Brigade Hotel Ventures
Book Building issueMainboardNSE₹760 Cr issue
-8.89%
Listing gain over issue price
Issue size
₹760 Cr
1 lot at cut-off
₹14,940
Lot size
166shares
Open
24 Jul 2025
Close
28 Jul 2025
Allotment
29 Jul 2025
Listing
31 Jul 2025
Listing performance
Issue price
₹90
Listed at
₹82
Listing-day close
₹85.40
Latest price
₹51.04
Close on 23 Oct 2026
Listing gain
-8.89%
Return since issue
-43.29%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 24 Jul 2025 – 28 Jul 2025
- Listing date
- 31 Jul 2025
- Face value
- ₹10 per share
- Issue price
- ₹90 per share
- Lot size
- 166 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹760 Cr
- Market cap at offer price
- ₹3,418 Cr
- Promoter holding
- 95.26% → 74.09% pre-issue → post-issue
- ISIN
- INE03NU01014
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- JM Financial Ltd.
- Registered office
- 29 th & 30 th Floor, World Trade Center, Brigade, Gateway Campus, 26/1, Dr.Rajkumar Road, Malleswaram Rajajinagar, Karnataka
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 3,60,81,000 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 166 shares per lot, in multiples, at ₹90
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 166 | ₹14,940 |
| Retail (max) | 13 | 2,158 | ₹1,94,220 |
| S-HNI (min) | 14 | 2,324 | ₹2,09,160 |
| S-HNI (max) | 66 | 10,956 | ₹9,86,040 |
| B-HNI (min) | 67 | 11,122 | ₹10,00,980 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
3,60,81,000
Anchor portion
₹325 Cr
at ₹90 per share
Valuation and performance
Valuation at offer price
₹90 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 0.80 | 0.62 |
| P/E (×) | 112.50 | 145.16 |
| Price to book (×) | 32.26 | — |
| Market cap | — | ₹3,418 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 30.11%
- ROCE
- 13.62%
- Debt / equity
- 7.40
- PAT margin
- 5.03%
- EBITDA margin
- 35.45%
- NAV per share
- ₹2.79
- Price to book
- 32.26
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Brigade Hotel Ventures
Brigade Hotel Ventures Limited ("our Company") was incorporated on August 24, 2016 as a public limited company under the Companies Act, 2013. As of the date of this Red Herring Prospectus, 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 and are in the upper upscale, upscale, upper-midscale and midscale segments. The hotels provide a comprehensive customer experience including fine dining and specialty restaurants, venues for meetings, incentives, conferences, and exhibitions, lounges, swimming pools, outdoor spaces, spas, and gymnasiums. Revenue from operations comprises room revenues, food and beverage services, other hospitality and ancillary services, and income from leasing. In Fiscal 2025, the Company generated revenue from operations of ₹4,682.50 million.
Company Analysis
from RHPBrigade Hotel Ventures Limited is an owner and developer of hotels across key South Indian cities and GIFT City, operating nine properties spanning upper upscale, upscale, upper-midscale and midscale segments.
Brigade Hotel Ventures Limited ("our Company") was incorporated on August 24, 2016 as a public limited company under the Companies Act, 2013. As of the date of this Red Herring Prospectus, 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 and are in the upper upscale, upscale, upper-midscale and midscale segments. The hotels provide a comprehensive customer experience including fine dining and specialty restaurants, venues for meetings, incentives, conferences, and exhibitions, lounges, swimming pools, outdoor spaces, spas, and gymnasiums. Revenue from operations comprises room revenues, food and beverage services, other hospitality and ancillary services, and income from leasing. In Fiscal 2025, the Company generated revenue from operations of ₹4,682.50 million.
hospitalityhotels and resortsfood and beverages
Objects of the Issue
- Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by the Company and Material Subsidiary ₹4,681.40 million (Company: ₹4,136.90 million; Subsidiary: ₹544.50 million) p.24
- Payment of consideration for buying of Undivided Share of Land from our Promoter, BEL ₹1,075.19 million p.24
- Pursuing inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes p.24
- Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by our Company and Material Subsidiary ₹4,681.40 million (₹4,136.90 million for Company and ₹544.50 million for Material Subsidiary) p.66
- Payment of consideration for buying of undivided share of land from our Promoter, BEL ₹1,075.19 million p.66
- Pursuing inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes p.41
- Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by our Company and our Material Subsidiary, namely, SRP Prosperita Hotel Ventures Limited ₹4,681.40 million p.110
- Payment of consideration for buying of Undivided Share of Land from our Promoter, BEL ₹1,075.19 million p.121
- Pursuing inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes p.123
- Funding capex for development of new hotels p.197
- Payment of consideration for buying of undivided share of land from our Promoter, BEL ₹1,075.19 million p.232
- Pursuing inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes p.202
- Repayment of borrowings p.104
- Funding capex for new wellness resort development p.367
- Repayment of borrowings and working capital requirements p.350
Issue Structure
- Total Issue
- Up to [●] Equity Shares of face value ₹10 each aggregating up to ₹7,596.00 million
- Fresh Issue
- Up to [●] Equity Shares of face value ₹10 each aggregating up to ₹7,596.00 million
- Offer for Sale
- Not applicable
- Price Band
- Price band of a minimum price of ₹[●] per Equity Share of face value ₹10 each (i.e., the Floor Price) and the maximum price of ₹[●] per Equity Share (i.e., the Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10 each
Business Model
The Company is an owner and developer of hotel properties operated under management agreements with global hotel brands (Marriott, Accor, InterContinental Hotels Group). The Company earns revenues from room sales, food and beverage services, ancillary hospitality services, and leasing income. In Fiscal 2025, revenue composition was: rooms 62.12%, food and beverages 32.75%, other hospitality and ancillary services 1.37%, and leasing income 3.76%. The Company pays operating fees, management fees, royalty fees and other charges to hotel operators based on invoices and reimbursements.
Business Segments
Four operational hotels generating revenue from rooms, food and beverages, and ancillary services
Two operational hotels (one ibis Styles which became operational in October 2024)
One operational hotel
One operational hotel
One operational hotel in GIFT City
Operation of nine hotels across India under international brands including Grand Mercure, Sheraton, Holiday Inn, Four Points by Sheraton, and ibis Styles, providing room accommodations, food and beverage services, and conference facilities
Operating hotels across South India and select locations, generating revenue from room sales and food and beverage services through partnerships with global hospitality operators.
Premium hotels offering superior standards, amenities and services with luxury positioning and comprehensive customer experience including fine dining and specialty restaurants, MICE venues, lounges, swimming pools, spas and gymnasiums
Moderately positioned and priced hotels with smaller room sizes than top tier hotels, offering comprehensive customer experience with dining, MICE venues and facilities
Full service or select service hotels with lesser public areas and facilities and smaller room sizes, more moderately positioned and priced than upscale hotels
3-star hotels with moderately positioned room sizes, quality and pricing, with lower extent of services
Revenue from room nights sold to corporate customers, individual customers, groups, and airline crews through various booking channels including travel agents, hotel operator websites and apps, in-person bookings, and group/crew bookings
Revenue from restaurants, bars, lounges, and other dining outlets operated at the hotels
Revenue from guest laundry services, transportation charges, telephone charges, and leasing income
Revenue from room charges, food & beverage sales, facility usage charges and allied services including telecommunication, laundry, etc.
Income from leasing of properties
Operation of nine hotels across Bengaluru, Chennai, Kochi, Mysuru and GIFT City, Ahmedabad under brands operated by Marriott, Accor and InterContinental Hotels Group. Revenue from room charges, food and beverage sales, facility usage charges and allied services.
Operation of upscale hotels and resorts providing room accommodation, food and beverage services, and ancillary hospitality services
SWOT Analysis
Strengths
- • Portfolio of established operating hotels with global brand partnerships(p.23)
- • Long-standing relationships with international hotel operators(p.35)
- • Geographic diversification across key Indian cities(p.23)
- • Improved financial performance in recent years(p.26)
- • Strong brand reputation and operational leverage from promoter BEL's 29-year real estate expertise(p.50)
- • Improved occupancy rates and RevPAR demonstrating operational momentum(p.45)
- • Solid debt service coverage improving from 0.77x to 1.67x with declining debt-to-equity ratio(p.46)
- • Diversified hotel portfolio across premium and mid-scale segments in key metros(p.43)
- • Established hotel management partnerships with international brands (Sheraton, Holiday Inn, Four Points, Marriott, Hyatt, InterContinental, Ritz-Carlton)(p.60)
- • Strategic hotel portfolio with strong global brand partnerships(p.120)
- • Second largest owner of chain-affiliated hotels in South India(p.119)
- • Experienced management team with domain expertise(p.126)
- • Strong parentage and operational synergies with Brigade Enterprises Limited(p.126)
- • Solid operating metrics and revenue growth trajectory(p.88)
- • Second-largest private hotel asset owner in South India with premium location portfolio(p.191)
- • Strong operating performance exceeding industry benchmarks(p.192)
- • Partnerships with global marquee hospitality brands(p.191)
- • Strategic locations in high-growth markets with limited new supply(p.192)
- • Synergies with real estate developer parent company(p.191)
- • Award-winning hotels with strong market recognition(p.191)
- • Strong portfolio of premium-branded hotels with established global operators(p.202)
- • Consistent revenue growth and improved profitability(p.199)
- • Diversified revenue streams including robust F&B operations(p.195)
- • Strategic locations with strong market positioning(p.199)
- • Strong parentage and access to parent company's expertise and resources(p.197)
- • Efficient cost management and operational optimization(p.201)
- • Commitment to sustainability and ESG practices(p.197)
- • Strong track record of hotel upgrades demonstrating quality construction(p.197)
- • Established hospitality operations with growing revenue trajectory(p.262)
- • Significant real estate asset base with property, plant and equipment(p.261)
- • Diversified ownership under established parent company(p.251)
- • Experienced management team with hospitality sector expertise(p.248)
Weaknesses
- • Heavy dependence on Marriott-operated hotels for revenue(p.21)
- • Geographic concentration in Bengaluru(p.21)
- • Concentration of revenue from three specific hotels(p.21)
- • High employee attrition rate(p.21)
- • No definitive agreements for planned land acquisition(p.21)
- • Historical losses on consolidated basis(p.21)
- • High debt burden with 77.54% of borrowings at floating rates exposed to interest rate risk(p.47)
- • Significant dependence on corporate customers with limited contractual commitments(p.48)
- • Material contingent liabilities including property tax disputes and GST demands totaling ₹539.4 million(p.70)
- • Trademark license from promoter is non-transferable and terminable, creating brand dependency risk(p.48)
- • Current liabilities exceed current assets indicating potential working capital stress(p.44)
- • Multiple statutory compliance delays including TDS, ESIC, and provident fund payment issues(p.50)
- • Outstanding litigation against company and promoter totaling ₹2,197.90 million for promoter and ₹381.01 million against company(p.42)
- • High financial leverage relative to equity base(p.130)
- • Concentrated hotel portfolio in limited geographies(p.120)
- • Historical losses in prior periods(p.130)
- • Significant dependence on promoter funding and support(p.100)
- • Regulatory filing delays and compliance issues(p.53)
- • High debt levels relative to equity base(p.193)
- • Vulnerability to regulatory filing delays affecting operational credibility(p.136)
- • High employee attrition rate(p.216)
- • Dependence on leasehold properties with expiration risks(p.217)
- • Significant debt obligation relative to equity(p.200)
- • Lack of owned trademark brand identity(p.217)
- • Dependence on parent company for key assets and arrangements(p.217)
- • Negative equity and accumulated losses limiting financial flexibility(p.293)
- • High debt burden relative to equity base(p.295)
- • Significant finance costs constraining profitability(p.299)
- • Heavy reliance on single promoter entity(p.251)
- • Recent management turnover in key roles(p.249)
- • Significant contingent liabilities from ongoing property tax litigation(p.297)
- • High leverage with debt-to-equity ratio of 6.03x(p.349)
- • Accumulated losses of Rs. 2,727.60 million(p.316)
- • Current liabilities exceed current assets by Rs. 1,140.50 million(p.316)
- • Heavy dependence on parent company (Brigade Enterprises Limited) for financial support(p.316)
- • Audit trail feature not enabled for certain electronic accounting records(p.311)
- • High dependence on Marriott hotels for revenue(p.326)
Opportunities
- • Planned expansion with five additional hotels in development(p.37)
- • Growing travel and tourism sector in India(p.23)
- • Rising foreign tourist arrivals supporting premium hotel demand(p.23)
- • Expansion pipeline of five additional hotels including luxury brands (Grand Hyatt, Fairfield, InterContinental, Ritz-Carlton)(p.41)
- • Inorganic growth through unidentified acquisitions with dedicated Net Proceeds allocation(p.41)
- • Hotel development at Scheduled Property in Kokapet, Hyderabad with mixed-use commercial block(p.66)
- • Debt reduction capability post-IPO with expected debt-equity ratio improving to 0.29x(p.47)
- • Growing corporate customer base and travel trends showing recovery post-COVID(p.48)
- • Advertising and promotional spend opportunity at only 1.93% of total expenses, below industry levels(p.43)
- • Expansion into new geographies and unidentified acquisitions(p.121)
- • Strong industry tailwinds from domestic tourism and FTA growth(p.126)
- • Rising demand for chain-affiliated hotels in India(p.126)
- • Development of commercial mixed-use property with hotel component(p.120)
- • Benefit from IT and ITeS sector growth in operating regions(p.126)
- • Strong long-term demand growth in domestic and inbound tourism(p.192)
- • Planned expansion of five new hotels across diverse segments and geographies(p.192)
- • Favorable demand-supply dynamics in select markets with high growth potential(p.192)
- • Rising middle-class population and increasing discretionary spending(p.156)
- • Growth of business travel driven by IT, manufacturing and services sectors(p.154)
- • Expanding MICE and weddings market segments(p.159)
- • Significant expansion pipeline with five new hotel projects planned(p.200)
- • Strong projected demand growth in key markets outpacing supply(p.200)
- • Growing travel and tourism sector driving hotel demand(p.197)
- • Expansion into new geographies and underserved markets(p.201)
- • Potential for inorganic growth through acquisitions(p.202)
- • Revenue growth through enhanced pricing and ancillary services(p.202)
- • Growing passenger traffic in key airport hubs supporting occupancy(p.198)
- • Expansion of hospitality portfolio leveraging parent company's real estate platform(p.253)
- • Capital investments in hotel infrastructure development(p.280)
- • Leveraging government support schemes for hotel development(p.296)
- • Recovery and growth in hospitality services post-pandemic(p.278)
- • Pipeline of five new hotel developments under leading international brands(p.325)
- • Growing demand in Indian hospitality sector with expansion opportunities(p.327)
- • Strong RevPAR growth trajectory from FY2023 to FY2025(p.340)
- • Improvement in occupancy rates and room rates(p.340)
Threats
- • Termination or non-renewal of hotel operator agreements(p.21)
- • Development and construction risks for new hotels(p.37)
- • Delays in hotel construction and development(p.37)
- • Cyclical nature of hospitality industry demand(p.39)
- • Risks related to service quality and food safety(p.21)
- • Litigation and regulatory proceedings(p.21)
- • Intense hotel industry competition with larger multinational and Indian competitors(p.43)
- • High dependence on travel agents and intermediaries representing 29.27% of room nights sold(p.43)
- • Regulatory and compliance risks including evolving labour codes and GST interpretation(p.76)
- • Construction delays and cost overruns in developing new hotels impacting revenue timing(p.41)
- • Land title uncertainties and legal disputes affecting hotel development projects(p.55)
- • Occupancy volatility across properties with some hotels showing weak performance (GIFT City 60.08%, ibis Styles 43.31%)(p.59)
- • Pandemic and public health risks affecting travel demand and operations(p.75)
- • Natural disasters and terrorism risks affecting business continuity and market sentiment(p.77)
- • Macroeconomic slowdown reducing business and leisure travel demand(p.74)
- • Inflation pressure limiting ability to pass through cost increases to customers(p.79)
- • Foreign investment restrictions limiting investor base(p.82)
- • Exchange rate fluctuations affecting foreign investor returns(p.83)
- • Limited shareholder rights under Indian law(p.83)
- • Inability to exercise pre-emptive rights by foreign investors(p.83)
- • Regulatory uncertainty around beneficial ownership in FDI(p.82)
- • Economic slowdown reducing discretionary travel demand(p.188)
- • Geopolitical uncertainties and security risks impacting cross-border travel(p.188)
- • Competition from new hotel supply in key markets(p.188)
- • Manpower shortages and rising payroll costs(p.187)
- • Rising project development costs constraining expansion(p.187)
- • Regulatory compliance risks and policy changes(p.187)
- • Health and security disruptions affecting tourism demand(p.189)
- • Intense competition in hospitality sector from multinational and Indian chains(p.215)
- • Dependence on global hotel operator agreement terms and renewals(p.214)
- • Regulatory and compliance requirements across multiple jurisdictions(p.220)
- • Economic cyclicality and sensitivity to business travel fluctuations(p.215)
- • Project construction delays and cost overruns affecting new expansion(p.228)
- • Foreign exchange and input cost volatility impacts on operations(p.215)
- • Significant reliance on debt financing with interest rate exposure(p.295)
- • Operating cycle concentration and hospitality industry cyclicality(p.267)
- • Dependency on discretionary consumer spending in hospitality sector(p.270)
- • Exposure to property market and construction cost volatility(p.268)
- • Foreign exchange and input price volatility(p.271)
- • Seasonal and cyclical variations affecting hospitality revenue(p.325)
- • Intense competition in Indian hospitality industry(p.327)
- • Macroeconomic conditions and travel demand volatility(p.325)
- • Regulatory and compliance risks including environmental laws(p.327)
- • GST and other tax demands under dispute(p.318)
- • Foreign exchange rate fluctuation risk(p.346)
- • High operating leverage in hotel industry(p.325)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Brigade Enterprises Limited | Promoter | 95.26% | — |
| Brigade Enterprises Limited | Promoter | 95.26% | — |
| Brigade Enterprises Limited (BEL) | Promoter | 95.26% | — |
| Brigade Enterprises Limited | Promoter | — | — |
| Brigade Enterprises Limited | Promoter | — | — |
| Brigade Enterprises Limited (BEL) | Promoter | 95.26% | — |
| Brigade Enterprises Limited | Ultimate Parent Company / Promoter | — | — |
| Brigade Enterprises Limited | Promoter | — | — |
Leadership
Nirupa Shankar · Managing Director
Ananda Natarajan · Chief Financial Officer
Akanksha Bijawat · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Brigade Hotel Ventures IPO FAQs
What is the lot size of Brigade Hotel Ventures IPO?
The minimum lot size of Brigade Hotel Ventures IPO is 166 shares. One lot costs ₹14,940 at the cut-off price.
When does Brigade Hotel Ventures IPO open and close?
Brigade Hotel Ventures IPO opened for subscription on 24 Jul 2025 and closed on 28 Jul 2025.
What is the listing date of Brigade Hotel Ventures IPO?
Brigade Hotel Ventures IPO listed on 31 Jul 2025.