PE-VC Fund Investments
Brigade Hotel Ventures raises Rs.126-Cr in pre-IPO round led by 360 ONE
Bengaluru-based hospitality player Brigade Hotel Ventures Ltd has raised INR 126 crore in a pre-IPO placement round through the issue of 1.4 crore equity shares to 360 ONE Alternates Asset Management Ltd at a price of INR 90 per share. The allotment represents 4.74 % of the company’s pre-offer share capital.Following this pre-IPO round, the size of the company’s upcoming IPO has been reduced to INR 774 crore. The net proceeds from the fundraise will be used towards debt reduction and for acquisitions and other strategic initiatives.Incorporated in 2016, the company operates nine hotels across Bengaluru, Chennai, Kochi, Mysuru and GIFT City in Gujarat.JM Financial and ICICI Securities are the book running lead managers to the issue.
For FY24, Brigade Hotel Ventures had reported about INR 402 Cr in Operating Income and about INR 31Cr in PAT.
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