Brigade Enterprises shares surge as subsidiary Files for IPO

Brigade Enterprises saw a 6.92% rise in its stock price, reaching Rs 1,254.20, following news that its subsidiary, Brigade Hotel Ventures, has filed for an IPO valued up to Rs 900 crore.

Brigade Enterprises shares surge as subsidiary Files for IPO

Brigade Hotel Ventures, a wholly-owned subsidiary of Brigade Enterprises, submitted a Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for a proposed public issue. This IPO, which is subject to regulatory and market conditions, will include a fresh issue of equity shares with a face value of Rs 10 each.

What Brigade does

Brigade Enterprises is a prominent property developer in India, with diverse projects spanning residential, office, retail, and hospitality sectors in cities including Bengaluru, Chennai, Hyderabad, Mysuru, Kochi, Gift City-Gujarat, Thiruvananthapuram, Mangaluru, and Chikkamagaluru. For Q1 FY25, Brigade Enterprises reported a consolidated net profit of Rs 83.72 crore, up 117.29% from Rs 38.53 crore in Q1 FY24. Revenue from operations also rose sharply, growing 64.8% year-on-year to Rs 1,077.72 crore for the quarter ending June 30, 2024.