365Telugu.com online news, November 2nd,2024 : Brigade Hotel Ventures Limited, the second-largest private owner of chain-affiliated hotels in South India, has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for a proposed Initial Public Offering (IPO). The IPO will consist of a fresh issue of equity shares with a face value of ₹10 each, totaling up to ₹900 crore.A wholly-owned subsidiary of Brigade Enterprises Limited, Brigade Hotel Ventures primarily operates in key South Indian cities including Bengaluru, Chennai, and Kochi.
As of June 30, 2024, the company holds a significant portfolio with nine hotels, amounting to 1,604 keys, strategically positioned in commercial centers, premium neighborhoods, and IT hubs. The properties are managed by renowned hospitality brands like Marriott, Accor, and InterContinental Hotels Group, and span across the upper upscale, upscale, upper-midscale, and midscale segments.Since entering the hospitality industry in 2004 with the Grand Mercure Bangalore, Brigade has expanded its offerings to include fine dining, specialty restaurants, MICE venues, and wellness facilities.
This diversified approach caters to both corporate and leisure guests, delivering comprehensive customer experiences.JM Financial Limited and ICICI Securities Limited are the Book Running Lead Managers for the IPO.