Brigade Hotel Ventures IPO: Check IPO Date, Live Subscription and Key Details
Brigade Hotel Ventures Ltd (BHVL), a subsidiary of Brigade Enterprises Ltd, is a prominent hotel owner and developer in India, primarily focusing on chain-affiliated hotels in South India. It is recognized as the second-largest owner of chain-affiliated hotels and rooms in South India among major private hotel asset owners (those with at least 500 rooms). As of March 31, 2025, the company operates nine hotels with 1,604 keys across key cities like Bengaluru, Chennai, Kochi, Mysuru, and the GIFT City in Gujarat. These properties are managed by globally renowned hospitality brands such as Marriott, Accor, and InterContinental Hotels Group.
Price Range
₹85.00-90.00
Issue Size
₹759.6 Cr
Lot Size
166 shares
IPO Type
Mainboard
GMP
-
Est. Listing Price
₹90
Estimate Profit
-
Retail Portion
-
Key Metrics
Check Live GMPGMPFace Value
₹10
EPS
0.72
P/E Ratio
125
RoNW
30.11%
ROE
30.11%
Debt to Equity
7.4
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Timeline
IPO Opens
24 Jul
IPO Closes
28 Jul
Allotment
29 Jul
Listing
31 Jul
IPO Timeline & Listing Details
| Event | Date | Details |
|---|---|---|
| IPO Open Date | 24 July 2025 | Subscription starts |
| IPO Close Date | 28 July 2025 | Subscription ends |
| Allotment Date | 29 July 2025 | Allotment |
| Listing Date | 31 July 2025 | Listing |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹14,940 |
Retail (Max)Just less than ₹2,00,000 | 13 | ₹1,94,220 |
SHNI (Min)Just above ₹2,00,000 | 14 | ₹2,09,160 |
SHNI (Max)Below ₹10,00,000 | 66 | ₹9,86,040 |
BHNIAbove ₹10,00,000 | 67 | ₹10,00,980 |
IPO Objectives
- Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by the company and Material Subsidiary, namely, SRP Prosperita Hotel Ventures Limited.
- Payment of consideration for buying of undivided share of land from the Promoter, BEL.
- Pursuing inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes.
Strengths
- Strong parentage of Brigade Group (Brigade Enterprises Ltd), leveraging its brand reputation, real estate development expertise, and access to resources for strategic land acquisition and cost-efficient hotel development.
- Strategically located hotels in key cities primarily in South India (Bengaluru, Chennai, Kochi, Mysuru, GIFT City), near business districts, IT hubs, and commercial centers, benefiting from high demand drivers.
- Focus on asset management with operational efficiency, partnering with global hospitality brands (Marriott, Accor, IHG) to leverage their established brand recognition, operational expertise, and revenue streams like F&B and MICE.
- Well-positioned to leverage industry tailwinds, including the growing demand in the Indian hospitality market driven by business, leisure, and MICE tourism, with significant projected CAGR growth.
- Diversified offerings beyond rooms, including fine dining, MICE venues (2.15 lakh sq ft MICE area), spas, and gymnasiums, providing a comprehensive customer experience.
Weaknesses
- High Debt-to-Equity Ratio: The company has a very high debt-to-equity ratio of 7.86 (as of March 31, 2025), indicating significant financial leverage, which could lead to high interest costs and reduced financial flexibility, despite plans for debt repayment from IPO proceeds.
- Decline in Profit After Tax (PAT): PAT dropped by 24% between FY24 and FY25, indicating potential margin compression or increased expenses despite revenue growth.
- Geographic Concentration: A significant portion of revenue (63.21% in FY25) is derived from its Bengaluru properties, making the business highly vulnerable to localized market conditions, increased competition, or any adverse developments in that city.
- Revenue Concentration from Specific Properties and Operators: A substantial portion of revenue comes from a few key hotels, and reliance on management agreements with Marriott, Accor, and IHG. Non-renewal or termination of these agreements could adversely impact revenue and operations.
- Valuation Concerns: The IPO is priced at a high P/E ratio of 125x (based on FY25 EPS), which is significantly higher than some listed peers, suggesting that significant future growth may already be priced into the IPO.
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Financial Performance
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets (₹ Cr.) | 947.57 | 886.78 | 840.67 |
| Revenue (₹ Cr.) | 470.68 | 404.85 | 356.41 |
| PAT (₹ Cr.) | 23.66 | 31.14 | -3.09 |
| Net Worth (₹ Cr.) | 78.58 | 58.74 | 33.81 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Brigade Hotel Ventures | 32.26 | 125 | 30.11% | 78.58 |
| The Indian Hotels Company | 9.51 | 54.27 | 15.01% | 12,416 |
| Eih Limited | 5.07 | 31.66 | 16.03% | 4,744 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.08x | 0.09x | 5.74x |
| NII | 0.45x | 1.03x | 2.03x |
| S-HNI | 0.72x | 1.62x | 2.74x |
| B-HNI | 0.31x | 0.74x | 1.67x |
| RII | 2.66x | 4.96x | 6.83x |
| EMP | 0.31x | 0.6x | 0.99x |
| Total | 0.67x | 1.27x | 4.75x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 2,40,54,000 | 13,81,49,848 | 1,243.35 |
| NII | 1,20,27,000 | 2,43,89,384 | 219.5 |
| Small NII | 40,09,000 | 1,09,94,014 | 98.95 |
| Big NII | 80,18,000 | 1,33,95,370 | 120.56 |
| RII | 80,18,000 | 5,47,38,832 | 492.65 |
| EMP | 8,73,103 | 8,67,682 | 7.81 |
| Total | 4,83,48,103 | 22,98,67,504 | 2,068.81 |
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Company Details
- Brigade Hotel Ventures Ltd.
- 29th & 30th Floor, World Trade Center, Brigade Gateway Campus, 26/1, Dr. Rajkumar Road, Malleswaram Rajajinagar, Bengaluru, Karnataka-560055
- +91 80 4137 9200
- investors@bhvl.in
- https://bhvl.in/
Registrar Details
- Kfin Technologies Limited
- 04067162222, 04079611000
- einward.ris@kfintech.com
- https://kosmic.kfintech.com/ipostatus/
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