A new listing today – Brigade Hotel. As against the IPO price of Rs.90, it got listed much lower on the BSE at Rs.82 and its high point of the day is at Rs.86.72.

The IPO has met with a lukewarm response with overall subscription at 4.48x, QIB at 5.42x, HNIs at 1.92x and retail infact did much better at 6.4x.

Brigade Hotel Ventures, 95.26% subsidiary of Brigade Enterprises Limited, owns 9 hotel properties in Bangalore, Chennai, Kochi, Mysuru and Gift City, Gujarat, aggregating to 1,609 keys. These hotels, operated by Marriott, Accor, InterContinental Hotel, operate in the upper upscale and midscale segments. The 4 Bengaluru hotels account for 62% of company’s Rs. 468 cr revenue.

Our conclusion in the IPO Analysis - Brigade Hotel Ventures IPO looks attractively valued. Hence we recommend ‘apply’.