
New Delhi, July 31 (HS): Brigade Hotel Ventures experienced a disappointing debut in the stock market, with shares issued at ₹90 under the IPO starting at ₹82 on BSE and ₹81.10 on NSE, resulting in a nearly 9% loss for investors from the outset. Some recovery occurred post-listing, with shares trading at ₹86.03 by noon, leading to a reduced loss of 4.41%. The IPO, valued at ₹759.60 crore, was open for subscription from July 24 to 28 and saw an overall subscription of 4.76 times, with Qualified Institutional Buyers (QIB) at 5.74 times and Non-Institutional Investors (NII) at 2.03 times.
Retail investors subscribed 6.83 times, while the employee portion was at 0.99 times. The IPO issued 8.44 lakh new shares with a face value of ₹10, with funds aimed at repaying old debts, land purchases from promoter BEL, and corporate purposes.
Financially, Brigade’s health has improved, turning a net loss of ₹3.09 crore in FY 2022-23 to a net profit of ₹13.14 crore in FY 2023-24, expected to rise to ₹23.66 crore in 2024-25, supported by a revenue CAGR of over 14%, reaching ₹470.68 crore.
Hindusthan Samachar / Jun Sarkar