informational purposes only and does not constitute legal or financial advice. Readers should consult professionals before making decisions.
