Skift Take
As it seeks to deepen its market share and broaden its portfolio, Brigade Hotel's IPO plans highlights not just the company’s growth potential, but also the broader optimism surrounding India’s hospitality industry.
Brigade Hotel Ventures, an owner and developer of hotels primarily in South India, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The company said it aims to raise up to INR 9 billion ($107 million) via a fresh issue of equity shares.
Brigade Hotel said it may also seek to raise up to INR 1.8 billion ($21 million) through a pre-IPO placement. In September, Schloss Bangalore, the luxury hospitality group behind India’s The Leela Palaces, filed for a $599 million (INR 50 billion) IPO, the largest ever in India’s hotel industry.
What Does Brigade Hospitality Do?As a wholly-owned subsidiary of Brigade Enterprises, Brigade Hotel Ventures benefits from the real estate expertise of its parent company, which entered the hospitality sector in 2004. Brigade Enterprises’ move into hospitality began with the Grand Mercure Bangalore, which started operations in 2009, and has since expanded across South India, cover