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Brigade Hotel Ventures IPO
Brigade Hotel Ventures Ltd
₹14,110 /166 sharesMinimum Investment
Brigade Hotel Ventures IPO Listing Details
| Listed On | Issue Price | Listing Price | Listing Gains |
|---|---|---|---|
| BSE | ₹90.00 | ₹81.10 | -₹8.90 (9.89%) |
Brigade Hotel Ventures IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 24 Jul ‘25 - 28 Jul ‘25 | ₹14,110 | 166 | ₹85 - ₹90 |
| Issue Size | IPO Doc |
|---|---|
| 759.60Cr | RHP PDF |
Subscription rate
As of 28 Jul'25, 04:00 PM
| Qualified Institutional Buyers | 5.42x |
| Non-Institutional Investor | 1.89x |
| Retail Individual Investor | 6.20x |
| Employees | 0.89x |
| Shareholder | 2.99x |
| Total | 4.42x |
About Brigade Hotel Ventures
Founded in
2016
Parent organisation
Brigade Hotel Ventures Ltd
Brigade Hotel Ventures Ltd IPO
https://www.youtube.com/watch?v=lcg6CRazsNg
Strengths & Financials of Brigade Hotel Ventures
Strengths
Risks
Brigade Hotel Ventures claims to be the second-largest owner of chain-affiliated hotels and rooms in South India among major private hotel asset owners with at least 500 rooms across India, as of June 30, 2024.
The company claims that several of its hotels have been recognised for their performance and service quality. Sheraton Grand Bangalore at Brigade Gateway was awarded the ‘City Hotel of the Year 2022-2023’ by the Luxury Travel Guide Globe Awards. Holiday Inn Chennai OMR IT Expressway received the ‘Best Five-Star Hotel of the Year 2019’ from Tamil Nadu Tourism. In 2023, Four Points by Sheraton Kochi Infopark was honoured with the ‘Vajra Award of the Year’ by the Department of Labour and Skills, Government of Kerala, for its outstanding performance in labour relations and compliance.
The company states that its hotels are situated in areas with strong demand, including locations with dense populations, premium residential neighbourhoods, commercial districts, IT hubs, or significant potential for leisure travel.
The company claims that it operates hotels with a higher average number of rooms compared to other hotels in similar segments across India.
The company claims to provide a wide range of hospitality services, including fine dining, themed restaurants, spaces for meetings, incentives, conferences and exhibitions (MICE), lounges, swimming pools, spas, gyms, and open-air areas. As of June 30, 2024, its hotels offered a total MICE area of approximately 2.15 lakh square feet and housed 28 restaurants and bars.
The company states that its restaurants have received several awards for their culinary excellence. Feast at Sheraton Grand Bangalore was recognised for offering the ‘Best Sunday Brunch in a Hotel’. Glass – Kitchen & Bar at Holiday Inn Bengaluru Racecourse was named ‘The Most Celebrated Culinary Restaurant’ by the EazyDiner Foodie Awards 2023. By the Blue at Grand Mercure Bangalore received the ‘Best Regional Cuisine – South India – South’ award from the ET Hospitality World Restaurants and Nightlife Awards 2023.
Brigade Hotel Ventures claims to have introduced several energy-saving measures at its hotels. These include the use of light-emitting diode (LED) lighting, installation of thermostats to regulate heating, ventilation, and air conditioning (HVAC) systems, adoption of energy-efficient appliances, and the use of energy management systems for monitoring and controlling energy usage.
The company states that it uses various modern technologies to improve efficiency and guest experiences. These include biometric access, cloud-based property management systems, contactless payments, mobile key entry, digital menus, online food ordering, and in-room streaming services.
The company claims to follow strict occupational health and safety (OHS) standards. The company further states that it has adopted comprehensive environmental health and safety (EHS) policies to ensure all staff (across departments like engineering, housekeeping, and kitchen) are well-trained in safety practices.
Brigade Hotel Ventures is a fully owned subsidiary of Brigade Enterprises Limited (BEL), a leading real estate developer in India. The company claims that BEL’s deep understanding of market trends and location strategies helps it identify ideal land parcels. The company further states that BEL’s experience with large mixed-use developments allows Brigade Hotel Ventures to integrate hotel properties with commercial and residential spaces, enhancing the overall guest experience.
The company reported a consistent increase in revenue from operations. It increased from Rs 146.48 crore in FY22 to Rs 350.22 crore in FY23 and Rs 401.70 crore in FY24.
The company derives a significant portion of its revenue from three hotel groups - Marriott, Accor, and InterContinental Hotels Group. Marriott accounted for Rs 46.04 crore (45.22 percent) of the company’s total revenue in the three months ended June 30, 2024, Rs 170.81 crore (42.52 percent) in FY24, Rs 143.85 crore (41.08 percent) in FY23, and Rs 57.01 crore (38.92 percent) in FY22. Accor accounted for Rs 22.48 crore (22.08 percent) of the company’s total revenue in the three months ended June 30, 2024, Rs 95.66 crore (23.81 percent) in FY24, Rs 89.40 crore (25.53 percent) in FY23, and Rs 41.07 crore (28.04 percent) in FY22. Furthermore, InterContinental Hotels Group accounted for Rs 32.51 crore (31.94 percent) of the company’s total revenue in the three months ended June 30, 2024, Rs 132.55 crore (33.00 percent) in FY24, Rs 114.32 crore (32.64 percent) in FY23, and Rs 46.70 crore (31.88 percent) in FY22. Any sudden termination or non-renewal of these agreements could hurt the company’s operations and financial performance.
The company’s revenue is significantly dependent on four hotels in Karnataka (Bengaluru). These hotels accounted for Rs 66.80 crore (65.62 percent) of the company’s total revenue in the three months ended June 30, 2024, Rs 252.70 crore (62.91 percent) in FY24, Rs 226.83 crore (64.77 percent) in FY23, and Rs 90.22 crore (61.59 percent) in FY22. Any adverse developments in these hotels or the region could hurt the company’s overall performance.
The company also derives a significant portion of its revenue from three hotels: Sheraton Grand Bangalore at Brigade Gateway, Holiday Inn Chennai OMR IT Expressway, and Holiday Inn Bengaluru Racecourse. They accounted for Rs 64.89 crore (63.74 percent) of the company’s total revenue in the three months ended June 30, 2024, Rs 247.89 crore (61.71 percent) in FY24, Rs 215.73 crore (61.60 percent) in FY23, and Rs 86.13 crore (58.80 percent) in FY22. Any adverse issues affecting these properties could negatively affect the company’s financial results.
The company has experienced losses in the past, which amounted to Rs 5.78 crore in the three months ended June 30, 2024, Rs 3.09 crore in FY23, and Rs 82.72 crore in FY22. The main reason for these losses was the reversal of deferred tax assets after adopting a new tax regime.
The company derives a significant portion of its revenue from food and beverage (F&B) services. F&B accounted for Rs 33.39 crore (32.80 percent) of the company’s total revenue in the three months ended June 30, 2024, Rs 127.27 crore (31.68 percent) in FY24, Rs 109.62 crore (31.30 percent) in FY23, and Rs 50.66 crore (34.59 percent) in FY22. Any failure to maintain the quality and hygiene standards of the food and beverages offered could adversely affect the company's operations and finances.
A substantial portion of the company’s hotel bookings, 20.11 percent of total room nights sold in FY24, were sourced through travel agents and intermediaries. If these third-party channels continue to gain market share, or if competitors secure more favourable terms with online travel agents, it could lead to increased commissions or undermine direct booking channels, impacting the company’s profitability.
The business is subject to seasonal and cyclical fluctuations, with higher demand for services during the second half of each fiscal year compared to the first half. Any inability to address this fluctuation in demand could adversely affect its business and financial condition.
The company, its subsidiary, promoter, and directors are involved in certain legal proceedings, including criminal and tax-related cases. Any adverse judgment in any of these cases could be detrimental to the company’s business prospects.
A significant portion of the company’s revenue is derived from corporate customers. They accounted for Rs 20.70 crore (20.34 percent) of the company’s revenue in the three months ended June 30, 2024, Rs 74.55 crore (18.56 percent) in FY24, Rs 72.87 crore (20.81 percent) in FY23, and Rs 19.13 crore (13.06 percent) in FY24. Any loss of these customers, a deterioration of their financial condition or prospects, or a reduction in their demand for the company’s services could adversely affect its business, results of operations, financial condition and cash flows.
The company had contingent liabilities amounting to Rs 55.8 crore as of June 30, 2024. If any of these contingent liabilities materialise, it could harm the company’s financial performance.
As of June 30, 2024, the company had total outstanding financial indebtedness of Rs 611.38 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Brigade Hotel Ventures Financials
*All values are in Rs. Cr
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Application Details of Brigade Hotel Ventures IPO
| Apply as | Price band | Apply Range |
|---|---|---|
| Regular | ₹85 - 90 | Upto ₹2 Lakh |
| Employee | ₹82 - 87 | Upto ₹2 Lakh |
| Shareholder | ₹85 - 90 | Upto ₹2 Lakh |
| High Networth Individual | ₹85 - 90 | ₹2 - 5 Lakh |
For Brigade Hotel Ventures IPO, eligible investors can apply as Regular, Employee & Shareholder.