Brigade Hotel Ventures Limited IPO

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Brigade Hotel Ventures Limited (BHV) is a subsidiary of Brigade Enterprises Limited (BEL) and operates in the hospitality sector, primarily in South India. Established as a hotel owner and developer, BHV specializes in chain-affiliated hotels in key cities across the region. It is recognized as the second-largest owner of hotel rooms in South India among major private hotel asset owners. The company offers a diverse portfolio of hotels under prominent global brands.

Hotel Portfolio & Locations

i) The hotels are operated by global brands like Marriott, Accor, and InterContinental Hotels Group, and are positioned in the upper upscale, upscale, and midscale segments.

ii) As of March 31, 2025, Brigade Hotel Ventures operates nine hotels across Bengaluru, Chennai, Kochi, Mysuru, and GIFT City with a total of 1,604 keys.

iii) The company’s properties are located in high-demand areas near airports, business districts, and commercial hubs, offering both leisure and business-focused services.

Development Plans & Future Expansion

BHV plans to expand its portfolio by adding five new hotels by 2029. This includes a luxury beach resort in Chennai under the ‘Grand Hyatt’ brand and upper midscale hotels in Bengaluru under the ‘Fairfield by Marriott’ brand. Additionally, BHV intends to develop a wellness resort in Kerala under the ‘The Ritz-Carlton’ brand.

Competitive Edge & Strategy

BHV benefits from its association with Brigade Enterprises Limited, leveraging its brand reputation and real estate development expertise. The company’s strategic focus on high-demand locations, brand collaborations with global hospitality firms, and cost-effective development processes give it a competitive advantage in the market.

Market Trends & Industry Tailwinds

The company is well-positioned to capitalize on the growing demand in the Indian hospitality market, driven by business, leisure, and MICE tourism. With the sector’s strong growth potential, particularly in Bengaluru, Chennai, and Hyderabad, Brigade Hotel Ventures is poised to benefit from the expected increase in foreign tourist arrivals (FTA) and domestic visits.

Experienced Management

The company is led by an experienced management team with expertise in hospitality and real estate. Key personnel, including Nirupa Shankar, Amar Shivram Mysore, and Vineet Verma, bring extensive experience and have played pivotal roles in the company’s growth and success.

Objects of the Brigade Hotel Ventures Limited IPO:

Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

1. Repayment/prepayment of outstanding borrowings:
(i) Company (₹413.6 cr)
(ii) Material Subsidiary, SRP Prosperita Hotel Ventures (₹54.4 cr) 2. Payment for Undivided Share of Land from Promoter (₹107.5 cr) 3. Pursuing inorganic growth through acquisitions and strategic initiatives, along with general corporate purposes.

DRHP of Brigade Hotel Ventures Limited IPO
RHP of Brigade Hotel Ventures Limited IPO

Brigade Hotel Ventures Limited IPO Details:

Open Date: Jul 24 2025
Close Date: Jul 28 2025
Total Shares: 8,44,00,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 759.60 Cr.
Lot Size: 166 Shares
Issue Price: ₹ 85-90 Per Equity Share
Listing At: NSE,BSE

Promoters And Management:

1. Nirupa Shankar is the Managing Director of the company. She holds a bachelor’s degree in arts from the University of Virginia and a master’s degree in management in hospitality from Cornell University. With over 15 years of experience in hospitality, she has been with the Brigade Group since 2009 and oversees hospitality, office and retail ventures, human resources, public relations, and innovation. 2. Amar Shivram Mysore is a Non-Executive and Non-Independent Director with a bachelor’s degree in industrial engineering and a master’s degree in industrial engineering from Pennsylvania State University. He has over 12 years of experience and has previously held leadership roles at Brigade Infrastructure & Power Private Limited and BCV Developers Private Limited. 3. Vineet Verma is a Non-Executive and Non-Independent Director. He holds a bachelor’s degree in science from the University of Calcutta and has over 30 years of experience in hospitality and retail. He joined Brigade Group in 2006 and currently serves as the Managing Director of WTC Trades & Projects Private Limited.

Financials of Brigade Hotel Ventures Limited IPO:

Company Financials in crores
Particulars FY 2024-25 FY 2023-24    FY 2022-23
Revenue from Operations 468.25 401.70 350.22
F&B revenue contribution 32.75% 31.68% 31.30%
EBITDA 166.87 144.61 113.98
EBITDA Margins 35.45% 35.72% 31.98%
PAT 23.66 31.14 -3.09
PAT Margins 5.05% 7.75% Loss
ROCE 13.62% 12.64% 8.64%
Operating Cash Flows 148.95 154.86 107.87

Comparison With Peers:

Companies Revenue (In Cr.) EBITDA Margins PAT Margins D/E Ratio EV/EBITDA ROCE MCap (In Cr.) P/E
Brigade Hotel Ventures  468.25 35.45% 5.05% 6 24 13.62% 3,418.47 144
The Indian Hotels 8,335 33% 23.87% 0.28 34.30 17.20% 1,06,757 62.20
EIH 2,743 37% 28.07% 0.06 18.80 23.40% 23,642 30.80
Chalet Hotels 1,718 43% 8.26% 0.85 29.20 11.10% 19,855 141
Juniper Hotels 944 36% 7.52% 0.53 23.30 6.39% 7,149 100
Lemon Tree Hotels 1,286 49% 18.89% 1.85 22.70 12.70% 12,395 63.10
Samhi Hotels 1,130 36% 7.61% 1.97 17.60 9.43% 5,319 50.60
Apeejay Surendra Park Hotels 605 32% 14.04% 0.12 15.70 12% 3,352 39.50
Ventive Hospitality 1,605 46% 10.28% 0.57 26.20 11.80% 19,082 155
ITC 3,560 35% 17.92% 0.01 37.20 9.63% 51,282 80.20
Schloss Bangalore 1,301 46% 3.68% 1.16 27.30 12% 15,307 320
 

Lead Manager of Brigade Hotel Ventures Limited IPO:

  1. ICICI Securities Limited
  2. JM Financial Consultants Private Limited

Registrar of Brigade Hotel Ventures Limited IPO:

  1. Kfin Technology Private Limited

Discussion on Brigade Hotel Ventures Limited IPO:

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